The Entrepreneur's Bible: Business at its Best

Innovate from the Inside

As the CEO, I’m always pondering ways to make my company bigger, better, and more exciting.  What feature would make a publication more useful to our readers?  What design change would make a page more eye-catching?

Since launching Wasabi Media Group in 2008, I have spent a decent amount of time building, designing, redesigning, brainstorming, etc.  However, I cannot take credit for every great idea that has made its way to a live site.  In fact, I can’t even claim to have had the inspiration for the majority of new elements at WMG.

So, where do these brilliant ideas come from?  Members of the WMG team, friends, and family have contributed numerous suggestions on how to improve the company.  Regardless to whether it is an idea from a columnist or a life-long friend, it is something that I consider.  From these suggestions we have added many great features.

The key to receiving these ideas is to have an open door or, in my case, an open email policy.  I let my team members know that I am interested in any suggestions that they have.  When the suggested feature is implemented, I make sure that credit is given to that team member.

Thanks to the creativity of my team, we have added an assortment of features.  Among the items that we have added are ratings guides, advice columns, and opinion polls.  We also have found specialists and new team members based on the recommendations of current team members.

Rather than making the growth of my company a solitary project, I have enlisted many others to help.  Because of that, we are always innovating and growing.  Perhaps it is time you looked inside your team for some extra creativity.

About the author: Michele Pesula Kuegler is founder and CEO of Wasabi Media Group.

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Common Pitching Mistakes, from a VC’s Perspective

I have been working with Wasabi Ventures as a venture partner since January 1, 2012. Before Wasabi, I was an entrepreneur, and as I had studied Finance as an undergrad, I was always interested in getting back on the investment side of startups. I knew VC was an “apprenticeship industry,” so the best way to learn is to do.

Having spent a few months now going to pitch events, meeting entrepreneurs and performing due diligence, I see that the role involves non-stop energy and an almost shameless degree of friendliness. It’s also been an incredibly eye-opening experience because by seeing the gaps in other startups, it made me realize the shortcomings of my own efforts as an entrepreneur.

I’ve realized a few key things I would like to share. First, it is ALMOST NEVER the case, that what turns me or another VC off about a startup is the fact that they aren’t different or groundbreaking enough. Certain industries (the ones worth investing in) are typically large enough that more than 1 startup can exist and do well; the competition is healthy, and the entrepreneurs stay focused. It is the startups which claim they are “totally different” that are usually neither different, nor completely thought out in terms of their business strategy.

9.999 out of every 10 times, the biggest issue with a company is that it cannot address a fundamental question which I will ask them. The most common deal breakers are, “Who is your customer?” “Why do you have so many people on your team” “Who are the competitors in this space?” (Funny enough, almost all entrepreneurs see that last question as a trap and will answer with the default “No one is doing what we are doing”– HINT: WRONG ANSWER! This almost always makes me think either they don’t know the landscape, or the idea just isn’t worth doing.)

The other key piece relates to fundraising. Money is important and most startups are built to solve a problem and generate the revenue necessary to keep addressing that problem. Again, fundamental issues. “Why are you trying to raise $1 Million Dollars?” [A: "We THINK that is the right amount."] “Has anyone invested yet?” [A: "No, but I feel strongly about a few promising leads and I am confident we can close out a round quickly."] Neither of those answers work for me, yet I hear them (and have no doubt said them myself) routinely.

The 2 big problems with fundraising, which anyone who has tried will know, is that it is A) incredibly distracting (indeed, with the boom and buzz around startups– especially in target cities– a CEO can spend all of his time jumping from one event to the next, trying to raise money, and never really get anywhere), and B) it is the CEOs job. Unfortunately, the CEO also has another pretty important job, and that is running the company…

The crucial point I want to make here is that I have made all these missteps and mistakes myself. Many times. And probably will continue with some of these as I develop. So have all other entrepreneurs I have spoken to, including the wildly successful ones. In fact, the wildly successful ones have probably committed these errors more than once. These are the growing pains of being an entrepreneur. These are the times when you need to stay “hungry and foolish”– to quote one entrepreneur who changed the game and no doubt had a heaping dose of setbacks along the way.

When working on (and especially when leading) a startup, it is almost a guarantee that you will get so caught up in what you are doing that you forget to look back on what you have done so far. And there are always 1 million things to do every day. Where did you succeed? Where did you fail? Did getting into TechCrunch really launch my company? (NO!)

It is no secret that one can learn more from a failure than from a success. In an early stage startup with a good team of first or even second-time entrepreneurs, nothing is more important than the mentorship which a team receives. The mentorship is what provides that 50,000 foot view; a fresh perspective. And that is where my role (and the Wasabi Ventures model) comes in.

 

About the author: Bobby Touran is an entrepreneur and founder of several startups. Bobby’s specialties are business development, team building, and management. Prior to working with Wasabi Ventures, Bobby has been involved in both advisory and operational roles for start-ups in the Consumer Internet vertical, especially mobile and retail.

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Do YOU Need a “Home Office for the Business of Life™?”

  • Are you sick of continuous paper clutter in your home?
  • Do you waste time looking for information you or other family members need?
  • Are you hiding papers at the last minute when you are expecting guests?
  • Is lack of organization putting a strain on a relationship that is important to you?
  • Do you feel overwhelmed deciding what papers you should keep?
  • Have computers made the problem in your home even more overwhelming?

If you answered “Yes” to even one of the above questions, here is something to think about. No executive could run any business without an “office.”  After 30+ years in thousands of homes across America, it is my conclusion that in our increasingly complex world, it is simply impossible to have an organized home without an office for “the business of life.”  It is also my experience that the number one organizing challenge in every household is paper!

A Home Office for the Business of Life™ is a “command central” for your home, your family — your life!  It does NOT require a separate room, or even a large space – just the right tools to suit your unique situation, your family, and your personal style.  This addition to your home will make a decided difference in your ability to create and sustain a productive environment in your home so everyone in it can accomplish their work and enjoy their lives!

While many people do have one or more desks, or even more than one office in their home, many people still have the paper problem.  Why?  There are three possibilities:

  • As the saying goes, “Opposites attract.” Often families members with very different styles struggle to share the same workspaces.
  • Most architects and designers focus on aesthetics rather than function, so while a workspace may look attractive, it simply may not work.
  • Who taught you to manage paper?  If you are like many people, the answer is “No one!”

Here are some tips to help you begin:

  • Choose a place you like to be for the activities you do in that space – e.g., pay bills, surf the web, write thank you notes, manage your schedule, etc.
  • Make sure you are physically comfortable – comfortable chair, proper lighting, etc. (One client discovered that having music at her workspace was magic!)
  • “Today’s mail is tomorrow’s pile.”  Clear your workspace of everything and start over with a new system.  Then you can incorporate the old stuff as you need it – or eventually it will be old enough you can throw it away!
  • Make sure you have all the tools you need.  Start with what we call The Magic 6™:
  1. Desktop Organizers: – “In” for papers you have not yet sorted; “Out” for papers that need to go elsewhere; “File” for papers you need to file outside the reach of where you sit.
  2. Wastebasket/Recycle Bin/Shredder – One of the best ways to keep paper at a minimum is to make it easy to get rid of it.  Continually ask yourself, “What’s the worst thing that would happen if I didn’t keep this?”
  3. Calendar/Time Planner – Don’t assume that electronic is the solution, but don’t rule it out either!  Talk to others about what they like and why.  (My choice is Planner Pad – available at BarbaraHemphill.com for 20% discount!)
  4. Contact Management Program – much clutter comes from papers with contact information you want to keep.
  5. Action Files – These are physical files that contain papers that require your action or supervision.  Use a “tickler file” (www.SwiftFile.com) for papers you need on a specific day. No more harried moments looking for tickets or directions at the last minute!  Create additional Action Files by topic for projects, such as “Insurance Claims” or “Family Reunion.”
  6. Reference Files – These are physical files for papers you want to keep for everything from consumer information to your passport.  If your office space is small, they may be located in another room.

“A place for everything and everything in its place” – forget it!  Life is messy, but do set aside one time each week to clear your desk totally and get everything into your system.

For an online training program with everything you need to know to organize your own home office, check out: www.barbarahemphill.com/hobl.

 

For more information, or to contact Barbara Hemphill for consultation or speaking services, go to www.BarbaraHemphill.com

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Startup Profile Interview: Vidstructor

Nick: Was VidStructor your first startup company?

Phil: No, this is actually an interesting story…  The idea behind VidStructor grew from another business we started that revolved around online sports training, specifically baseball.  We had this idea to take the entire training experience and to put it on the web making personalized video training available for any player or coach anywhere in the world and at anytime.  Our players, in this baseball company, would pay to upload their own game or practice videos to one of our remote team of trainers for their video-based feedback.  In 2009, we serviced over 15,000 player videos. This interactive video training process became the core principal of our on-demand software-as-a-service solution for online video training – “VidStructor.”

N: So, you were a player yourself?

P: I coached college baseball at Johns Hopkins University in Baltimore for 6 years.  I was formerly a college ball player myself and my co-founders played minor league baseball.  I studied business management and leadership strategies in college and simply combined that with my passion for sports training.

N: Are you an Orioles fan?

P: Nope. Actually I grew up near Philadelphia so I am one of those die hard Phillies fan.

N: What was the inspiration for the original startup?

P: Our passion for athlete development and video training, combined with the entrepreneurial bug. We wanted to be different than other sports training companies. Looking back on how we got to where we are today, I think we’ve done a great job being different and impactful considering we’ve transformed ourselves, developed and brought to market something that the entire sports and fitness world can benefit from.

N: When did the original startup launch?

P: Early 2008 we rolled out the original baseball training concept. We funded the site and reinvested out profits to foster growth.  In 2009, we turned the business into a software-as-a-service because we saw a great market opportunity for other sports and fitness training businesses to benefit from what we developed. And today, it’s doing it.

N: Did you find the transition difficult from college baseball coach to entrepreneur?

P: I’ve always considered myself an entrepreneur. I like to say that I’m getting my MBA on the street. I’ve encountered so many challenges, and I’ve worked hard to make them into great opportunities. I was asked to speak to a bunch of MBA students at Johns Hopkins, and when asked, “What’s it like to be an entrepreneur?” I told them it’s like sitting in-front of a blank piece of paper and you need to write your masterpiece. It’s not easy and there’s going to be a bunch of twists and turns along the way. When I think about my experience coaching, I’ve found many similar traits needed to effectively manage a startup. Everything from managing people, to instilling confidence in your team, to executing in pressure situations. So I’m glad I’m able to leverage my coaching experience in this business.

N: So what’s next for VidStructor?

P: We just finished a round of capital at the end of last year and we have our new and very exciting version of our product coming out soon. Summer 2012 is going to mark our entry into sports medicine, orthopedics and athletic training.

N: Do you have any final words of advice for our readers?

P: I think anyone with experience will tell you that you need passion for what you’re doing to be successful.  You have to stick with it when times get tough.  Also, don’t just convince yourself about how great your idea is. Convince others.  Get a lot of feedback before you jump in.  Build it out yourself and try it before you launch. That’s what we did, and that experience is invaluable. Speed to market is important but also focus on being the best product out there too.  Don’t be afraid to fail.  Make mistakes, learn from them, and try it again.  Finally, get your team vested with you, I believe that everyone should be an equity holder.

 

About the interviewer: Nick Daley works on consulting and business development in the San Francisco Bay area for Wasabi Ventures. His role is to identify prospective portfolio companies, opportunities, and entrepreneurs to bring into the WV incubation process.Once identified, Nick then manages, coaches, and supports the team.

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