Information is everywhere. Intelligence is rare. Our Daily Perspective is a free daily dose of intelligence to help you improve your skills as an entrepreneur each day.

17 Jan, 2018

Protecting Your Idea

2018-02-27T08:07:55-05:00

As a business grows, pitching becomes increasingly important. As the business seeks investors, new clients, or even new employees, a business owner must repeatedly reveal details about the company to others. Idea theft is an ongoing concern for entrepreneurs. A competitor could snatch the idea. An investor could take it and fund it. While this behavior happens less than you would think, it is worth taking some basic steps to protect yourself.

Protecting Your Idea2018-02-27T08:07:55-05:00
16 Jan, 2018

Communication Process

2018-02-27T08:07:56-05:00

Think of all the email, text messages and other communications that fly back and forth throughout the day. Not only is it hard to keep track of it all. It is even more difficult to make sure that the information and messages that are coming through are consistent with the messages you want to portray. While communication may not be at the top of your list, it certainly affects everything you do.

Communication Process2018-02-27T08:07:56-05:00
15 Jan, 2018

Do’s And Don’t’s Of Communication

2018-02-27T08:07:57-05:00

How many times a day do things happen and your initial reaction is that of raw emotions without much thought to the consequences? That's normal occurrence for entrepreneurs because our days are full of pressure, passion, pleasure and pain. We don't have time to think how certain words, phrases, remarks in the middle of a jam packed day effect people around us. The expectation is that if you're working in an entrepreneurial environment, you've got to be tough-minded and thick-skinned to deal with the ups and downs of each day. Not exactly.

Do’s And Don’t’s Of Communication2018-02-27T08:07:57-05:00
10 Jan, 2018

Know Your Competition

2018-02-27T08:08:02-05:00

Knowing your current and potential customers is a foundational piece of information for you to create your unique offering. In the process, not only do you see where you stack up, you learn how competition acts, whether it be how they approach a market or communicate a message. A competitive analysis is a key step to understanding how you can win in an increasingly competitive world.

Know Your Competition2018-02-27T08:08:02-05:00
9 Jan, 2018

Whom Should You Trust

2018-02-27T08:08:03-05:00

When you start a business, you spend a lot of time alone with your thoughts. Even if you’re not a solo operation, there may be very few people that you confide in or talk openly to. You probably have your inner circle. It may start with a circle of one—you—or maybe your small team. To get your business moving, you develop relationships with a select few people who are helping you get ahead.

Whom Should You Trust2018-02-27T08:08:03-05:00
8 Jan, 2018

No One Cares As Much As You Do

2024-10-10T08:57:02-04:00

Being an entrepreneur is not a job, it's an identity. Our very existence for the most part lies in bringing our vision to life. We live, breathe and obsess over every detail of the business 24/7. It's our baby. Our business and personal life becomes one life. A problem develops, however, when we have the expectation that anyone associated with our venture wakes up with the same visceral desire to see it come to fruition as we do.

No One Cares As Much As You Do2024-10-10T08:57:02-04:00
5 Jan, 2018

Defining A Buyer Persona

2018-02-27T08:08:05-05:00

Cutting through the clutter of information that is presented to consumer and business buyers is a challenge. Doing so requires us to hone in on the exact customer that we are looking to serve. Marketers talks to finding your "customer avatar" - a fictional character that represents your ideal prospect. When complete, it will help you understand the motivating beliefs, fears and secret desires that influence your customer's buying decisions. Creating a buyer persona helps you hone in on this ideal customer.

Defining A Buyer Persona2018-02-27T08:08:05-05:00
4 Jan, 2018

The Hunter and the Farmer

2026-08-31T13:01:25-04:00

The term “hunter” is used to describe the type of sales rep who is focused on closing deals with new customers. Once one deal wraps up, hunters aggressively move on to the next prospect and try to close another new deal. This energetic focus on deal-making and capturing new “prey” (sales) makes hunters a tempting option for technology startups. The drive for transactions often stems from the commissions they can earn.

The Hunter and the Farmer2026-08-31T13:01:25-04:00
3 Jan, 2018

Creating A Positive Impression With A Buyer

2018-02-27T08:08:07-05:00

How do you get a buyer to view you not as someone selling them something, but a trusted resource that they value and look forward to talking to? There are various communication and related techniques that will move you closer each day to holding this coveted place in a buyer's mind.

Creating A Positive Impression With A Buyer2018-02-27T08:08:07-05:00
25 Dec, 2017

Types of Investments

2018-02-27T08:09:39-05:00

The type of investment you take in your business will have implications for many years. Investments are generally broken into three types: equity (in which you receive capital in exchange for ownership of your company), debt (in which you receive capital that you have an obligation to repay but do not give up any ownership in your company) and convertible debt (which is the same as debt but is converted into equity based on some triggering event).

Types of Investments2018-02-27T08:09:39-05:00
22 Dec, 2017

Using Letters of Intent to Increase Cash Flow

2018-02-27T08:09:39-05:00

When it comes to selling to businesses, one of the issues that creates cash flow issues is the need to wait until contracts are signed to receive payment. For decent sized companies, even when a company has communicated that they have decided to use your company, it can take another 60 to 90 days to get a contact signed - and even more time to receive payment.

Using Letters of Intent to Increase Cash Flow2018-02-27T08:09:39-05:00
21 Dec, 2017

Friends and Family as Investors

2018-02-27T08:09:40-05:00

Understanding the different types of investors is an important part of the investment process. The basic concept is that the type of investor that you seek should be the right one for your stage of business (pre-revenue, revenue, growth stage) and for the amount of money you are seeking. We outline the major types of investors and the general rules for what stage they are best for and how much they look to invest. While these are not hard and fast rules, they should help in your investment process.

Friends and Family as Investors2018-02-27T08:09:40-05:00
15 Dec, 2017

The Wrong Perspective

2018-02-27T08:09:44-05:00

Entrepreneurs with a flawed perspective let the pressure, passion, pleasure and pain overcome their judgment, and the judgment of others, to ignore the facts in front of them. There is nothing wrong with being excited, but don’t let your need or desire (or panic) about the necessity of capital cloud the details of the meeting, terms, or relationship that is actually occurring.

The Wrong Perspective2018-02-27T08:09:44-05:00
11 Dec, 2017

Choose How To Focus

2018-02-27T08:09:48-05:00

When you focus on overall risk and big picture concerns, it can be debilitating. If you focus on your present to-do list, you offer yourself the remarkably satisfying and motivating experience of completing the tasks before you. When so much is out of your control, the chance to finish something each day is priceless. And if you continue to prioritize each day’s list, your sense of accomplishment will grow exponentially. After all, each day’s work is a piece of the puzzle that will eventually become your “big picture.” But if you worry about the big picture first, you’ll never assemble its parts and reach your ultimate goal.

Choose How To Focus2018-02-27T08:09:48-05:00
8 Dec, 2017

Determining The Viability Of Your Idea

2018-02-27T08:09:49-05:00

How do you validate your idea to determine whether it can be a business success and help you achieve your personal and professional goals as an entrepreneur? There is no magic formula, but there are certainly ways that you can have a better sense of whether your idea has legs.

Determining The Viability Of Your Idea2018-02-27T08:09:49-05:00
5 Dec, 2017

Where To Attract Talent

2018-02-27T08:09:52-05:00

Attracting the type of talent that understands the entrepreneurial venture and can bring expertise to that journey is essential to success. Doing so requires a great deal of your talent and creative thinking. Try some of these techniques to see if you can help others see why working for your company will be the best move of their life.

Where To Attract Talent2018-02-27T08:09:52-05:00
1 Dec, 2017

Standard Customer Contract in Favor of Your Company

2024-07-22T07:33:46-04:00

When you get started, you will start to enter into contracts with customers. When you do so, it is important to have a standard form contract that puts you in a position to protect your company.

Standard Customer Contract in Favor of Your Company2024-07-22T07:33:46-04:00
28 Nov, 2017

Knowing Your Competition

2024-07-23T06:58:25-04:00

Knowing your current and potential customers is a foundational piece of information for you to create your unique offering. In the process, not only do you see where you stack up, you learn how competition acts, whether it be how they approach a market or communicate a message. A competitive analysis is a key step to understanding how you can win in an increasingly competitive world.

Knowing Your Competition2024-07-23T06:58:25-04:00
22 Nov, 2017

Key Issues in Stock Options

2018-02-27T08:09:59-05:00

Stock Option Plans are an extremely popular method of attracting, motivating, and retaining employees, especially when the company is unable to pay high salaries. A Stock Option Plan gives the company the flexibility to award stock options to employees, officers, directors, advisors, and consultants, allowing these people to buy stock in the company when they exercise the option.

Key Issues in Stock Options2018-02-27T08:09:59-05:00
21 Nov, 2017

Assessing Your Financing Needs

2024-07-23T07:53:00-04:00

It doesn't necessarily take a lot of money to make a lot of money, but it does take some. To beat the odds and avoid running out of money, successful entrepreneurs prepare by developing rigorous financial plans that forecast essential information such as how much money it'll take to get off the ground and what to expect in the first few years so they can best allocate resources. Smart financial planning is crucial, but actually developing a reliable plan can feel impossible.

Assessing Your Financing Needs2024-07-23T07:53:00-04:00
20 Nov, 2017

Developing Your Brand

2024-07-24T08:23:53-04:00

What does your brand stand for? When we are starting out, we have no brand. So setting down what you want your brand to stand for is a foundation to how you will be perceived by employees, customers, investors and all others that your company touches. I know you don't see how brand pays the bills, but setting out who you are in the eyes of your constituents can set the tone for the things that do pay the bills.

Developing Your Brand2024-07-24T08:23:53-04:00