As college graduation weekends and summer business incubator announcements loom, I thought I would take a few minutes to consider the connection between the entrepreneurship and academia.
Entrepreneurs, by definition, take an idea or a concept and strive to make that idea into a operating business. To do this, we spend a great deal of time laying the groundwork: researching, modeling, testing, and (finally) executing to turn all of that work into a revenue-generating enterprise.
scientists, and pedagogues of all stripes – also explore ideas but in a theoretical structure. They use a rigorous and clearly articulated process of scholarly examination to explore concepts through investigation, experimentation, analysis, and interpretation to (finally) arrive at a conclusion or support a theory. Although the scholarly process itself is not necessarily about the actual creation of a concrete “something,“ it doesn’t mean that entrepreneurs can not learn from their erudite cousins in academia. Here is a list of 10 things that academics do that can provide valuable lessons for entrepreneurs:
1. Academics research throughly.
Academics leverage scholasticism to answer questions and to resolve conflicting theories and ideas; the scholarly process is the formal methodology used by academics around the world for validating ideas and theories. Through the use of a similarly rational, meticulous and methodical approach to their businesses, entrepreneurs can also solve problems, find answers, and support theories in their own industries, markets, or companies.
2. Academics believe in empirical data.
Through research and experimentation, academics collect data to produce or support a theory or to investigate causal relationships between actions and outcomes. Entrepreneurs should also collect and interpret accurate and appropriate data to support their business ideas and also to measure the actual outcomes of their strategies and tactics. We often hear the term “data-driven” used in the context of business decisions and the credible and careful collection of that data can lead to better decision making and a clearer understanding of the observed effects.
3. Academics are rational.
The research and experimentation that is conducted as part of the scholastic process is strictly logical, reasoned, and sensible; subjectivity should always play a negligible role in the approach researchers, scientists, and other academics take to their work. Entrepreneurs should also strive for the rational; the best decisions and the most successful strategies should be built on a foundation of data, historical fact, and cogent, well-reasoned theory.
4. Academics respect history.
By using the historical method and leveraging primary sources, scholars reconstruct facts, context, and derive meaning through past events. Entrepreneurs should always conduct their own historical research to better understand the context of their idea, the likelihood of the venture’s success, and to determine the value of a market or a business model. For instance, the use of comparable company data to make projections or imply valuation is one way entrepreneurs can leverage historical fact to help arrive at conclusions.
5. Academics review one another’s work.
The formal process of peer review allows for the credible evaluation of a scholar’s work. Peer review is most commonly associated with the publication of scholarly articles or papers, but extends to experiment design, grant proposals, and even software development. In business the concept of peer review is under-utilized; entrepreneurs can and should engage in this in an informal manner. Ross and I both speak often on the need to question your assumptions and to actively seek out disconfirming information; these ideas are analogous to the concept of peer research – bringing in other qualified individuals to harshly question your ideas, criticize your assumptions, or review your data is a powerful way to strengthen your approach.
Every day on the crowdSPRING Twitter account and on my own Twitter account, I post links to posts or videos I enjoyed reading or viewing. These posts and videos are about logo design, web design, startups, entrepreneurship, small business, leadership, social media, marketing, and more! Here are some of the links that I’ve liked and shared this past week!
The image above shows the amount of caffeine in various types of coffee and tea. More interesting facts about the health benefits (and risks) of tea and coffee in the Other section below.
Every day on the crowdSPRING Twitter account and on my own Twitter account, I post links to posts or videos I enjoyed reading or viewing. These posts and videos are about logo design, web design, startups, entrepreneurship, small business, leadership, social media, marketing, and more! Here are some of the links that I’ve liked and shared this past week!
The video above is the world premiere, of Woflgang Amadeus Mozart’s old piano, of a new composition found in a notebook in an attic, believed to have been composed by 10-year-old Mozart. The composition is called “Allegro Molto in C Major”. The composition is performed by Austrian musician Florian Birsak.
We encourage our team to work remotely when they want. We care about performance, not face-time in the office.
Did you know that the average commute is 45 minutes each way and that telecommuters report having 25% less stress?
We leverage technology to work remotely: Basecamp and Campfire from our friends at 37signals, Skype and Google+ hangouts for video calls, iChat for private communications, etc.
In fact, I’m working remotely this entire week (my kids are on Spring break and this is a good way for me to spend some time with them during the day). Plus, my last tank of gas was $100 and I’m still getting over the shock.
A few years ago, our engineering team asked if they could work remotely every Friday. It was a great idea – people could focus on their work without the many distractions found in the office, save time on their commute, and start their weekend earlier.
I thought it was such a great idea that I also telecommute every Friday.
Telecommuting has many benefits. Here’s a nice infographic from splashtop highlighting some of those benefits:
We write often about marketing strategies and tactics for small business and startups. These companies typically have limited budgets, thin resources, and strained capacity which combine to create a challenge for managers and owners: how to develop an effective marketing campaign using tactics that will work for their business.
Today I want to focus on tactics with a local flavor. A phrase we hear a great deal is “hyperlocal,” which Wikipedia defines as being “synonymous with the combined use of mobile applications and gps technology.” I would enlarge that scope beyond mobile applications and GPS, and explain hyperlocal marketing as a strategy for reaching a specific, targeted audience located in a very specific geographical location. In other words, hyperlocal is a way for marketers to deliver an effective marketing message to customers in a particular local community.
This is nothing new for marketers; a great example of hyperlocal marketing that has been with us for decades is the Yellow Pages. This still ubiquitous book of business listings, made of the cheapest paper stock available and found on shelves and in recycling bins everywhere, has historically been a great way for businesses to reach local customers – from “AAAA Auto Repair” all the way down to “ZZZZ Welding.” But the world of marketing has grown way more sophisticated, and in the age of GPS and QR codes, small business can leverage some sophisticated tactics to reach local audiences, build awareness neighborhood by neighborhood, and make the most of a limited marketing budget. Here are 5 ideas for hyperlocal marketing that you can consider for your own business:
1. Yellow pages.
If it still works and still fits your budget, why not experiment with this chestnut? For very small sums a business can target a very specific local audience (in many cases right down to the zip-code). If nothing else, using Yellow Page advertising guarantees that your business name is right there along with your competition’s and that you have an equally good chance of capturing the customer who is looking for you. Most of the Yellow Page publishers now include online listings along with the print version, which can also serve to enhance a business’s web presence and SEO efforts.
2. Daily deals. Groupon, Living Social, Woot, and the like are available in virtually every city in the US and many more cities overseas. For lots of businesses, particularly brick and mortar, these services offer a way to reach a very large audience of potential customers and pay only for those that actually show up to buy. The downside is that many of the folks who actually buy these deals are fickle and may never return once they have used their coupon with you. The upside is that this tactic can be a great way to build your customer base and to get your brand in front of millions of potential customers at a relatively modest cost.
3. Mobile.
Alright, here’s where that mobile and GPS thing comes in. Applications such as Foursquare, Yelp, and Urbanspoon allow businesses to build awareness and reputation online. I don’t know abut you, but when I travel Yelp is a go-to app for me; I need a good place for breakfast near my hotel and I log in and do a quick search. Restaurants near my location pop up complete with photos and reviews and before I know it, there I am sipping coffee and eating eggs with bacon. Yum yum yum and huge value delivered to that restaurant and to me the customer. Foursquare does that but also allows businesses to offer their own coupons and discounts available to anyone who stops by and checks in. Bacon and eggs taste even better when they come with a nice discount, no? In addition, social media platforms such as Facebook and Google+ allow local targeting of online ads. For the marketer, the cost of these tactics is small and the ability to track ROMI in real-time is powerful.
Every day on the crowdSPRING Twitter account and on my own Twitter account, I post links to posts or videos I enjoyed reading or viewing. These posts and videos are about logo design, web design, startups, entrepreneurship, small business, leadership, social media, marketing, and more! Here are some of the links that I’ve liked and shared this past week!
The photo to the left shows one of the strangest houses that one can find around the world. I hope they have an elevator! More strange houses in the Other section below.
Every day on the crowdSPRING Twitter account and on my own Twitter account, I post links to posts or videos I enjoyed reading or viewing. These posts and videos are about logo design, web design, startups, entrepreneurship, small business, leadership, social media, marketing, and more! Here are some of the links that I’ve liked and shared this past week!
The video above shows a mechanical device for opening and pouring a bottle of wine. It’s complicated, huge, loud and I love it!
How anyone can create a successful online business for next to nothing (Part III) – http://bit.ly/yyTI6X
Every day on the crowdSPRING Twitter account and on my own Twitter account, I post links to posts or videos I enjoyed reading or viewing. These posts and videos are about logo design, web design, startups, entrepreneurship, small business, leadership, social media, marketing, and more! Here are some of the links that I’ve liked and shared this past week!
The image to the left is a photo taken from inside a musical instrument. More interesting photos taken inside musical instruments in the Other section below.
When we come across successful products, services or startups, we often wonder – where did the idea come from? Why didn’t WE think of Pinterest, Facebook, or Google?
In the following video, Steven johnson discusses ideas, innovation and how entrepreneurs and companies can groom environments to help incubate and promote good ideas.
How do you help your team to come up with good ideas?
Every time I find myself on the security line at the airport, I watch the folks ahead of me anticipating that someone will be pulled from the line because their name appeared on the TSA “no-fly” list. I have yet to see this happen, but I sympathize with the poor schlub whose name matches that of a known evil-doer.
Many small businesses that regularly make overseas payments to customers, vendors, or clients are unaware that they too may fall victim to a lesser-known “no-fly” list. Compliments of the USA Patriot Act, these payments, often made through bank wire transfers or International “FX” payments are subject to similar scrutiny but via a less-publicized list of names.
The United States Treasury Department overseas the transfer of capital internationally and are charged with regulating these transfers. The Office of Foreign Assets Control administers and enforces various economic sanctions programs; you may be familiar with the restrictions and embargoes that are placed on countries such as North Korea or Iran which are designed to put foreign policy pressure on those and other governments. And it is not just countries with nuclear ambitions that are embargoed, but also those considered at risk for security reasons such as terrorism and narcotics trafficking.
OFAC not only has the ability to block transactions bound for specific countries, but also maintains a list of specific individuals to whom payment can be blocked or delayed. If a person’s name appears on the Specially Designated Nationals List (SDN), any payments or other financial transactions intended for them can be blocked, delayed, or even confiscated. OFAC updates and publishes this list online, but is time consuming to search and, for many businesses may be impractical to do so for every payment sent.
All US-based businesses, small and large, are responsible for complying with these regulations and a business has very little control over the policies, procedures, and penalties which can be assessed for companies which violate OFAC compliance guidelines. Most banks and international payments facilitators such as PayPal and Western Union have policies and programs in effect that will help businesses to remain in compliance and enforce OFAC rules on payments sent via their systems.
Here are a few tips on what you can do to assure that you remain in compliance and to assist should you find that a transaction you initiate is flagged or held by OFAC.
1. Know how it works. OFAC compliance is complex and the best defense is a good offense. You can learn everything you need to know on the Treasury Department website, although it can be difficult to navigate and search.
2. Check with your banking or financial institution. Your bank is a great place to start; have a conversation with your client manager or bank officer and ask what you can do on your end prior to initiating a transfer. The goal is to limit the surprises that will come your way if you attempt payment to a business, or individual from one of the affected countries or to someone on the SDN List.
3. Ask for the relevant information. A good strategy is to request from your payees the specific personal information that OFAC may require if your payment is held. This can include information such as flu and complete name, place of birth, date of birth, country of citizenship, legal residence, or profession; in addition you may be asked to provide the specific purpose of the payment. It can be a delicate matter to ask for this kind of information, but most people will be happy to comply if they understand why you are asking.
4. Stay up to date. The Treasury Department regularly updates the SDN list and you can download a PDF version of the list here. OFAC also provides an online search tool which allows you to search by individual names as well as by country, entity, or even address.
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