Lessons in Traditional PR. . . From a 14-Year-Old Philanthropist

In 2011, at age 13, Julien Leitner launched the Archimedes Alliance with a 100-second video appeal that opened with a simple question and answer: “What’s it cost to change the world? Two bucks.”

Waving a photo in front of his webcam, he made his case. “This guy,” he explained, “is Archimedes. He said, ‘Give me a lever long enough, and a place to stand, and I can move the earth.’ You are the lever. If I get 10 people to give two bucks and each of them gets 10 people to give two bucks and that happens just four more times, then you and I have a $2 million lever.”

So far, with a big assist from traditional media publicity, he’s collected nearly $17,000 toward his goal of raising $2 million for a worthy organization, chosen by the donors. “Social media allows us to maintain activity,” he says, “but publicity in traditional media gives the biggest jumps that we see.”

How he gets that publicity is a success story with lessons small businesses can put to good use.

Numbers prove the point

According to Leitner, the Archimedes Alliance launched with an email campaign to “everyone we knew,” but it took traditional publicity “to really get the ball rolling.”

“Around the holidays in 2011, we got a bunch of attention from KGW, KXL and KATU,” he says, reeling off the call letters of the biggest television stations in his home state of Oregon. “We went from $5,000 to $13,000 in one week.”

Features in statewide newspapers and magazines followed, as did posts in dozens of blogs and a feature in Wired magazine that included the line “I love this kid’s moxie.”

Moxie he’s got in spades. He’s also got spot-on instincts for reaching and leveraging media outlets to spread the word about how much good two bucks can do.

“Social media allows us to maintain steady low activity,” he says. “It’s immediate and keeps people aware. But if people aren’t in the space of mind to donate or share, they see it and it’s gone. Plus, it’s generated by us. Traditional media shows we’re getting attention and are relevant. It adds a different level of hype.”

I’m quoting a 14-year-old word for word. Here’s what else he knows.

Networking is the new publicity trigger
“A social media expert who I contacted for advice had a friend who was compelled and said, ‘Hey, I can get you into this conference.’ So in November, I gave a five-minute talk at Portland State University’s digital media conference about how philanthropy can be done through this formula of getting a lot of people to give a little money. Afterwards, a guy from KGW came up and asked if in a few weeks they could send over a reporter. After that, I sometimes had two interviews a day and we raised like $11,000.”

Set your story apart

“If you’re unique, even if you’re kind of out there, you have a better chance of being noticed and becoming known. If you follow the standard formula, if you’re basically saying, ‘Donate — we’re good,’ you’re part of a standard and nothing sets you apart. The two-bucks idea is nontraditional. It empowers anyone to make a difference and draws people in.”

Know your talking points

“Most interviewers ask, ‘Why?’ ‘What effect?’ ‘How long?’ ‘What was your inspiration?’ I don’t wing it, but I answer naturally, and I know I need to say, ‘Go to the website.’ It’s the final-stage contact. It’s where people go to donate and get the info they might need. It helps them make the decision, and I need people to pass it along.”

Reach high

“The ultimate mission is to go viral. That’s a pretty lofty goal, but we need it to go national or global. A perfect world would be coverage on something like ‘The Ellen [DeGeneres] Show,’ or a major blog picking it up, or a major name tweeting it. What would come out of coverage like that is the Archimedes Alliance would become more self-sustaining. It would still take a lot of effort, but it would spread on its own.”

Leitner closes with his aim in mind: “For every person who sees [our message], a few donate and send it along. We need to get to a lot of people.” For that, the reach and credibility of traditional media is his lever.


Read more: http://www.entrepreneur.com/article/225725#ixzz2k01GzdEk

Are You Ready to Start Up? 3 Tips Before You Launch

A founder can never be too prepared for launching their startup.

As a serial entrepreneur and the recent co-founder of Work Market, a New York City-based enterprise platform for hiring, I have been advising and founding startups for the past ten years. And let me tell you, being an entrepreneur isn't a cake walk.

Before you decide to take the plunge, make sure you are completely prepared for the peaks and valleys that come with being a founder. Here are a few things to keep in mind while you're weighing your options:

Get mentally prepared.
During your journey, you will experience the ups and downs of launching a startup -- one day you will think you can conquer the world, the next day you will question your mission. You will push through the highs and lows because you have to keep persevering on. And no one said it was easy.

Aside from a possible co-founder, you will be alone in doing it, as no one else in your life will understand. Your friends and family will question why you left the corporate world, and your former colleagues will tell you they don’t get your new idea. This emotional roller coaster isn't for everyone, and I have seen entrepreneurs crushed by it. Before you plunge into entrepreneurship, make sure you are mentally ready for the challenges. And remember it’s a long ride.

Prioritize your health.
Don't expect a cushy lifestyle as a founder. Think 18-hour days, seven days a week. This means not getting the sleep you need and pulling all-nighter after all-nighter, a regime that can be hard on your body.

Before you embark on this adventure, you really need to suss out if you can handle it. Take into consideration factors like will physical ailments prevent you from being 100 percent committed, will your startup be your only priority and do you have enough energy.

Be able to bankroll your startup.
If you think your startup will only succeed if you raise money, you may want to rethink your venture. You have to start out with the mindset of never raising money. Assume you won't make a salary for two years, that you are going to pay salaries for other people and don't forget to throw costs like rent and utilities into the equation.

Startups often fail because they run out of money and no one will give them more. My co-founder Jeff Leventhal and I have always been prepared to fund Work Market if we needed, but we have been fortunate to have investment partners like Mo Koyman of Spark Capital, Fred Wilson of Union Square Ventures and Jorday Levy of Softbank.

Yet, you can't assume someone will buy your vision from the start. If you are not prepared to fund yourself, your team and your company, you may not be ready to launch a startup.

And while being prepared is essential, keep in mind people want to help you succeed. There are plenty of social networks, meet-ups and founders group that offer support to a fellow traveler.

This journey is too hard to be truly done alone, and those of us who have been fortunate enough to have some success at it, will always help out. But be ready.


Read more: http://www.entrepreneur.com/article/229024#ixzz2k00kv7N0

6 Signs You're Ready to Declare Your Entrepreneurial Independence

As someone thinking of venturing out on your own, here are six sure-fire signs you are ready to declare your independence.

1. You’ve realized your dream is worth more than your 401k.
There are numerous reasons people choose to go down the corporate road: They enjoy working toward a common goal, love their position, have an amazing salary, perks galore and benefits. People like knowing where their next paycheck is coming from, making security a huge attraction to this lifestyle.

But, if you’re like me, security makes you complacent. For those of us who are less risk averse and willing to take a chance on your dream, it may be time to think about the world of entrepreneurship.

2. You can't stop thinking about your potential startup. 
If you can't stop thinking about your dream entrepreneurial endeavor enough to focus on the daily demands, you may be ready to jump your corporate ship. You aren't doing anyone a favor staying put, as an employer doesn't usually want less than 100 percent of your energy.

3. Your support system is in place.
You're ready for entrepreneurship if you have a strong support system. Let's not romanticize starting a business. It is one of the most stressful things that a person can do during his or her lifetime. Make sure your friends and family know you’re jumping into something that will take up the vast majority of your time. Also, have a set of mentors and advisors on your side, so you can reach out to them when times get rough.

4. You see the problems that no one else can spot.
You pay attention to details and are able to see opportunities when others don't. If you’re constantly coming up with innovative ways to change your employer's business but no one is listening, it may be time to take what you learned and see if you can do it better.

Keep in mind your idea may already be out there, so do adequate research. Also, talk to others to see if they are feeling your same pain points, and make sure there is a need for your startup concept. If so, take steps to turn your idea into a reality.

5. You’re willing to live below your means for a while.
One bonus about working at an established business is you have a paycheck. That may not be the case when you venture out on your own. Entrepreneurship is about playing the long game. This means if your business hits a wall, then you’re going to have to be willing to take the biggest financial hit.

6. You are reading this story.
If you are constantly perusing Young Entrepreneur to get tips, advice and hear others' success stories, you are probably considering starting your own venture. As a young, aspiring entrepreneur, there is no better time to start than now. Most likely, your list of responsibilities are minimal, and you still have time to make mistakes, learn from them and grow.


Read more: http://www.entrepreneur.com/article/229029#ixzz2k00OfGlM

5 Industries Ripe for Young Entrepreneurs to Disrupt

The rapid pace with which we produce new technology means that new industries are created every day, providing ample opportunity for young entrepreneurs to get in on the ground floor. But the paradox of choice can be problem, as the question becomes where to turn and how you should begin.

To simplify your research, here are five areas gathering steam:

1. 3D printing
With the 3D market projected to hit $4.5 billion by 2018, the industry is just ramping up. London-based Makielab developed an innovative system that combines 3D modeling, smartphones and 3D printers to enable kids to build their own toys. MakerBot Industries recently opened up a 50,000 square-foot factory in Brooklyn and just got acquired by competitor Stratasys for $403 million. NASA is sending a 3D printer to space. And then there is Modern Meadow, the company behind 3D-meat printing. With a machine that builds any shape imaginable, 3D printing is screaming endless possibilities.

2. Alternate reality games 
Alternate reality games are real-life games built around a digital framework where players use their physical space as a digital playground. Apps like Facebook’s Check In and Foursquare encourage users to announce their arrival at various hotspots by gamifying their daily routine. A narrative-driven exploration app, Ingress, turns urban exploration into a spy-fiction cold war between its players. The current market of gamification is at $421 million and is expected to jump to $5.5 billion by 2018, according to a report by Markets and Markets. And with smartphones connected to everybody's hip, it is the perfect tool to gamify everyday tasks.

3. Storytelling
Narratives are different now. With social media becoming a more viable way of gathering information, sites like Branch and Storify are turning posts, tweets and pics into their own story, creating richer and shareable content.

Video is also evolving. Netflix decided that their original programming no longer needs the serial format and have implemented a supposed nonlinear layout for the latest season of Arrested Development. And sites like YouTube and Vimeo are making it easy for anyone to upload their video narratives.

Then, there's Literature. Recently, Amazon announced it will be launching Kindle Worlds, a service that allows writers to publish fiction inspired by well-known books and television series, like Gossip Girl. If storytelling is your strong suit, now is the time to act on it.

4. Niche social media
Facebook remains the powerhouse but other more-niche social media sites like Pack and Foodie are quickly catching up. With people sharing everything online, connecting to others across social networks and privacy becoming a gray area, data is becoming a huge market -- especially for advertisers. Innovation needs to tap into social media's multi-billion dollar empire and provide tools to connect user information with marketers.

5. Wearable Technology
Google Glass and smartwatches are on the forefront of wearable technology, spurring products to supplement these devices and next generation innovation. Products like Basis track your heart rate and provide real-time suggestions on making your lifestyle just a little healthier. Human Media Lab recently developed a prototype for a shape-changing smartphone by using a thin, flexible material that houses the phone’s guts.

Read more: http://www.entrepreneur.com/article/229031#ixzz2jzzmByG1

Why Starting Small Can Mean Big Business for Your Career

Big businesses, like investment banks and consulting firms used to be the most coveted employers among the ranks of business-school students. But these days, startups and smaller ventures are becoming major career launch pads as grads seek places that will let them don multiple hats and be entrepreneurs on the frontlines.

Around 90 percent of business schools saw either an uptick or no change in recruitment activity among startups last fall. That's up from 76 percent last spring, an MBA Career Services Council survey found.

More schools are also linking young treps to founders of smaller firms. At Northwestern University, the Kellogg School of Management has launched more targeted networking events for students interested in working at a small venture. Meanwhile, Stanford University’s Graduate School of Business hosted its first "Fewer Than 300" event last year, where around 130 students mingled with execs from businesses with fewer than 300 workers. None of the 32 companies initially had job openings, though they subsequently created eight positions to nab top talent.

"There’s no question smaller companies have become a major source of opportunity," says Pulin Sanghvi, the assistant dean and director at Stanford’s career-management center.

Still, getting a foot in the door and maximizing your work experience, takes plenty of skill. Here’s how some young treps are boosting their career’s trajectory by starting small:

Build multitasking muscles
Before Eric Thomasian left UCLA with his MBA last year, he had already interned at NBC Universal, YouTube and Cisco, where he was offered a fulltime position once he graduated. But the 27-year-old turned down Cisco for an offer at Blayze, a tech firm with fewer than 10 employees. He started out building financial models and running simulations on how many customers were needed to turn a profit, moved into a marketing role then ultimately became head of product.

"I would not get that kind of experience at any other big company," says Thomasian, who gets to show up to work in flipflops. "I like the fact that you do more things rather than being pigeonholed in one single position."

While some small firms offer specialized positions, the majority of them often seek -- and even encourage -- new hires to tackle various responsibilities and roles. “One thing that has always been the case with small companies and startups is that employees tend to wear a lot more hats,” says Mark Peterson, president of the MBA Career Services Council. “Employee job descriptions tend to be more broad, and they’re able to get involved and take leadership roles.”


Test unchartered waters
Not everyone knows whether a startup will suit their personality in the long-term, however. That’s partly why more students opt for summer internships or part-time placement during school. These kinds of opportunities are especially helpful for young “career switchers,” such as engineers who aspire to become product managers one day, or bankers who may want to get into a marketing role, says Emily Taylor, a UCLA employee who helps students that are interested in working with small businesses.

Another option to consider: venture visits. Some b-schools -- including Stanford and UCLA -- have been introducing students to founders of startups, incubators and smaller companies by arranging for a “day on the job” tour to see if there might be a mutual match between both parties. Others land startup gigs only after graduation. Nicolai Shuman, a 32-year-old from New York, finished his MBA from IE Business School in 2011 then began working as a consultant at Aviary, a tech startup behind a photo-editing app. He’s since stuck to smaller firms, having more recently joined Hickies, a venture with only a handful of employees that makes elastic laces to replace old-school shoelaces.

Collect non-traditional perks
In the past, many students were quick to dismiss startups because they felt their earnings would suffer over the long run. “That was definitely a concern I had,” says Patrick Wetherille, who graduated from Harvard with an MBA in 2010. Some new hires have been awarded an equity stake in a company, which “may be worth more than earning a salary and bonus,” says Stanford’s Sanghvi. The windfall could be even greater if a small firm gets acquired. At Tumblr, for instance, a team of 178 employees earned an average payout of $370,787 each after Yahoo purchased the venture, according to financial research from PrivCo.

In Wetherille’s case, the 30-year-old from Boston graduated then quickly moved up the ranks at Gazelle, a venture that buys used gadgets. He then worked at Lose It, a fitness app maker which had just five employees when he joined. As he garnered more responsibility, he watched his pay check grow. “I started off at a much lower starting point but was able to rise much, much faster, and now I’m at -- or even ahead of -- where a lot of my peers are,” says Wetherille. “They get locked in this compensation regime, where you can only get so much of a bump each year. At smaller companies there’s a lot more flexibility.”


Read more: http://www.entrepreneur.com/article/229038#ixzz2jzzJZQoR

Passionate, Independent, Insensitive? You May Be an Entrepreneur

If you could learn whether you were cut out for entrepreneurship before you started up, would you?

For some, ignorance is surely blissful. After all, many entrepreneurs say they're glad they didn't know how hard starting up was before they did. Others, however, may want to know sooner than later if they aren't built for entrepreneurship or if they have weaknesses that they can work on.

A team of three academics at Eckerd College in St. Petersburg, Fla., dreamed up a test that measures the degree to which students of entrepreneurship are utilizing an "entrepreneurial mindset." The test, dubbed the Entrepreneurial Dimension Profile, or EDP, uses a 72-question survey to measure 14 variables including independence and passion. Based on this information, the EDP also offers guidance on how to improve upon those skills.

After polling 330 entrepreneurs and corporate managers, the team found significant differences in each of the 14 variables, with entrepreneurs scoring higher on each one, except for interpersonal sensitivity, where they scored significantly lower than non-entrepreneurs.

Think you have what it takes to be an entrepreneur? Check out these 14 variables and see how you stack up with famous entrepreneurs who exemplify them:

Independent
Co-founder of both micro-blogging platform Twitter and mobile-payment system Square, Jack Dorsey's reserved personality has been well-documented in the media. Yet, his unwavering vision for Twitter, along with Square in the face of naysayers demonstrates his independence.
Independent entrepreneurs as you might have guessed like rolling solo, preferring to work by themselves and set their own direction. They tend to like the freedom to choose their priorities and are confident in deciding what to focus on.


Preference for little structure
Being a fan of little structure, Google's co-founders Larry Page and Sergey Brin allow for employees to allocate 20 percent of their work time, or one full work day, to pursue special projects not related to their usual workload.
Entrepreneurs favoring little structure in their work environment, tend to prefer flexibility when addressing issues and don't do well when problem-solving requires a step-by-step procedure, says the EDP.

Nonconformist
Co-founder and former CEO of Apple Steve Jobs never took the well-traversed road, instead he paved his own path with an unflappable vision, making Apple one of the most successful tech companies.
Nonconformist entrepreneurs like Jobs tend to stand out in a crowd, march to their own drum and act in unique ways. They have no problem challenging popular viewpoints and going against the grain.


Risk-taker
Facebook Mark Zuckerberg has seemingly played fast and loose with the social-networking giant on a number of occasions. Two notable examples: Taking his company public with little in the way of sales and acquiring the revenue-deficient photo app Instagram for $1 billion.
Risk-taking entrepreneurs tend to, well, take more risks to get a startup off the ground, especially if there is potential for a significant payoff. They accept the fact that the success rate may be low but prefer not to play it safe.

Action-orientedSerial entrepreneur Richard Branson is known for disrupting industries that need innovation. For example, with no experience in the airline industry, Branson decided to launch Virgin airlines after observing poor customer service in the market. And then there was that one time he crossed the Atlantic in a hot-air balloon.
Action-oriented entrepreneurs tend to be doers, not thinkers. They are likely to be quick decision-makers, impatient and will show initiative.

Passionate
Businesswomen Martha Stewart's passion for home and lifestyle has helped her amass an empire in publishing, ecommerce, broadcasting and other ventures under Martha Stewart Living Omnimedia.
Passionate entrepreneurs are completely obsessed with the mission of their startup, along with standing behind its values. Even though passion tends to be an overused word in startup land, it is needed to launch a startup and keep it going in good times and bad. As the old adage goes, if you love what you do, you'll never work a day in your life.

High-achiever
Businesswomen Oprah Winfrey's over-achiever mentality helped her go from hosting talk show AM Chicago to becoming one of the richest women in the world.
Over-achieving entrepreneurs like Oprah tend to have a strong desire to attain very high milestones and want to be the best at what they do. In order to get to their desired goal, these entrepreneurs are willing to make some sort of sacrifice to get ahead.

Focused on the futureAs fo-founder of electric-car company Tesla and founder of space-transport business SpaceX, Elon Musk not only has the future on his mind but his constant innovations have helped keep his companies on the forefront of technology advancements.
Future-focused entrepreneurs are less likely to concentrate on the immediate details and more likely to plan for the long-term.

Idea generator
Co-founder of software company Microsoft, Bill Gates' continued desire to disrupt the computer industry has provided fuel for innovative products, like Windows and Xbox.
Idea-generator entrepreneurs tend to be brainstorming fanatics and can approach problems in various and new ways. Not only do they excel at coming up with the most ideas, but also the best ones.


Ability to execute
Founder and CEO of mega-online retailer Amazon Jeff Bezos' ability to execute turned an online marketplace for books into a company that generated $4.2 billion in cash flow last year. Bezos has been behind such initiatives as Prime shipping, subscriptions, rentals and its cloud computing services.
Executing entrepreneurs are masters at turning ideas into reality. They are known for getting tasks done and are able to take a mission or goal and create an actionable plan to achieve it.

Self-Confident
Co-founder and CEO of enterprise-software company Oracle, Larry Ellison does not lack in the self-confidence department. In a 2008 Charlie Rose interview, Ellison said, "Who am I winning for? Am I winning for Oracle shareholders or is it simply a matter of personal vanity? I'll admit to it. Mea culpa. An awful lot of it is personal vanity."
Self-confident entrepreneurs are satisfied with who they are and are optimistic they are able to achieve goals based on their talents and ability to execute.

Optimistic
When purchasing the social-media-marketing manager Buddy Media, founder and CEO of cloud-computing company Salesforce Marc Benioff was optimistic about its technology adding value to the company's success.
Optimistic entrepreneurs tend to see the glass half full, not half empty. They generally believe everything will turn out okay and obstacles can be overcome.

Persistent
Founder of hosiery company Spanx, Sara Blakely's persistence helped turn the company into a multi-million dollar business. Her first big break came after she lured Neiman Marcus buyers into a dressing room, put on her product and convinced them they needed to buy Spanx. And it worked.
Persistent entrepreneurs keep on trucking along, even when faced with challenges. When doors get slammed in their face, their startup faces setbacks and failures occur, they remain motivated.

Low interpersonal sensitivity
The co-founder of social-gaming site Zynga Mark Pincus has a reputation for being difficult to work with, as he can be more focused on product than feelings.
In terms of the EDP, this is the single variable that entrepreneurs did not score high on. Apparently, entrepreneurs aren't so sensitive, as they tend to concentrate so much on getting their startup off the ground and making it a success, they pay less attention to other people's emotions.





Read more: http://www.entrepreneur.com/article/229042#ixzz2jzxXQhy9

4 Tips for Taking the Awkwardness Out of Networking

There is nothing more awkward than networking. It is one of those tasks that's constantly pushed to the bottom of my to-do list. However, it remains one of those necessary evils -- along with keeping records for my taxes, organizing files and staying up-to-date on social media. After all, as the old adage goes, it's not what you know, but who you know.

So how can you make networking less taxing? While there is no cure all for networking awkwardness, here are four tips to make it a bit less painful:

1. Don’t talk about work.
I know this probably sounds counterproductive. The whole point of networking is to discuss work, right? While that's true to some extent, networking will be even more productive if you can build long lasting relationships. I find that when I am just shooting the breeze with people, the pressure is taken off on how we can mutually benefit each other. Not thinking about what the other person can provide me has helped form stronger connections. If you get to know someone, without asking anything of them, chances are they will be more likely to help you out when you ask for things later on.

2. Bring a friend.
It is a lot easier to be social when you have a support system. If you are fortunate enough to have started your company with someone else, you already have a built-in networking buddy. However, for us solo entrepreneurs, we have to bribe and beg our friends to join us. Just be careful that you are not only socializing with the people you brought with you -- the whole key to successful networking is meeting new connections.

3. Ask questions.
To me, awkward silence is one of the most dreadful aspects of networking. As a result, I have become an expert at coming up with questions at the drop of a dime. There is no greater buzz kill than running out of things to say. My solution is to have an arsenal of canned questions to break the ice. This will hopefully spark a conversation.

4. Have your elevator pitch ready.
There is nothing more uncomfortable than meeting someone new and then they go off on a tangent about something you don’t care about. You are stuck looking for the most polite escape route. When it comes to your business, [[something missing here?]] I know you probably love to talk about it (I am totally guilty too). However, as the founder, no one will ever care as much as you do. If work gets brought up, you should have your 30-second elevator pitch ready to go. If the person you are talking to wants additional information, they will ask for it. Bottom line: They don’t need to know every detail about your life and business right away.

No matter how active you are on social media, nothing beats getting to know someone in person. And typically we meet new people by networking. It can be uncomfortable, but as you go to more events and meet more people, it should become less awkward.


Read more: http://www.entrepreneur.com/article/229045#ixzz2jzxGFYRp

How One Young Entrepreneur Pivoted a Business Failure into Success

When my team launched Boomerang last August, we thought it was a sure thing -- until we knew it wasn't.

Our goal was to create a consumer-gifting platform that would let Facebook friends give each other real-world gifts from the best local businesses. Americans consume $100 billion in gift cards every year, and 70 percent of consumers we surveyed said they would prefer to give a local gift than a traditional gift card from a big brand.

An inevitable slam dunk, right?

We had a great product and sales team, a differentiated focus on local gifting and backing from storied investors in local e-commerce. So off we went to top restaurants, bars, spas and other attractions in our four favorite cities to negotiate unique gift packages. Some were totally free to give. We built a simple, beautiful gifting experience for desktop and mobile users.

By the time we launched, however, I knew we had a problem: Customers weren't biting.

Recognize your flaws.
The good thing about launching a consumer-facing startup is that false hypotheses are exposed very quickly if you test them correctly.

For my first startup -- a misadventure in social travel called gtrot -- I was too slow to recognize failure. Instead, like many inexperienced entrepreneurs, I believed our anemic growth was the result of imperfect execution, rather than an unsound concept. And so we invested too much time trying to fix what was broken instead of iterating toward what worked.

With Boomerang, we were committed to being faster and smarter. It turned out that several of our early hypotheses were false. Consumers told us they wanted to give local gifts, yet gift cards from national and online brands were far more popular from the moment we added them. We thought Boomerang could grow quickly by offering free gift cards while making money from selling higher-value gifts, but no one really engaged with paid options.

On top of that, several well-funded competitors jumped into the space, including Facebook Gifts. We understood in a few short months that our certain glory wouldn't be found in consumer social gifting -- at least not in the way we had first imagined.

Find your sweet spot.
While we didn't ignore the signs of failure, we also didn't dwell on them. There were serious bright spots in the business, and chasing them down ultimately transformed our understanding of the real opportunity in social gifting.

First, when negotiating with national retailers, we discovered there was a business model after all: Even if consumers didn't want to buy gift cards for friends, we could make money on free gift cards if recipients used them.

Then we saw that free gift cards converted into purchases at a wildly high rate. Nearly one in four recipients went shopping on the gift card retailer's website, even though the average free gift value was just $7. Moreover, recipients were excited to share these free gifts with friends.

It turned out that Boomerang was a powerful advertising platform, not a consumer e-commerce business. And small, free gift cards have become "super ads" -- that is, they offer high rates of conversion, naturally go viral and they're profitable for both Boomerang and the retailers we work with.

Explore growth opportunities.
By embracing the failure of our launch concept and pushing toward the bright spots, we stumbled upon a form of advertising that advertisers, publishers and consumers benefit from.

Since then, my team has worked relentlessly to expand the applications of this model beyond peer-to-peer gifting to far more scalable forms of distribution. We've also begun exploring other models such as allowing companies to offer awards and incentives through gift cards.

Manifold challenges remain, as does the general stress of startup life. But it's hard to describe just how different the journey feels now that we focus on developing the bright spots rather than rethinking and reworking ideas that just won't stick.


Read more: http://www.entrepreneur.com/article/227131#ixzz2jzwu1FD8

5 Reasons Why Millennials are Born Entrepreneurs

Businesses today… they don’t make them like they used to.

From app makers to online retailers, starting up today is easier than ever. Not only are there ample educational resources, networks and programs that can help launch an idea into a profitable business. These days, it’s also cheaper to get started. Think of it: You can launch a website for next to nothing and getting started in ecommerce is as easy as saying “Amazon.com” and “eBay.”

Pair this access to resources with a still weak job market and it’s little wonder why the millennial generation is rather relentless when it comes to starting up. But let’s be clear, today’s ventures -- even the brick-and-mortar ones -- aren’t like those of our parents’ generation. Here are five ways millennial entrepreneurs are different from previous generations’ founders and what effect that has on the companies they keep:

1. We’re Entrepreneurs. We really are. When we go work for a company that says it’s looking for entrepreneurial employees, we take that literally. We’re self-starters and have a deep-seated need to fix flaws. Unlike our parents, we won’t just accept negative aspects of our jobs and conform to what we’re told. We want to make the world a better place.

2. We want our companies to be both different and spectacular. Most millennials are aware that a company needs to be “different” in order to stand out from the competition and to appeal to consumers. However, we also know that we must not only be different, but also spectacular. We know that just being different isn’t good enough anymore. We want our companies to be brilliant in all aspects -- from branding and customer service to communications and advertising.

3. We are extremely connected -- and well informed. Millennials use Twitter and Facebook, and as a result, they’re constantly consuming up-to-the-second news, information and data. And since they’ve grown accustomed to the quick pace, they can hone in on specific trends, problems and stories that are disrupting and innovating market industries. We read. We really do.

4. We want to think globally. Yes, we want to support our local economy, but in the grand view of things, we want to eat dumplings in Shanghai or macarons in Paris while negotiating with prospective business accounts. We know that the global economy is becoming more consolidated everyday and we want to become apart of that. So please, provide us with a company that has an overall mission to launch globally. We don’t just want to be in a suburban strip mall, but also in an urban city center.

5. We want more. If we have jobs, or if we’re the employer, we don’t want to settle for average incentives. We want our place of work to be a collaborative environment where both employees and employers benefit from each other’s resources, network and talent.


Read more: http://www.entrepreneur.com/article/229037#ixzz2jzwcqiXR

Why You Should Learn From Steve Jobs, Not Idolize Him

Imitation may be the highest form of flattery, but it's not a winning-business strategy.

Steve Jobs not only revolutionized the way we listen to music and use a telephone, he also changed our understanding of a computer and even recaptured our ability to fall in love with films through his work with Pixar.

Without a doubt, young entrepreneurs can learn endlessly from Jobs’ example, but they shouldn't adhere too closely to his image. After all, he may have been a design genius but he did ruffle a few feathers.

He disregarded every “rule” and regarded his mentors and role models loosely. Even he would hardly advise someone to emulate him. I think it’s far more likely he would say: "The best way to be like me is to be more fully yourself."

Still, you can learn an awful lot from the man. Here are a few very specific things that up-and-comers can learn from Jobs' example:

1. Keep the customer experience in focus. Jobs was a master at getting into customers’ minds. He knew what we wanted -- and how we wanted it -- often long before we did.

2. Have an eye for beauty. It couldn’t just work well. Steve knew that it also had to feel good to touch, be delightful to use, and be exceptionally beautiful to look at.

3. Foster innovation. Do you remember a time without an iPhone? How about an iPod? Steve created products and product categories no one even had a frame of reference for and made them central to our lives.

4. Insist upon excellence. Jobs had little patience for people who didn’t think things through, and he pushed the people around him to be their best. He accepted no substitutes and inspired great loyalty.

Finally, if there is one powerful absolute to learn from Steve Jobs, it is to focus on your customers and put them before everything else. Think about rabid Apple users -- the ones who stand in line outside of a store for hours awaiting the release of the next iPhone. They’ve done more to grow the brand than Apple itself ever has.

You will never replicate that by trying to be Steve Jobs. But, if you ask these questions to apply his laser-focused attention to your own customers, you can definitely inspire that kind of brand advocacy.

Are we surprising and delighting our customers while also delivering a consistent experience?

Are our products and services frictionless for our customers to use and enjoy?

Are we meeting their needs each and every time they interact with our company?

Are we iterating and innovating with a product pipeline that’s in line with (or ahead of) the market?

Are we blazing new trails?




Read more: http://www.entrepreneur.com/article/229053#ixzz2jzvoCkwQ

As a Student Entrepreneur, Expect Crunch Time All the Time

Starting a business in college has been one of the most formative learning experiences of my undergraduate career. I learned how to raise money, put together a great team, refine a business model, motivate a group of people to accomplish a task and I managed to pinpoint my core values. I also had the opportunity to travel to competitions around the U.S. and deal with investors. Most importantly, though, running a startup taught me how to prioritize when time was most scarce.

Here are seven things I wish someone would have told me before I committed to launching Practice Makes Perfect in college:

1. Act like an adult. Everyone listening to you knows that you are young. That is not going to stop them from thinking you can do it because there have been many examples of incredible innovations started by young people before. With that said, you have to carry yourself with a higher level of professionalism and make an effort to look the most polished in the room.

Related: How to Avoid Getting Burned When Hiring Friends

2. Admit that you don't know everything. Saying this simple line: "I’m young and I don’t know; that is why I need your support" has, by far, my biggest asset. It's been the best way for me to differentiate the good investors who want to scale the vision from the greedy investors who just want a return. In the early stages of any venture, money is not the most important aspect. Admitting you don’t know everything makes people want to jump on board and help you out if they are interested. Then, when you are ready for serious funding, the investor will have already put so much time and effort into your venture that they will begin to leverage their network to help you access funding.

3. Brace yourself for the rigors. Starting a company can be emotionally and physically draining. Not only is there a high chance of failure, simply participating in the day to day running of a business can be difficult to sustain. In the end, that means those papers and readings you have to do for classes may not always get done to perfection. But keep in mind that you're learning other entrepreneurial lessons.

Related: How to Grow a Startup Community in Your Own Backyard

4. Be frank with potential stakeholders. When people suggest you should “just ask,” they really mean it. This was something I heard time and time again, but it didn’t resonate for a long time. Early on, I got caught up in the idea that I would owe someone something if I asked for assistance. The reality is that I didn’t have much to lose and so their support would have only helped me accelerate our growth.

5. You will make a lot of sacrifices. We all watch in movies how the smartest student spends more time studying or the best athletes are always training in gym. What we don’t see are the trade-offs, or what they could be doing in the time they are studying or practicing. As a college student, you have the freedom and flexibility to decide what you want to do and what you don’t want to do. No one breathes over you making sure you did your homework. There will be times where you will have to decide whether you are going to go to a pitch or to a party. Try to prioritize your activities, and know that some things that you care about may suffer.

6. No one has to buy anything from you. You have to sell your product or service, at least early on, regardless of what it is. Products and services are not as easily or quickly adopted. Early indicators of success help, but the message will not get to the consumer on its own. Someone has to share it with them.

Related: At Startup Accelerators, Expect the Unexpected

7. You won't really control your own schedule. Having that control may come in time, but in the earlier stages, the company will often dictate where and when you have to travel -- especially if you are trying to maximize the company’s growth. If you are looking for immediate flexibility, look somewhere else. As a founder, you have to manage expectations of other people, your team and investors.


Read more: http://www.entrepreneur.com/article/229092#ixzz2jzt6lGI2

The Changing Economics of Student-Loan Debt: How to Pay It Off and Startup

President Obama may soon sign into law a new student-loan bill that reduces rates for brand new borrowers. But the rising cost of college will surely continue to hit students where it hurts: Their future.

College students who funded their education with borrowed money, left school in 2011 with an average $26,600 in student-loan debt, up 5 percent from $25,250 in 2010, according to the latest report from the Project on Student Debt at The Institute for College Access & Success.

Saddled with such a hefty debt load, many young entrepreneurs might put off or even forgo starting up, as launching and failing may put them in an even worse lurch. For those who proceed, they're forced to juggle heaping monthly payments with the costs of starting a business. It’s a challenge some shy away from, but there are routes millennials can take to startup without student-loan debt wrecking their companies.

Here are four ways young entrepreneurs might approach eliminating or reducing their debt loads:

1. Income-Based Repayment: One way to handle high-cost student loan debt is to get rid of it entirely. In 2011, the president announced an executive action that expanded the Income-Based Repayment, or IBR, option for low-wage earners (like startup entrepreneurs) with federal student loans. The "Pay As You Earn" plan allows many students to cap their monthly loan repayments at 10 percent of their discretionary income and possibly have their loans forgiveness after 20 years of responsible repayment. Previously, the program capped federal-student loan payments at 15 percent of a person's discretionary income and forgave loans after 25 years of on time payments. While borrowers may pay more interest over time, an IBR can help reduce your minimum monthly payments, which can help free up capital to put toward a startup.

Related: The College Question for Entrepreneurs Gains Momentum as Costs Surge

2. Deferment or forbearance: There’s less flexibility with private-student loan debt, says Rohit Chopra, the Consumer Financial Protection Bureau’s student loan ombudsman. Though minimum-monthly payments on private loans can be deferred through forbearance, interest continues to accrue on any unpaid debt. Forbearance isn’t an ideal option, says Chopra. But he adds, it’s often the best one available to young entrepreneurs.

Paige Brown went this route when she graduated from Vanderbilt University’s MBA program in 2010. The then 27-year-old set out to start a business while carrying a whopping $60,000 in student-loan debt. By opting to defer $20,000 in private-student loan debt, Brown says she was able to manage her other loans and launch the online hotel reservation serviceDashbell.com in 2011. “I think other people were more worried about my student-loan debt than I was when I started the business," says Brown. "You have to accept the debt is there and don’t let it stop you from doing what you want to do."

Related: The Skinny on Widening Student Debt Loads (Infographic)

3. Debt consolidation and a pay-off plan: Many college graduates choose to bundle their debts into one loan that requires a single (and potentially lower) monthly payment. Tufts University graduate Melissa Pickering consolidated $46,000 in student debt. Since 2005, Pickering worked as a mechanical engineer for Disney her first three years out of school, during which time she made minimum monthly payments of $389. In 2010 she put her entire savings into launching iCreate, a technology education company that manufactures interactive software for K-12 students. Three years in, the company is continuing to grow, and Pickering, 30, is on track to complete her 30-year student debt payment plan on time.

When crafting a payoff plan, Scott Gerber, founder of the Young Entrepreneur Council, recommends startups look into self-employed assistance programs offered by their state. Some local groups may also offer financial aid to support entrepreneurship in their community. But also, he suggests pragmatism: “I think the first thing when you’re starting a business straight out of college shouldn't be, ‘Who am I going to get money from?" It should be, rather, ‘How am I going to start and sustain this business with the money I already have?”

Related: How to Start Up and Pay Down Your Student-Loan Debt

4. Defaulting: Student-loan debt is notoriously difficult to eliminate. Even so, some entrepreneurs try to default. This is a course best left untried, as those who default on a federal-student loan can have their wages garnished without a court order and are subject to the IRS withholding any income tax refunds they would receive until the debt is paid off. Creditors typically notify the credit bureaus when a customer defaults on a student loan. Long-term effects of such negative information landing on someone’s credit report include difficulty qualifying for auto loans, home mortgages and credit cards with decent interest rates.

To stave off the fate, experts say it's crucial for young entrepreneurs to be able to recognize if their startup is failing and act accordingly. Rather than funnel more money to keep a sinking business afloat, Gerber says “it’s best to cut your losses and then pick yourself back up and try again.” It’s not worth the risk of defaulting on a student loan, he adds.


Read more: http://www.entrepreneur.com/article/229097#ixzz2jzshIorM

How Your 'Box of Possibility' Can Help Drive Your Entrepreneurial Passion

This article shows a method or some step to help to drive out your entrepreneurial passion....



Steve Jobs once said, "The only way to do great work is to love what you do."

As young entrepreneurs making the choice to take the difficult route in startup land, it's likely that this piece of advice couldn't ring more true.

Much of what drives an entrepreneur is revolved around passion -- not money, a cushy lifestyle or fame. (If you are looking for that, you may be headed in the wrong direction). It is more about being involved in something that makes you whole and motivates you to persevere.

In her recently released book, Do Cool Sh*t (HarperBusiness, 2013), serial-social entrepreneur Miki Agrawal echoes this insight by letting entrepreneurs know their path in life is based on choice, or as she likes to call it a "box of possibility."

“The challenge is to go find what keeps your eyes all sparkling and wide open, what gets you brushing the dust off your behind every time you fall and come back with greater gusto," Agrawal recalls her father telling her.

Related: Young-Social Entrepreneur Miki Agrawal on Blazing Your Own Trail

For those looking to take the first step of becoming an entrepreneur, in her book Agrawal suggests:

Try something new.
You need to learn to put yourself out there in the world and try new things, talk with new people, travel to new places, build a community that inspires you and create something meaningful.

Change is good.
The world of today offers opportunities that did not exist when your parents were growing up, and the world will keep evolving at a faster and faster pace for all generations to come. Go with it. Ride the changing wave with excitement and motivation. Don’t resist the change, as it’s inevitable.

Related: The Power of Giving Back: How Community Involvement Can Boost Your Bottom Line

Remember your long-term goal.
Always focus on your desired outcome and not the pain you’re going through right now. This desired outcome will keep you inspired and strong, even during your most vulnerable moments.

In the end, Agrawal says, "It all comes down to one decision: The decision to act and take your first step toward doing what you love and living life on your own terms."


Read more: http://www.entrepreneur.com/article/229106#ixzz2jzqbHlhp

How Entrepreneurs Think Differently and You Should Too

this article actually indicates how does the entrepreneurs think differently and we should also make changes to improve ourselves.



Entrepreneurs are a curious bunch.

They come in all shapes, sizes, genders and backgrounds. They get up at dawn. They're the first ones to the office and the last ones to leave. They use productivity apps, network their tooshes off and leave no stone unturned when it comes to pretty much everything.

At best, they make the rest of us humans wonder if it's worth getting up in the morning. At worst, well, ditto. As superwoman/entrepreneur Ingrid Vanderveldt (Dell's entrepreneur-in-residence, media personality and investor) puts it: "Entrepreneurs are barrier breakers whose optimistic view of the world combined with their creative thinking has the ability to address even the toughest of challenges, including the government's approach to innovation."

Sound crazy? Well, that's the point. Beyond what entrepreneurs actually do, exists a mindset that has them believing even something as morose and archaic as the government is redeemable vis-à-vis entrepreneurship.

Beyond the "to do" lists of the most successful ‘treps I know, lies a way of thinking that acts as the engine to their seemingly invincible take on the world. If you think like this, chances are you may be well on your way to doing something insane…like attempting to innovate in the public sector.
Ready? Here's how entrepreneurs (and maybe you?) think:

1. You like feeling like a kid.
Entrepreneurs tend to act like kids in a candy store. Nothing is off limits, everything is for the taking, and their inquisitiveness is as infuriating as it is contagious. When I asked Guide's COO, Leslie Bradshaw, to describe how she thinks, and why she prefers the entrepreneurial approach to life, she responded without skipping a beat:

"I keep my childlike wonderment alive. I approach the world with curiosity, passion, risk tolerance, and faith -- just like I did when I was growing up. The more traditional companies I worked for out of college not only didn't foster these traits, they flat out discouraged them."

Related: Inside Nerdist's Media Empire for the Internet Age

2. You think (or perhaps know?) you can do it better.
Innovation presupposes that whatever came before it is ripe for improvement. For entrepreneurs, this assumption is the driving force behind their efforts. Jeremy Johnson, lifelong entrepreneur and co-founder of 2U, puts it aptly:

"An entrepreneur's train of thought goes like this: ‘everything around me was invented by someone and that person probably isn't any smarter than I am.' We believe almost everything can be improved upon in some way. We start to imagine what could be instead of what is…the world is malleable and many of the rules that exist are more like guidelines."

3. You are typically optimistic.
This may seem like an extremely obvious thing to point out, but its importance simply cannot be overemphasized. Plenty of entrepreneurs exist who have a somewhat negative disposition. But I would argue that those who think this way generally don't get very far.

Two things tend to happen: 1) they earn reputations as terrible bosses and 2) their businesses eventually erode because of their own self-fulfilling, pessimistic prophecy.

Special note: being optimistic is just typically a better way to approach the world, so do it for your own sanity if nothing else.

4. You're a rule breaker.
Entrepreneurs are by nature rule breakers and dissenters. This is an attitude as much as it is a mentality. Meredith Fineman, CEO of FinePoint Digital PR gives an all-too-familiar look at what goes through the mind of an entrepreneur on a regular basis:

"It's hard for me to relate when people can't wait for the week to be over or can't wait to rush out of the office for Happy Hour. My job is never done, nor do I want it to be. That's not to say that I never do things for pleasure, but I am constructing my own life and not constricting it based on someone else's ideas or standards."

Related: How Happy Are Small-Business Owners? (Infographic)

5. You're probably a gear head.
This last point is a direct result of our modern-day reliance on technology as a vehicle for innovation. As Vanderveldt observes:

"Technology has been the common denominator for all the companies I have started -- from data mining to green energy. I believe it is the global equalizer and enabler. Young entrepreneurs and startups need to be focused on (and thinking about) enabling their organization to scale, delivering faster and more efficient results, and maximizing workforce productivity - all of which can be supported through technology."

So whether you're considering getting your feet wet as a first-time entrepreneur, or you are well on your way to entrepreneurial success, keep in mind that how you think is just as important as what you actually do. Thinking like an entrepreneur requires a unique approach to the world and a mindset to help view the world as limitless in its possibilities for improvement, change and, ultimately, innovation.


Read more: http://www.entrepreneur.com/article/228136#ixzz2jzpDQnB2