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Mark Cuban’s 6 Crucial Rules for Startups

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Mark Cuban's 6 Crucial Rules for Startups

How to Win at the Sport of Business, the title of Mark Cuban’s book in and of itself is enough to get any entrepreneur’s blood hot. If there is one common characteristic that I have noticed across the board it is that we are all extremely competitive. So is Mark Cuban. I think that Mark Cuban is often misunderstood and misinterpreted by the media on his philosophies. I recently finished his extremely insightful book, which actually isn’t a book at all – it is a collection of his blog posts strategically placed together.

There were so many key takeaways, but since I am a part of a start-up company I thought it made sense to share Mark Cuban’s rules for startups.

Here are Mark Cuban’s 6 Crucial rules for startups:

 

1. Don’t start a company unless it’s an obsession and something you love

Entrepreneurs need to have a very clear understanding that start-ups are not going to be a cake-walk. When the going gets tough, you better love what you are doing so that you can stay focused and intentional. Too many people give up right before they hit it big and are successful. Being obsessed about your idea/product/service will help you through the adversity.

 “Success is about making your life a special version of unique that fits who you are – not what other people want you to be.” – Mark Cuban

2. Hire people who you think will love working there

This rule definitely builds upon the first rule in that when tough times arise, how will your employees react and face adversity? If your team truly is passionate about your company’s mission, you can have peace of mind in knowing that they are representing your brand in the most positive light as possible.

This reminds me of one of Mark’s quotes I highlighted in the book: “I have learned to hire people in whom I can build trust, and let them take the ball and run with it.

 

3. Sales cure all

Mark says you have to know how your company will make money and how you will actually make sales. This is so key in the start-up community. We are no longer in a “build it and they will come” type of economy. We are in the information age, the age of commoditization which means your company has to be able to demonstrate and deliver value to your customers. The only reason someone is going to buy from you is trust and perceived value, then it’s up to you to create a repeat customer.

Mark was actually fired from one of his first jobs because instead of completing his normal morning duties of opening the retail store, he was meeting with a prospect and ended up closing a deal! How about that for a roller coaster day.

 

4. Know your core competencies and focus on being great at them

Mark always pays up for people in his core competencies. I relate this to staying the course, and not becoming scatterbrained with different ideas and projects. The following quote illustrates this point perfectly: “Win the battles you are in before you take on new battles.” This is so true, for example – in my business we have different verticals that seem appealing for us to penetrate. However, we haven’t won the battle on our main target market, why would we pivot to a different one?

“Expect the unexpected, and always be ready – everyone has inside them what it takes to be successful. You just have to be ready to unleash it when the opportunity presents itself.” – Mark Cuban

5. Coffee is for closers, lunch is a chance to get out of the office and talk

I relate this to Keith Ferrazi’s book about never eating alone. As entrepreneur’s, we have to create opportunities for ourselves. We must understand we are usually disrupting otherwise stagnant industries and therefore need solid connections to support us. Networking and creating relationships that count can prove to be tough. You have to have tenacity, confidence, and the passion to push through the naysayers.

 

6. Make the job fun for employees

Creating work environments that induce the flow state in your employees is paramount. Each and every one of us works differently and uniquely. Allow your team to have fun, get into the flow, and produce. Study how to set goals that will create this state for your team. When your team is connected to their work and your company’s mission, productivity will skyrocket.

Action Steps
  • Mark didn’t create uber-successful companies overnight, so don’t think you will either.
  • Create an implementation plan – each month focus on one of the rules and figure out an action plan to implement the rule into your company. For example – For rule #5 – Research different events/tradeshows/groups that your customers are a part of. Once you know where they are, go to the events on a regular basis and find out how you can add FREE value. Do not go seeking to make a sale. Finally, create a follow up plan that keeps you connected with your new connections.
  • Be patient, focus, and stay intentional. Review the rules, your implementation plans, and your results. Rinse. Wash Repeat.

Mark Cuban

Conclusion

I think these rules apply not only to startups, but can be implemented in any organization where people are working towards a common goal. Mark notes in his book that the way he became as successful as he did was by watching how the profitable companies in his niche operated, and then he emulated them. By following in his footsteps, Mark literally has laid the blueprint out for us to follow.

It is now up to you and I to go out there and positively affect change in our organizations. If you are not in a leadership position, share this article or come up with constructive ways that you can implement these rules into your company. Knowledge is not power, knowledge is potential power. Implementation of knowledge is where true power lies.

 

Thank you for reading my article! I would love to hear your thoughts in the comment section below!

Logan Freeman is a former college and professional football player turned entrepreneur. Currently he is focused on mastering the skills of influencing, goal achieving, and motivating others to break out of mediocrity and achieve big goals. Reach out to Logan on Twitter. “Be Great, Nothing Else Pays.”

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6 Comments

6 Comments

  1. LARISSA

    Nov 26, 2016 at 9:36 am

    THANK YOU
    FOR CREATING THE CONVERSATION HERE.

    It helps to see the difference in the approach to same “success” and I can do that and the truth is that the moment one have an idea and the next its behind and one just enjoy to make it into the real world! nothing to it! Some see it some not!

    I can admire for all those “GURUs” and I love those who done it! So, do well!

  2. Richelle

    Aug 21, 2016 at 2:01 am

    Fantastic article!!!

  3. Robert Schreib

    Jul 12, 2015 at 9:46 pm

    Also, if you are juggling a hundred details in business and life in general, if you have an idea, WRITE IT DOWN! Otherwise, your massive stream of processing in your brain will wash the idea away, and you’ll never be able to retrieve it! That sounds ridiculous, but what’s really ridiculous, is that this is one of those things that just keeps happening. So, when your Muse hits you with an new idea or innovation, write it down on the spot, and that way, you won’t lose something potentially priceless.

  4. Heitem Ak

    Jul 11, 2015 at 11:30 pm

    Hey logan,

    Hiring people that love working for your business is a crucial point.

    It will make sure everyone is working together toward the same goal!

    Best,

    Heitem Ak

    • Logan

      Jul 13, 2015 at 3:43 pm

      Heitem,

      I agree with you completely. We talk about getting into flow here a lot, and one way to do that is working towards a common goal!

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

7 Main Reasons Why You Need a Digital Marketing Strategy in 2018

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digital marketing strategy

The face of marketing has changed significantly in the past few decades and even more so in the past few years. People are more informed when making purchases, thanks to the overwhelming availability of information online for virtually all products, companies, and people. Now, followers are your potential customers. As a result, digital marketing has become the preferred marketing strategy for many companies that exist today.

Even so, not all companies have a solid marketing strategy from which they work. While many companies are successfully trucking along without any clear digital marketing strategy, they are not necessarily harnessing the full power of this online trend. If you are serious about making gains with your company or brand, then you must create a clear, actionable digital marketing strategy.

Not totally convinced your company needs one? Here are seven reasons why your company needs one stat:

1. A clear strategy will help you focus

Most companies want to increase their online reach by getting more Instagram followers or growing their Facebook page. This, however, does not serve as a sufficient goal. Companies must determine how many followers they want and by how much they want to increase their conversion rate. Without a clear, written strategy, it is difficult for companies to come up with an effective action plan since they aren’t quite clear on what their goals are.

2. Existing & start-up competitors will take your potential customers

Digital marketing is a very competitive industry and if you’re not actively competing then you are losing. For every hour that you are not making your brand known and accessible, you are losing potential customers to your competitors and all of your future competitors. This alone, should inspire you to get your digital marketing game strong.

3. Help you optimize and adapt

With a well-written plan, companies are able to regularly check in on their current methods and determine if they are working as effectively as planned. A plan can not only help you set goals, but it can also include built-in “check-ups” that allow you to regularly assess your methods. By regularly checking the efficacy of your methods, you can be certain that you won’t be wasting any valuable time or resources on things that simply are not working.

Iconosquare, for example, allows you to fully monitor the statistics of your Instagram page. By having access to detailed real-time stats, you can quickly adjust your strategy to follow the methods that work best.

“Time is the most valuable thing a man can spend.” – Theophrastus

4. Limit duplication of content or resources

Most companies have several people working in marketing and outreach. Even in small businesses, communication can get mixed and initiatives can be duplicated. By creating a clear digital marketing strategy, you are able to ensure that everyone on your team is on the same page. This will prevent not only duplicate content but also duplicate accounts, tools, and programs used. This saves both time and money.

5. Prepares responsive and efficient organization

The difference between a traditional marketing strategy and a digital one is that you are given a lot more wiggle room in your digital marketing strategy. One of the main challenges in marketing is responding to your audience, the market, and the everyday problems that come with running a business. With a solid marketing strategy, you can experiment with new approaches to gaining and keeping customers. This also means that you can eliminate methods that do not work.

6. You won’t know your online demand

You may think that you have an incredible tool, but your target audience may not agree. By crafting an online marketing strategy, you are better able to not only provide better services but also find out which services your potential customers actually want. In fact, many companies function solely through Instagram, placing all of their product and marketing efforts on the social media platform. By doing so, they are able to closely monitor customer profiles and behaviors, the behavior of competitors, and the latest trends in the market. An Instagram account can help you easily achieve each of these things.

Engage, Enlighten, Encourage and especially…just be yourself! Social media is a community effort, everyone is an asset.” – Susan Cooper

7. Helps in the management of resources

Without a well-thought out strategy, your business can quickly overspend on resources or tools that many not be effective. By setting a budget within your plan, you are better able to allocate funds in an efficient manner. This is absolutely crucial for any business that is looking to make a profit.

A super common strategy among Instagram marketers is to use helpful tools that don’t break the bank. Many marketers pay for programs that gain Instagram followers for a minimal cost so that they can focus their main resources on ad campaigns and creative design, instead.

Creating a digital marketing strategy doesn’t need to be a high-brow project. You can simply begin by stating clear goals and experimenting with tools that fit within your budget. In fact, a good online marketing strategy will likely change several times each year as it adapts to the audience and trends. The important thing is that you make one.

How are you growing your digitial marketing strategies for 2018? Let us know through the comments below!

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Startups

5 Steps to Regaining Stability After Your Million Dollar Business Idea Fails

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business failure

You probably must have heard that seven out of ten businesses fail within the first ten years of their conception. While this revelation might seem alarming, the fact remains that business failure is like a cake from which every entrepreneur must have, at least, a bite.

The common assumption of most entrepreneurs is that businesses with no solid ideas are the ones that fail. So instead of taking their foot off the ground, they spend years trying to come up with the “million-dollar” idea they believe won’t fail.

No doubt, bad business ideas lead to failure often. But the truth is, business failure isn’t a tale that only organizations with bad ideas tell. Because, in most cases, good ideas fail too. In fact, several good ideas executed by some of the world’s most successful business leaders in the early stages of their careers, failed.

Bill Gates, co-founder of Microsoft Corporation, once started Traf-O-Data alongside Paul Allena data-analyzing company that failed. Steve Jobs, while he was CEO at Apple, launched Apple Lisa, Apple III and other great products that failed. Henry Ford, the founder of Ford Motor Company, earlier launched two automotive companies that failed.

Although these entrepreneurs encountered failure, they never allowed it prevent them from working towards success.

In case your good business idea has failed and you’re about quitting, below are five actionable steps you can take to regain stability:

1. Accept the truth

Many entrepreneurs are suppressed by their failures because they keep running from the truth. When a business idea fails, it’s pointless shading the truth or shying away from the reality. A failed business idea is a failed business idea, period! Microsoft, for example, came into existence as a result of Gates’ ability to accept the truththat Traf-O-Data had failed.

Steve Jobs, co-founder of Apple, once said, “If I try my best and fail, well I have tried my best.” Once business owners learn to accept the bitter truth that their excellent business idea has failed and cease investing their time, money, and energy trying to breathe life into it, getting back on track will become less difficult.

“The world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.” – Bill Gates

2. Take responsibility

One of the many wrong steps business owners and executives take after their great business idea fails is playing the blame game—that is, giving excuses for their failure. Whether you head an Inc. 500 company or a mom-and-pop store, you have to take responsibility when your good business idea fails.

Taking responsibility, in the case of a large organization, doesn’t mean avoiding to discipline anyone whose incompetence directly led to the failure. Rather, it means spending less time on passing blames and giving excuses, and focusing more on the way forward. Instead of shifting blame when a good business idea fails, take responsibility for the failure and ensure you prevent similar failures from reoccurring.

3. Ask “why?”

For every failure a business experiences, there’s always a cause. Most times, good ideas fail due to poor execution, improper planning, wrong managerial decisions and the absence of professional hands. Knowing every failure has a cause, you need to ask yourself, “Why did ‘X’ business idea fail?”

Bill Gates, one of the world’s most successful business leaders, once said, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” When you know the cause of the failure, you will be able to extract a lesson or two from the unpleasant event. These lessons, in the future, can serve as a mapguiding you on the pathway to success when you embark on a similar quest.

4. Avoid negativity

In entrepreneurship, failure is one ingredient that makes the journey worthwhile. Therefore when a business idea fails, entrepreneurs are left with only two options: to come up with a new idea or modify the existing one, and get going. Although this is the norm, many entrepreneurs never make it back up because of one thing: Negativity.

Negativity (or pessimism) alone can ravage any entrepreneur’s business journey. Embracing self-doubt, spending time with toxic individuals, and submitting one’s self to chance are loopholes through which negativity steps in to ruin an entrepreneur’s career. To gain stability after your good business idea fails, you must abstain from pessimistic thinking and build relationships with positive, like-minded individuals.

“Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality.” – Bruce Lee

5. Take the punches and keep moving

The ability to get up and keep moving after experiencing multiple failures is what differentiates real entrepreneurs from “aspiring” entrepreneurs. Or borrowing Steve Jobs’ words, “I am convinced that about half of what separates successful entrepreneurs from the unsuccessful ones is pure perseverance.”

You are an entrepreneur. One with a goal, vision, and mission. You didn’t start out as an entrepreneur believing the journey would be filled with rainbows and unicorns, did you? When your best business idea fails, remember that you are an entrepreneur. And in entrepreneurship, throwing in the towel sooner than necessaryeven after experiencing failureis against the rules of the game.

How do you recover from a set back?  Comment below!

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Startups

‘Computer Says No’ Type People Are The Problem.

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Saying no without listening is the problem.

It’s the cause of why we fail to innovate. It’s a form of arrogance that focuses all of our energy on our own selfish thoughts. This never-ending pursuit of one’s self-importance is the cause of everything, as a human race, we do not want.

 

Ciggies, Panadol and Coke Zero enter the room.

Last week, I had a profitable business idea squashed by one of those computer says no types that this article is based on.

She entered the room.
Before I opened my mouth, she looked like she was pissed off and acted superior.

She then placed her half-smoked packet of ciggies, her full bottle of Coke Zero (who’s fooled by this so-called ‘healthy option’) and a fresh packet of Panadol on the table. If that’s not a cocktail of problems right, there then I don’t know what is – back to the story.

I explained the business proposition, and before I finished, she said no.

“That’s not how we do things.”
“Let’s create a project.”
“Let’s write a strategy.”
“We don’t have the resources.”

When is it ever the right time? When will we ever have the right strategy? From what I’ve seen, a project equals taking our time and wasting our competitive advantage. Success is about moving quickly. Success is about listening. Success is about trying new things and not following the old way.

 

It’s the lack of emotion that is the problem.

This story above was disappointing for the fact that there was no emotion. It wasn’t two people having a conversation; it was one person being unemotional like a computer and spitting out a generic answer, while the other person just wanted to be heard.

 

No one has all the answers.

The computer says no mindset suggests that there is a hierarchy. It suggests that some people should be worshipped while others should bow down. This old model of the business world died a long time ago.

“We’re all global citizens that are equal and deserve to be heard”

The very answers these computer says no people think they have are what needs to change. Their answers are built on old models and need an upgrade. There is no one answer. The solution to different problems is never the same and the solutions are forever changing. The market is forever changing. People are forever changing. Nothing is static. Everything is in flux.

 

They don’t listen; they just say no.

Listening is where everything begins. You’ll never be successful unless you learn to listen. Listening is a skill and it’s forgotten way too often. Less is more. Understanding the problem and being brilliant is in the listening.

“Most of the answers you seek are hidden in the dialogue you’re currently ignoring”

 

Next time the computer says no, tell the computer you’re only accepting yes.

Let’s not make this a whinge session. What can we do about these computer says no people? Tell them that you’re only accepting yes. Be relentless. Challenge them and make them feel uncomfortable. Don’t allow yourself to be ignored. Do all of this with respect.

Part of what causes these no responses is laziness. It’s easier to say no than it is to exuberate energy and try to say yes. Now I’m not saying the Panadol, Coke Zero and ciggies were the entire cause (or am I?) but energy sure plays a part. When we’re living in a state of perpetual tiredness, we make dumb, computer says no, decisions.

You do have energy though. Your energy can break through the no’s and somehow find a way to get to a yes. Don’t accept defeat. Refuse to fail.

 

It’s easy to say no.

No requires very little thought. No says “Let’s just remain the same and not change anything.”

No is the easy way out for these computer says no people. Don’t let them win so easily.

See their weakness for saying yes and challenge it.

 

Make them work for their no.

Get them to give you clear and articulate reasons as to why the answer is no. Don’t let them get away with being lazy. Force factual evidence to be provided. Bring other people in to support your rationale for them to say yes. Go up the line. Speak to their boss if you have to.

Whatever you do, make them work for their no. Don’t allow them to get away with being lazy.

Don’t let the human race fail to progress because someone is not willing to use critical thinking and spend time tackling issues head-on.

 

No doesn’t mean no.

No means not right now.
No means I’m scared.
No means I don’t understand.
No means I might be threatened by you.

Try to find the true meaning of why you’re being told no. Computer says no type people are often fearful and scared of uncertainty. They look for proven ways rather than going into the shadows and searching for the unknown – also known as a new approach.

 

All is not lost.

These people can be changed. We can change their mindset. All of us need to be part of the solution to stamp out this epidemic. Pointing out the problem is not enough; we must empower each other to be part of the solution.

 

***Final Thought***

Computer says no people are tearing apart good ideas. They’re preventing innovation and they must be stopped. You have the power to force them to change and to listen. It begins and ends with each one of us not allowing this mediocrity in our communities, companies and social lives to continue on.

I declare Computer Say’s No Behaviour unacceptable.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Startups

Process And Red Tape Does Not Equal Progress.

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The corporate world has taught me the truth about process and red tape:

“Process creates people who follow it and believe they are superior for doing so. The reality is that the people who question the process are the true heroes”

Obviously, some process is needed, but the traditional way makes no sense.

Here’s how to rethink process:

 

Most processes lack critical thinking.

Ask yourself “Why are we following this process?”

Modern business requires you to think and know why you do what you do. Just because it’s the way it’s always been done, does not make it’s functional or practical. My grandpa’s horse and cart was functional back in the 1920’s and today it’s a useless pile of junk.

Critical thinking is needed with respect to “process.” Don’t become a process sook.

 

A lot of processes are kept beyond their expiry date.

The challenge is that the digital world is moving so fast. The moment you invent a process, the customer starts to do something different. That’s why a flexible process with minimal framework is ideal.

The process must move with the market and the people who use the process.

” Too much process turns people into critics that ridicule anyone who goes ‘outside of process’ “

Process can quickly become a means for people to become critical and insult each other. Going outside of the process to make business happen (which pays the bills) is not something that should be looked down upon. Instead, when this happens, we need to ask why the process wasn’t suitable.

 

Every process should regularly be reviewed.

Okay, so you have to have a process for something. It needs to be continually challenged.

Why do we have this process?
What do customers think of it?
Is it still timely?
Are there any steps in the process we can remove?

Out of date processes are destroying your business and if you are working for a company that has to follow them, you become de-motivated quickly.

There’s always another business you can work for that doesn’t have the same dumb process, so keeping people becomes hard as well thanks to too much process.

 

Rounding up things together like sheep.

You can’t round people and businesses up like a flock of sheep.

No two people are the same.
No two businesses are the same.

Unfortunately, very few business and people are the same. I rejoice that fact otherwise life would suck big time. We’d become even more bored and spend more time looking at a not so smartphone.

Embrace individuality. Let people think outside the process box. You’ll be amazed by the results. You might even build the next Facebook by doing so. When I see a black cat, with a white spot on it’s back, walk under a ladder, I shout out loud and do a dance!

Praise the heavens for the fact that the black cat is busting an ancient superstition. It’s time to sing Superstitious by Stevie wonder and get back in the groove.

 

Process kills innovation.

For the record, I hate the word innovation. It’s a buzz word that is frequently used and rarely practiced. Innovation can only thrive when we have a growth mindset. A growth mindset says that nobody is right and nobody is wrong. We’re all right in our own way and we are all continuously learning.

You can’t have an innovative culture or workplace if you suffocate it with the lethal gas that is too much process. Process turns dreamers (innovators) into deranged zombies that can’t wait to get home and get drunk.

 

Imagine if Uber followed the process.

That’s right: What if Uber did what every other taxi company did? We’d have the same broken system that doesn’t serve the customer or the driver. We’d never know what it was like to book a service, and then walk away without pulling our wallet out.

 

Frustration with “the process” is good.

You know why I love it when people get pissed off at too much process? Because it creates the seed of entrepreneurs. Entrepreneurs can’t take too much process and they end up proving people wrong by going and doing something better themselves.

If people didn’t get pissed off by out of date process, then we wouldn’t have a lot of the tech giants we have today. So again, don’t let the negativity take over. Take the negativity that is process and go and fix the problem, and charge money for it.

For those that do, I look forward to your email in the future that says thank you. Your welcome for these words I write which encourage you to stand up to BS process that makes no sense. Rebels move the world forward with their passion and they spit in the face of being suppressed by mediocrity.

We all have potential.
We can all do crazy, awesome stuff.
Don’t let too much process ruin the fun party!

 

In conclusion….

Process kills dreams.
Process kills companies.
Process kills ideas.
Process kills people and their potential.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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10 Questions You Must Ask Yourself to Discover Your True Self

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self discovery

A comprehensive guide to self-discovery; this is what one must ask themselves. There is nothing purer than the path to discovering the true meaning of one’s life, the purpose of existence and the acknowledgment and connection that can be forged from within with oneself. (more…)

Kurtis Brase is a professional journalist. Now, she works at EssayPro as a writer and editor.

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6 Comments

6 Comments

  1. LARISSA

    Nov 26, 2016 at 9:36 am

    THANK YOU
    FOR CREATING THE CONVERSATION HERE.

    It helps to see the difference in the approach to same “success” and I can do that and the truth is that the moment one have an idea and the next its behind and one just enjoy to make it into the real world! nothing to it! Some see it some not!

    I can admire for all those “GURUs” and I love those who done it! So, do well!

  2. Richelle

    Aug 21, 2016 at 2:01 am

    Fantastic article!!!

  3. Robert Schreib

    Jul 12, 2015 at 9:46 pm

    Also, if you are juggling a hundred details in business and life in general, if you have an idea, WRITE IT DOWN! Otherwise, your massive stream of processing in your brain will wash the idea away, and you’ll never be able to retrieve it! That sounds ridiculous, but what’s really ridiculous, is that this is one of those things that just keeps happening. So, when your Muse hits you with an new idea or innovation, write it down on the spot, and that way, you won’t lose something potentially priceless.

  4. Heitem Ak

    Jul 11, 2015 at 11:30 pm

    Hey logan,

    Hiring people that love working for your business is a crucial point.

    It will make sure everyone is working together toward the same goal!

    Best,

    Heitem Ak

    • Logan

      Jul 13, 2015 at 3:43 pm

      Heitem,

      I agree with you completely. We talk about getting into flow here a lot, and one way to do that is working towards a common goal!

Leave a Reply

Your email address will not be published. Required fields are marked *

Startups

7 Main Reasons Why You Need a Digital Marketing Strategy in 2018

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digital marketing strategy

The face of marketing has changed significantly in the past few decades and even more so in the past few years. People are more informed when making purchases, thanks to the overwhelming availability of information online for virtually all products, companies, and people. Now, followers are your potential customers. As a result, digital marketing has become the preferred marketing strategy for many companies that exist today.

Even so, not all companies have a solid marketing strategy from which they work. While many companies are successfully trucking along without any clear digital marketing strategy, they are not necessarily harnessing the full power of this online trend. If you are serious about making gains with your company or brand, then you must create a clear, actionable digital marketing strategy.

Not totally convinced your company needs one? Here are seven reasons why your company needs one stat:

1. A clear strategy will help you focus

Most companies want to increase their online reach by getting more Instagram followers or growing their Facebook page. This, however, does not serve as a sufficient goal. Companies must determine how many followers they want and by how much they want to increase their conversion rate. Without a clear, written strategy, it is difficult for companies to come up with an effective action plan since they aren’t quite clear on what their goals are.

2. Existing & start-up competitors will take your potential customers

Digital marketing is a very competitive industry and if you’re not actively competing then you are losing. For every hour that you are not making your brand known and accessible, you are losing potential customers to your competitors and all of your future competitors. This alone, should inspire you to get your digital marketing game strong.

3. Help you optimize and adapt

With a well-written plan, companies are able to regularly check in on their current methods and determine if they are working as effectively as planned. A plan can not only help you set goals, but it can also include built-in “check-ups” that allow you to regularly assess your methods. By regularly checking the efficacy of your methods, you can be certain that you won’t be wasting any valuable time or resources on things that simply are not working.

Iconosquare, for example, allows you to fully monitor the statistics of your Instagram page. By having access to detailed real-time stats, you can quickly adjust your strategy to follow the methods that work best.

“Time is the most valuable thing a man can spend.” – Theophrastus

4. Limit duplication of content or resources

Most companies have several people working in marketing and outreach. Even in small businesses, communication can get mixed and initiatives can be duplicated. By creating a clear digital marketing strategy, you are able to ensure that everyone on your team is on the same page. This will prevent not only duplicate content but also duplicate accounts, tools, and programs used. This saves both time and money.

5. Prepares responsive and efficient organization

The difference between a traditional marketing strategy and a digital one is that you are given a lot more wiggle room in your digital marketing strategy. One of the main challenges in marketing is responding to your audience, the market, and the everyday problems that come with running a business. With a solid marketing strategy, you can experiment with new approaches to gaining and keeping customers. This also means that you can eliminate methods that do not work.

6. You won’t know your online demand

You may think that you have an incredible tool, but your target audience may not agree. By crafting an online marketing strategy, you are better able to not only provide better services but also find out which services your potential customers actually want. In fact, many companies function solely through Instagram, placing all of their product and marketing efforts on the social media platform. By doing so, they are able to closely monitor customer profiles and behaviors, the behavior of competitors, and the latest trends in the market. An Instagram account can help you easily achieve each of these things.

Engage, Enlighten, Encourage and especially…just be yourself! Social media is a community effort, everyone is an asset.” – Susan Cooper

7. Helps in the management of resources

Without a well-thought out strategy, your business can quickly overspend on resources or tools that many not be effective. By setting a budget within your plan, you are better able to allocate funds in an efficient manner. This is absolutely crucial for any business that is looking to make a profit.

A super common strategy among Instagram marketers is to use helpful tools that don’t break the bank. Many marketers pay for programs that gain Instagram followers for a minimal cost so that they can focus their main resources on ad campaigns and creative design, instead.

Creating a digital marketing strategy doesn’t need to be a high-brow project. You can simply begin by stating clear goals and experimenting with tools that fit within your budget. In fact, a good online marketing strategy will likely change several times each year as it adapts to the audience and trends. The important thing is that you make one.

How are you growing your digitial marketing strategies for 2018? Let us know through the comments below!

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5 Steps to Regaining Stability After Your Million Dollar Business Idea Fails

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business failure

You probably must have heard that seven out of ten businesses fail within the first ten years of their conception. While this revelation might seem alarming, the fact remains that business failure is like a cake from which every entrepreneur must have, at least, a bite.

The common assumption of most entrepreneurs is that businesses with no solid ideas are the ones that fail. So instead of taking their foot off the ground, they spend years trying to come up with the “million-dollar” idea they believe won’t fail.

No doubt, bad business ideas lead to failure often. But the truth is, business failure isn’t a tale that only organizations with bad ideas tell. Because, in most cases, good ideas fail too. In fact, several good ideas executed by some of the world’s most successful business leaders in the early stages of their careers, failed.

Bill Gates, co-founder of Microsoft Corporation, once started Traf-O-Data alongside Paul Allena data-analyzing company that failed. Steve Jobs, while he was CEO at Apple, launched Apple Lisa, Apple III and other great products that failed. Henry Ford, the founder of Ford Motor Company, earlier launched two automotive companies that failed.

Although these entrepreneurs encountered failure, they never allowed it prevent them from working towards success.

In case your good business idea has failed and you’re about quitting, below are five actionable steps you can take to regain stability:

1. Accept the truth

Many entrepreneurs are suppressed by their failures because they keep running from the truth. When a business idea fails, it’s pointless shading the truth or shying away from the reality. A failed business idea is a failed business idea, period! Microsoft, for example, came into existence as a result of Gates’ ability to accept the truththat Traf-O-Data had failed.

Steve Jobs, co-founder of Apple, once said, “If I try my best and fail, well I have tried my best.” Once business owners learn to accept the bitter truth that their excellent business idea has failed and cease investing their time, money, and energy trying to breathe life into it, getting back on track will become less difficult.

“The world won’t care about your self-esteem. The world will expect you to accomplish something BEFORE you feel good about yourself.” – Bill Gates

2. Take responsibility

One of the many wrong steps business owners and executives take after their great business idea fails is playing the blame game—that is, giving excuses for their failure. Whether you head an Inc. 500 company or a mom-and-pop store, you have to take responsibility when your good business idea fails.

Taking responsibility, in the case of a large organization, doesn’t mean avoiding to discipline anyone whose incompetence directly led to the failure. Rather, it means spending less time on passing blames and giving excuses, and focusing more on the way forward. Instead of shifting blame when a good business idea fails, take responsibility for the failure and ensure you prevent similar failures from reoccurring.

3. Ask “why?”

For every failure a business experiences, there’s always a cause. Most times, good ideas fail due to poor execution, improper planning, wrong managerial decisions and the absence of professional hands. Knowing every failure has a cause, you need to ask yourself, “Why did ‘X’ business idea fail?”

Bill Gates, one of the world’s most successful business leaders, once said, “It’s fine to celebrate success, but it is more important to heed the lessons of failure.” When you know the cause of the failure, you will be able to extract a lesson or two from the unpleasant event. These lessons, in the future, can serve as a mapguiding you on the pathway to success when you embark on a similar quest.

4. Avoid negativity

In entrepreneurship, failure is one ingredient that makes the journey worthwhile. Therefore when a business idea fails, entrepreneurs are left with only two options: to come up with a new idea or modify the existing one, and get going. Although this is the norm, many entrepreneurs never make it back up because of one thing: Negativity.

Negativity (or pessimism) alone can ravage any entrepreneur’s business journey. Embracing self-doubt, spending time with toxic individuals, and submitting one’s self to chance are loopholes through which negativity steps in to ruin an entrepreneur’s career. To gain stability after your good business idea fails, you must abstain from pessimistic thinking and build relationships with positive, like-minded individuals.

“Defeat is a state of mind; no one is ever defeated until defeat has been accepted as a reality.” – Bruce Lee

5. Take the punches and keep moving

The ability to get up and keep moving after experiencing multiple failures is what differentiates real entrepreneurs from “aspiring” entrepreneurs. Or borrowing Steve Jobs’ words, “I am convinced that about half of what separates successful entrepreneurs from the unsuccessful ones is pure perseverance.”

You are an entrepreneur. One with a goal, vision, and mission. You didn’t start out as an entrepreneur believing the journey would be filled with rainbows and unicorns, did you? When your best business idea fails, remember that you are an entrepreneur. And in entrepreneurship, throwing in the towel sooner than necessaryeven after experiencing failureis against the rules of the game.

How do you recover from a set back?  Comment below!

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‘Computer Says No’ Type People Are The Problem.

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Saying no without listening is the problem.

It’s the cause of why we fail to innovate. It’s a form of arrogance that focuses all of our energy on our own selfish thoughts. This never-ending pursuit of one’s self-importance is the cause of everything, as a human race, we do not want.

 

Ciggies, Panadol and Coke Zero enter the room.

Last week, I had a profitable business idea squashed by one of those computer says no types that this article is based on.

She entered the room.
Before I opened my mouth, she looked like she was pissed off and acted superior.

She then placed her half-smoked packet of ciggies, her full bottle of Coke Zero (who’s fooled by this so-called ‘healthy option’) and a fresh packet of Panadol on the table. If that’s not a cocktail of problems right, there then I don’t know what is – back to the story.

I explained the business proposition, and before I finished, she said no.

“That’s not how we do things.”
“Let’s create a project.”
“Let’s write a strategy.”
“We don’t have the resources.”

When is it ever the right time? When will we ever have the right strategy? From what I’ve seen, a project equals taking our time and wasting our competitive advantage. Success is about moving quickly. Success is about listening. Success is about trying new things and not following the old way.

 

It’s the lack of emotion that is the problem.

This story above was disappointing for the fact that there was no emotion. It wasn’t two people having a conversation; it was one person being unemotional like a computer and spitting out a generic answer, while the other person just wanted to be heard.

 

No one has all the answers.

The computer says no mindset suggests that there is a hierarchy. It suggests that some people should be worshipped while others should bow down. This old model of the business world died a long time ago.

“We’re all global citizens that are equal and deserve to be heard”

The very answers these computer says no people think they have are what needs to change. Their answers are built on old models and need an upgrade. There is no one answer. The solution to different problems is never the same and the solutions are forever changing. The market is forever changing. People are forever changing. Nothing is static. Everything is in flux.

 

They don’t listen; they just say no.

Listening is where everything begins. You’ll never be successful unless you learn to listen. Listening is a skill and it’s forgotten way too often. Less is more. Understanding the problem and being brilliant is in the listening.

“Most of the answers you seek are hidden in the dialogue you’re currently ignoring”

 

Next time the computer says no, tell the computer you’re only accepting yes.

Let’s not make this a whinge session. What can we do about these computer says no people? Tell them that you’re only accepting yes. Be relentless. Challenge them and make them feel uncomfortable. Don’t allow yourself to be ignored. Do all of this with respect.

Part of what causes these no responses is laziness. It’s easier to say no than it is to exuberate energy and try to say yes. Now I’m not saying the Panadol, Coke Zero and ciggies were the entire cause (or am I?) but energy sure plays a part. When we’re living in a state of perpetual tiredness, we make dumb, computer says no, decisions.

You do have energy though. Your energy can break through the no’s and somehow find a way to get to a yes. Don’t accept defeat. Refuse to fail.

 

It’s easy to say no.

No requires very little thought. No says “Let’s just remain the same and not change anything.”

No is the easy way out for these computer says no people. Don’t let them win so easily.

See their weakness for saying yes and challenge it.

 

Make them work for their no.

Get them to give you clear and articulate reasons as to why the answer is no. Don’t let them get away with being lazy. Force factual evidence to be provided. Bring other people in to support your rationale for them to say yes. Go up the line. Speak to their boss if you have to.

Whatever you do, make them work for their no. Don’t allow them to get away with being lazy.

Don’t let the human race fail to progress because someone is not willing to use critical thinking and spend time tackling issues head-on.

 

No doesn’t mean no.

No means not right now.
No means I’m scared.
No means I don’t understand.
No means I might be threatened by you.

Try to find the true meaning of why you’re being told no. Computer says no type people are often fearful and scared of uncertainty. They look for proven ways rather than going into the shadows and searching for the unknown – also known as a new approach.

 

All is not lost.

These people can be changed. We can change their mindset. All of us need to be part of the solution to stamp out this epidemic. Pointing out the problem is not enough; we must empower each other to be part of the solution.

 

***Final Thought***

Computer says no people are tearing apart good ideas. They’re preventing innovation and they must be stopped. You have the power to force them to change and to listen. It begins and ends with each one of us not allowing this mediocrity in our communities, companies and social lives to continue on.

I declare Computer Say’s No Behaviour unacceptable.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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Process And Red Tape Does Not Equal Progress.

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The corporate world has taught me the truth about process and red tape:

“Process creates people who follow it and believe they are superior for doing so. The reality is that the people who question the process are the true heroes”

Obviously, some process is needed, but the traditional way makes no sense.

Here’s how to rethink process:

 

Most processes lack critical thinking.

Ask yourself “Why are we following this process?”

Modern business requires you to think and know why you do what you do. Just because it’s the way it’s always been done, does not make it’s functional or practical. My grandpa’s horse and cart was functional back in the 1920’s and today it’s a useless pile of junk.

Critical thinking is needed with respect to “process.” Don’t become a process sook.

 

A lot of processes are kept beyond their expiry date.

The challenge is that the digital world is moving so fast. The moment you invent a process, the customer starts to do something different. That’s why a flexible process with minimal framework is ideal.

The process must move with the market and the people who use the process.

” Too much process turns people into critics that ridicule anyone who goes ‘outside of process’ “

Process can quickly become a means for people to become critical and insult each other. Going outside of the process to make business happen (which pays the bills) is not something that should be looked down upon. Instead, when this happens, we need to ask why the process wasn’t suitable.

 

Every process should regularly be reviewed.

Okay, so you have to have a process for something. It needs to be continually challenged.

Why do we have this process?
What do customers think of it?
Is it still timely?
Are there any steps in the process we can remove?

Out of date processes are destroying your business and if you are working for a company that has to follow them, you become de-motivated quickly.

There’s always another business you can work for that doesn’t have the same dumb process, so keeping people becomes hard as well thanks to too much process.

 

Rounding up things together like sheep.

You can’t round people and businesses up like a flock of sheep.

No two people are the same.
No two businesses are the same.

Unfortunately, very few business and people are the same. I rejoice that fact otherwise life would suck big time. We’d become even more bored and spend more time looking at a not so smartphone.

Embrace individuality. Let people think outside the process box. You’ll be amazed by the results. You might even build the next Facebook by doing so. When I see a black cat, with a white spot on it’s back, walk under a ladder, I shout out loud and do a dance!

Praise the heavens for the fact that the black cat is busting an ancient superstition. It’s time to sing Superstitious by Stevie wonder and get back in the groove.

 

Process kills innovation.

For the record, I hate the word innovation. It’s a buzz word that is frequently used and rarely practiced. Innovation can only thrive when we have a growth mindset. A growth mindset says that nobody is right and nobody is wrong. We’re all right in our own way and we are all continuously learning.

You can’t have an innovative culture or workplace if you suffocate it with the lethal gas that is too much process. Process turns dreamers (innovators) into deranged zombies that can’t wait to get home and get drunk.

 

Imagine if Uber followed the process.

That’s right: What if Uber did what every other taxi company did? We’d have the same broken system that doesn’t serve the customer or the driver. We’d never know what it was like to book a service, and then walk away without pulling our wallet out.

 

Frustration with “the process” is good.

You know why I love it when people get pissed off at too much process? Because it creates the seed of entrepreneurs. Entrepreneurs can’t take too much process and they end up proving people wrong by going and doing something better themselves.

If people didn’t get pissed off by out of date process, then we wouldn’t have a lot of the tech giants we have today. So again, don’t let the negativity take over. Take the negativity that is process and go and fix the problem, and charge money for it.

For those that do, I look forward to your email in the future that says thank you. Your welcome for these words I write which encourage you to stand up to BS process that makes no sense. Rebels move the world forward with their passion and they spit in the face of being suppressed by mediocrity.

We all have potential.
We can all do crazy, awesome stuff.
Don’t let too much process ruin the fun party!

 

In conclusion….

Process kills dreams.
Process kills companies.
Process kills ideas.
Process kills people and their potential.

If you want to increase your productivity and learn some more valuable life hacks, then join my private mailing list on timdenning.net

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