Store: City Soles
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Program selected from: Independent Retail Week: Chicago
The interesting integration between INTENT GENERATORS and INTENT HARVESTERS
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Tuesday, April 20, 2010
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Lately the title Entrepreneur usually has a www.com attached to it whether it is a web-based business or even just a website to reach a greater audience to get your product/service out there.
For the fashion entrepreneur e-commerce has become an essential part of the business on many levels. Even the bloggers that talk fashion for a hobby hope to sustain their content through advertisers, who in turn want the specific community to click through the ad they place on the site and purchase their product. The recipe is quite simple. But it is in the terms “intent generator” and “intent harvester” that are evolving content sites to major money makers.
An intent generator is the content part. Basically magazines have relied solely on this part of the business to garner advertisers who sustain the revenue for the publication while the content serves as the “inspiration” to get consumers out there and shop. Think in terms of something as simple as Dennis Publishing’s Stuff Magazine. Simply stated, it was filled with…stuff. Gadgets, video games, newly launched spirits and the occasional t-shirt or pair of jeans. The entire book from cover to cover was based on product recommendations. Granted it is no longer in publication, the concept was there… there just weren’t any intent harvesters at the time that took the reader directly to the products.
Intent harvesters are the shopping sites, guides and unique sections that go along with the content sites.
For example an article entitled “Top Ten Techie Things to Give Him for Father’s Day” now can have a corresponding e-commerce site dedicated for that week, month, day, whatever; where the reader can click right into the purchase page of the desired item.
Why does this idea go well beyond fashion? Because of “community.” The on-line camaraderie between people with like interests is a very specific and powerful thing. As technology grows the ability to track consumer patterns on the internet will grow as well, establishing relevancy to everything we view and buy within our community. It will serve as its own market research as well as advertising.
Imagine… like groups of people plugging and boasting their favorite products not even based on their words but on the amount of times they visit a site. Your favorite little Chinese take-out place could become famous! The fashion business has always understood that commerce and community have long sat side by side. And it is up to the future entrepreneurs to explore how this specific recipe works for their type of business.
For more inspiration on how the fashion world is achieving this already read this informative article by Vikram Alexei Kansara, the Managing Editor of The Business of Fashion.- Lynn Furge
Walls Coming Down: How Social Media Breaks Down Barriers and Optimizes Communication
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Saturday, April 17, 2010
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Heidi Sullivan VP of Media Research and Jay Krall Manager Global Product Management at Cision dissected the ins and outs of getting your brands out there through social networking. Public Relations professionals and solo business owners alike were taken through the guidelines and best practices for the rapidly growing media phenomenon.
Which Walls are coming down?
• Between Traditional media and social media
• Across types of social media
• Between your personal life and your professional life
• Between Public relations and the public
• Across job functions
1) Between Traditional Media and Social Media
“All media is social and all social is Media – Steve Rubel, Edelman Digital
90% of the blog sites are amateur, 10% professional journalists. Most bloggers don’t work for media professionally but that doesn’t mean that they are not passionate about their topic, or researching the proper information. Develop a relationship with anyone that has a bullhorn
There is more transparency in social media. People seek compelling content from social sources and journalistic sources equally as much instead of in the past where they got news content from journalistic sites only.
Facebook now drives more traffic to Perez Hilton and the Huffington Post than Google does. – WebProNews, May 2009
2) Social sites are increasingly interconnected between each other.
• Sites seek to be sources of content rather than destinations
• A variety of applications help users syndicate across multiple networks, but beware: this can look robotic and unsocial.
How do you measure success results in social networking across many outposts:
Is a Facebook friend worth as much as a Twitter follower? For measurement purposes, yes, a person you’ve reached with a message counts the same on every platform. Ask questions like…
• How sticky is my content
• What will make people come back?
• Does my content incite people to take action or share something rather than just read or watch?
• Can those reactions be counted?
3) Between Personal and Professional lives:
Be as different as you can be when it comes to social media” – Scott Kleinberg, Social Mediaologist and Buzzmaster, RedEye Chicago
• Best practices when engaging personally and professionally
• Pick the right representatives
• Keep it clean (and do it regularly) (like old high school friends vs. work colleagues, you can limit what each group sees, there are ways you can do that)
• Be careful with syndication (if all you’re doing is pushing your own content you will look like a robot and people will not come back and read you
• Group your friends
• Embody the personality of your brand
People don’t want to engage with a logo. People don’t want you to just spit info out to you and then not have responses or communication. Be a VOICE of the brand.
Once you start to communicate you will see people start to push your message out for you.
4) Between Public Relations and the Public
There is now a conversation shift. The traditional way of getting a brands message out there used to be (PR to the Media, Media to the Public)
Social Media is now looked at as “US” a community, where you basically take out the traditional roles of PR, Media etc. and just have a group of people discussing and commenting on like things. Which allows you to tap into consumers directly.
5) Social Media for Internal Communications
But I don’t work in…Customer/Client Services, Product Management, Marketing, Public Relations, Sales, Support yet I am in charge of the social networking for the company… What now?
• Integrated Engagement Best Practices
• Don’t be afraid to respond quickly and say “I don’t know” (remember to follow up though!)
• Communicate with other social media brand representatives
• Create a social media policy for your company
• Use others’ expertise to provide great customer service
• Open up internal communications to provide consistent messaging
For more information go to:
-Lynn Furge
Seasoned entrepreneurs and CEO's start to face the same question with the development and growth of their companies: "How do I keep the success within my company"? As your business starts to grow it's important to find strategic ways of hiring talent and partnerships. Whether you utilize outsourcing, freelancers, contract talent, or other non-staff service providers, finding a way to keep everyone motivated and passionate is a constant struggle.
New York Entrepreneur Week April 2010 brought together a panelist of seasoned entrepreneurs to conquer some of these questions, and give advice from their first hand experience.
Nancy Johnson, President of Optimyze
Marc Cenedella, Founder of TheLadders
Kevin Scott, Director of Global Outreach of Global L.E.A.D. Program
Kate Atwood, Founder of Kate's Club
Ben Lerer, Co-Founder of Thrillist
One of the most valuable things you can do as an entrepreneur is to keep your vision at the forefront of your company. Figuring out what you're good at early on in the game so you can be more efficient is important. Yet, how do you find people who share your same vision?
Ben Lerer explained how finding the right passion to leverage and vision will attract motivating people. When you're collaborating with people from early on, look to build potential successful partnerships. "It's a tough personal situation to be in when you're starting a company. The development over the years, if you find the right person, can allow you to find someone to share the success along with the set-backs", said Marc Cenedella.
Contrary to your personal beliefs, Marc strongly stated, "You just can't do it alone. You need co-founders, support, insight, and feedback from others". It can definitely be a challenge to have a person being your partner, but the benefits are key.
Along with co-founders, Nancy Johnson suggests have a board to keep you emotionally stable. "Having a sound board that mirrors your values and priorities, but that can also come at it from a little bit different perspective, is key to success", said Nancy.
Once you find your partners, develop a board to channel your ideas, and you will see your business prosper. Yet, your hiring process will be crucial to the success of the functioning of your company. "If your team doesn't work, it can bring down the business and tear down all the relationships", said Kevin Scott. Hiring well and learning relatively quickly with what works and what doesn't can potentially save your company down the road.
Your start-up team has to be okay with change because your team constantly changes. In the beginning, you don't have enough experience to know what is working for your company. Develop a trust within your team and with the people closest to you. Make sure your team is aware of the expectations set and that they know what they're signing up for.
Lastly, know when to say "no". The panelist stressed the importance to saying "no" to partnerships that may sound good, but don't strategically add up. "Trust your gut, and take a step back", said Ben Lerer. Fix the situations you're in efficiently and move on if you're wrong. When generally making changes, the panelists said, if you have the feeling that something is off, it probably is.
Ending the event, Nancy Johnson stated, "You have to be completely honest in the fact that starting a business, growing, and functioning is not a 9 to 5 job. You set the expectation to them (your partners) to what this going to be like, but if you don't go into the business with a partner with that same drive, they shouldn't really be a partner".
- Katie Evans
The 20 Hour Work Day: The Reality of Building a $1 MM Company
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Wednesday, April 14, 2010
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New York Entrepreneur Week April 2010 brought together a panel of experts to answer the question that burns into many entrepreneurs minds: "Do I have to work a 20 hour workday in order to build a multi-million dollar company?!"
The overall theme from the expert entrepreneurs that are surviving in this hyper-competitive marketplace is investing your time wisely. If you are efficiently working in the beginning of your business you can avoid a 20 hour work day when it business takes off.
Understand the outlets that are helping your company but don't loose sight in your vision. For example, if you're successfully raising money through fundraising or bootstrapping, don't become so emerged in these platforms that you forget the direction of your business.
Putting your ideas to work and starting your business should be the most exciting part of your life. Even though the word "sleep" may become a foreign word to you, don't loose focus of your passion. If you're working around your initial passion, you'll attract people who believe in your business and will invest emotionally to your ideas.
You play an extremely important role as the leader and it's crucial that your managing skills reflect that. Having humility and stepping back and letting your team do their jobs might be hard - but is crucial. Every investment you make is a leap of faith. Set achievable goals and paint a vision of a successful future that enthuses your employees.
Entrepreneurs have to stay strong in a competitive environment, but what do you do when you get fired from your own board? New York Entrepreneur Week April 2010 brought together a panel of experts to provide their experiences with sourcing a board.
Expert Panelists:
Rick Kushel, CEO of iLevel Solutions
Joe Allegra, General Partner at Edison Venture Fund
Gil Beyda, Managing Director of Genacast Capital
Venture funds invest in companies in hopes to grow success for their future. Understanding your voting rights and the boards rights on your term sheet is crucial for your success. Joe Allegra said, "Typically when we invest in companies, we don't want to invest if we don't feel the CEO can take us for 2-4 years". Entrepreneurs must realize that the roles of being their own employee and CEO can become a conflict. There has to be a balance between the two roles.
A really great business model and the willpower behind it is completely necessary. Gil Beyda stated, "A successful start is more or less 1% a good idea, and 99% a good execution". Your ideas must have validity but at the end of the day investors admit that they fall in love with the entrepreneur. If they don't feel a connection with you and believe they can work with you, they simple won't commit to you.
"The CEO and the venture fund is a marriage", said Rick Kushel. The relationship is not just between the CEO and the venture fund but also within the team. You need to keep the information open between you and your team and understand the make-up from your founder team. It's also important for the board to openly understand their specific roles. "We usually like to see the chairman as the CEO, as to make no mistake on who the leader of the company is", said Joe Allegra.
The underlying reason for venture funds is to invest in companies to grow them. They make honest decision based on the best interest of your company. There are obvious benefits of having a board, but the key is to control those benefits.
But, what do you do if you're following these tips and before you know it, your own board has let you go? Advice from the experts: Realign yourself with the goals of your company. Transfer the goodwill you've built up between your employees and plant it within your organization.
- Katie Evans
Blow: The New York Blow Dry Bar, A Case Study Presented by Columbia Business School
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Wednesday, April 14, 2010
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The third day of New York Entrepreneur Report 2010 started out with a case study presented by Columbia Business School. Clifford Schorer from The Eugene Lang Entrepreneurship Center joined Julie Flakstad from Blow: The New York Blow Dry Bar to discuss the questions companies face when allocating capital from investors.
Clifford stressed the importance of communicating through networking with as many people as you can to build your business. "Don't forget that 50% of workers work for companies with less than 20 people", says Schorer. Entrepreneurs face roadblocks throughout their careers but what separates you from the rest will be your persistence to keep driving.
The case study was to get the attending entrepreneurs to use their innovative business techniques to incorporate the best plan for Blow. The discussion at hand was "Should Blow use their start-up capital to increase product development for their 2 stores, or open more Blow stores"?
Here were some questions the attendees were asked to consider:
- Should Blow augment the momentum of its brand by opening more blow dry bars before placing additional resources into the product line?
- or would it lose its competitive advantage in the hair care segment if it did not continue to expand its product line as well as secure additional retail distribution channels?
- What strategic direction should Blow pursue and why?
The lecture ended with Julie Flakstad explaining her smartest long-term growth plan: expanding the product line. Blow the New York Blow Dry Bar was votest best blow out by Vogue, InStyle, Allure & New York Magazine and now carries 17 products within their two stores.
- Katie Evans
New York Entrepreneur Week on NBC Nightly News with Chuck Scarborough
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Wednesday, April 14, 2010
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Searching for ways to be innovative in the 21st Century as an entrepreneur? New York Entrepreneur Week April 2010 brought together the experts to discuss why the ability to be creative and manage risk are competencies that every employee must have to survive in today's economy.
Expert panelists:
Tad Martin, Founder of Cross Commerce Media (CCM)
Robert Borghese, Professor of Law at The Wharton School, University of Pennsylvania
First, don't forget that sales permeates everything you do as an entrepreneur. Marsha Firestone believes that the most important characteristic that links directly to success is innovation. If you allow innovation to be at the forefront of running your business you will notice your product and services being more accepted. There are ways to circumvent your ideas even if there is a lack of available funds.
Innovation as well as conceptualization are two things entrepreneurs in the 21st Century need to grasp in order to survive in the current economy. You may have a great idea, but not every idea is received well in the market. Marsha says, "One of the biggest mistakes entrepreneurs make is not accepting market research". Take advantage of the different outlets out there that allow you to understand your audience to the best of your ability.
There are so many risks in business alone, and nothing is more risky than being an entrepreneur. Learning to be flexible and persistent can help mitigate the problems that come your way. Robert Borghese suggests picking an opportunity big enough that success can actually be meaningful. Marsha explained that, "Out of the top 50 fastest growing women led companies 80% took their own personal investments to start company, a few used credit cards, and one had an investor".
Be as self-ware as possible when picking staff. Your staff effects everything from the everyday function of your ideas to the culture of your business. As an entrepreneur you may find yourself striving to staff people with similar personality traits. Be aware of these types of spirits and foster their entrepreneurial qualities but control the environment within the framework. Tad Martin suggests letting your employees spend 20% of their work time to focus on their own work and projects ideas, and 80% of their time focused on your projects.
This technique can help put more power into your company by refreshing your staffs ideas while allowing your them to feel a part of your mission. Also, make sure you're communicating with your board and investors with open and honest communication.
- Katie Evans
A Roadmap for the Tech/Mobile/Telecom/Media Sectors: Top Entrepreneurs Reflect
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Tuesday, April 13, 2010
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A tech savvy panel of entrepreneurs graced New York Entrepreneur Week April 2010 to discuss the trends of technology and how to embrace them.
Expert Panelist included: Scott Belsky, the Founder of Behance, Landy Ung, Founder of 8coupons, David Horowitz, Managing Director of Comcast Capital, Jeff Pulver, the Founder of Vonage & 140 Characters Conference, with moderator Stuart Goldfarb from Orrick.
The panelist strongly suggest using the power of technology to connect local consumers with local retailers. Allow technology to provide information that makes it easier to facilitate the idea of connecting people to people. Through self-funding and bootstrapping entrepreneurs can focus on branding and building a name for themselves.
What makes a successful entrepreneur, is the person itself. Through social networking allow yourself to be vulnerable so people can hear your actual voice. Your opinion matters to your consumers and followers. Don't underestimate the power of other people restating what you say. You can't hide good/bad brand experiences anymore, and use that to your advantage. Landy Ung suggested, if you're using technology make sure you have a self-service platform to help with your technical difficulties.
The panel agreed that transparency is something that people still don't understand and they expect some industry breakthroughs within this area. Jeff Pulver said, "If you could actually build relationships, that's how you can change lives. New media will never replace old media, but if you connect the two you create a 'now media'." The possibility of the future by crowd-sourcing, hyper-communication, and managing your presence is endless. Jeff Pulver believes this is the year of the consumer revolution.
- Katie Evans
What exactly is a serial entrepreneur? According to BusinessDictionary.com, it's an entrepreneur who continuously starts new businesses instead of committing to one role of a company venture. New York Entrepreneur Week April 2010 brought together four unique serial entrepreneurs to discuss the pros and cons of managing their numerous businesses.
Expert panelist included: Jeff Stewart, Founder of Urgent Career & Mimeo, and Member of NY Angels, Jennifer S. Wilkov, Founder of Make It Happen, Ben Kaufman, Founder of Quirky, Natalia Allen, Founder of Design Futurist, World Economic Forum Young Global Leader, and moderator Rod Kurtz, Executive Editor at AOL Small Business.
Learning from failures and starting a business can be an all-consuming process. The process of starting your business, should be your business. According to Jeff Stewart, "The decisions you make in your first couple years will effect the structure of your company for years to come."
If you're an entrepreneur, you have to able to fail, pick yourself up, and find useful ways to learn from it by building upon lessons learned. When you have multiple businesses, take your time and attention on compartmentalizing them and watch them grow. Jennifer S. Wilkov, Founder of Make It Happen, suggests assigning days of the week to focus on each business and design your teams to work efficiently. Always remember to focus on quality over quantity.
Ben Kaufman, Founder of Quirky says, "Every decision I make, I base it on the best interest of me, my team, and the people working closest with me." It may help by viewing your business as a personal journey, with you as an entrepreneur taking the leading role.
Serial entrepreneurs need to be effective in the face of adversity by staying calm, listening, and acting on the things you didn't initially know. Having the right people advising you can put you in the right direction. Relying on people that can provide appropriate and efficient guidance as your support system can be a helpful outlet.
If you want to attract authentic relationships, be genuine. It's great to have a diverse range of entrepreneurs in your network. When you're doing something special and interesting you will attract a lot of people, but make sure you're aligning yourself with the right people that will help grow your business.
Jeff Stewart believes that, "Assembling your team is the most important part of assembling your business. You should be constantly looking to hire exceptional people that will contribute to expand your business." Know your team inside out and spend your time and attention wisely.
- Katie Evans
Simon Sinek, author of "Start With Why", joined New York Entrepreneur Week April 2010 to teach entrepreneurs to inspire instead of manipulate. His model of success reflects the simplicity of asking "Why, How, What".
Why: Sinek says, "We follow those who lead, not for them but for ourselves, we follow those who lead not because we have to but because we want to". First, start with the WHY to determine what you're trying to accomplish because these are the questions that distinguish long term entrepreneurs and businesses from the ones that fail.
How: This is the strategy that guides principles and actions to form a path that will take in pursuit of your WHY. This step is literal because your actions should directly reflect your personal beliefs and values. This stage starts developing your WHY into something tangible. You will start forming lasting partnerships while finding customers and clients who believe in your mission.
What: This is your vision. As an entrepreneur, it's your responsibility to inspire others. To achieve that goal, you need to be able to solve your own problems, build the solution, scale it, and then get it to other people.
Sinek stresses that everything you do should prove your personal beliefs while directly lining up with your actions. We live in a tangible world. If we want to be authentic individuals, we have to actually do what we believe. This is your best selling strategy. People will want to join your cause since you will be a walking model of your beliefs.
It's important for entrepreneurs to keep their passion at the forefront of their business plans. "Find your passion and the money will follow" says Sinek. If you're not inspiring others, there's a high change you're manipulating them. Be transparent: Think, act, and communicate from the inside out.
- Katie Evans
- Katie Evans
