Posts

#WorkTrends Recap: Real-World Testing Your Business Idea

If you’re like me, you have 10 different business ideas in the back of your head.

But whether you’re an entrepreneur or you work inside a big organization, how do you test those ideas to find out if they can really get off the ground? On the January 10 #WorkTrends podcast and Twitter chat, I talked to Boris Goncharov, founder of Moosetank Digital Agency, a firm that helps startups and small companies build products.

Here’s the advice he shared for anyone with big ideas and a lot of questions about how to get started.

Get Started Now

First of all, Boris says, there’s no time like the present. I asked him what the perfect time is to test a business hypothesis. His answer? Right now.

“If you’ve got an idea and you think there’s value for customers, test it right away. If you have free time, just start doing that.”

In other words, don’t sit on your idea without taking action. “Ideas come to many people at the same time, so if you don’t try your idea right away, maybe someone will be quicker than you tomorrow. You don’t have to waste a lot of time,” he says.

It’s always a good plan to research your target market, but don’t paralyze yourself by over-researching. “The main idea is not to overwhelm yourself with analysis, because you can just have information anxiety. You don’t move on. You don’t move forward. You actually can block yourself from testing or trying your business hypothesis because you get too much information,” he says.

Simplify Your Idea

Boris says that you don’t need a complex business plan before you jump in and start testing your idea. Strip your idea down to its essence and start there.

“Most business hypotheses can be tried in a very basic form. I think you can sacrifice almost everything except the core feature, or the core service. The only thing you need is a response from your audience that they’re ready to pay for that.”

Find the Easiest Way to Get Your Idea to Your Customers

When you’re ready to launch your idea, Boris says, you shouldn’t waste your time building a complicated website or perfect marketing materials.

“There’s no need to develop a complex platform with a lot of pages and services. You can just build something really quickly, like one single page, or an email sequence or a video campaign. The most important thing that your customers can give you is their answers and a form of purchase. If they can purchase your product, that’s the bare minimum you need.”

Then, stick to your plan.

“The more you invest in your idea, the harder it is to roll it out. You might plan to spend a week on your website. Then [plan] to not spend more than $1,000 on your ad campaign. You can bring unlimited effort to any idea in the world, but your goal is to build a successful business. The first and most important thing is to stick to the initial plan you had in your mind.”

Be Honest with Yourself

If your idea isn’t panning out, say you’re spending more on getting a new customer in the door than they’re paying for your product, it’s okay to be honest with yourself. If one idea doesn’t work, you can always move on to your backup plan or your next venture.

Stay tuned for more inspiration on the #WorkTrends podcast, every Wednesday: http://bit.ly/2DjCkja.

Startup Leadership: Lessons From a Runner's World

Written by Adii Pienaar

Most of us with entrepreneurial drive have a similar passion for other pursuits. For me, it’s about long-distance running. For example, in a recent month I ran 120 kilometers (about 75 miles), including a half-marathon.

That’s a lot of time on the road — just me, some music, the sound of my (sometimes ragged) breathing, and most importantly, my thoughts.

Lately, I’ve used some of that time to think about the similarity between my progress as runner and how to apply that mindset in running a company. What did I conclude? Here six suggestions based on my experience:

1) Work only when you’re productive and focused

I used to motivate myself in a very threatening, reactive way. I would decide to run a half-marathon, and then “demand” (of myself) to run specific distances in specific times. Regardless or how I felt, I was “forced” to comply with those requirements.

Recently, I decided I wasn’t going to set a rigid, arbitrary goal of running in a specific half-marathon. Instead, I decided to run just because I love it.

Sometimes at the start of a run, I can feel that my body isn’t responding, or I’m just not in the right mental space. On those days, I cut the run short and go home. On the flip side, sometimes I plan to run 5km but end up running 10km instead, because I feel good. That’s double the return for “doubling down” on that good feeling.

Entrepreneurs are guilty of this. We force ourselves to work, even when we’re not being productive. Stop. Get up. Do something else that’s unrelated to work. But when you discover you are in the zone, double down and you’ll achieve much more, instead.

2) Avoid burnout

Earlier this year, I got greedy and, for about a week, I pushed myself too hard, aggravating an injury. Instead of just stopping, I kept pushing. The result was that I developed a severe case of shin splints that kept me out of running for two full months.

As entrepreneurs, we know how to push (hard), and we know how to use adrenaline to fuel us. However, burnout is a very real threat and should not be dismissed lightly. The problem with injury or burnout isn’t the pain; it’s the frustration. Once you’ve injured yourself, there are no more shortcuts. You have to do the time.

So don’t give burnout a chance to stop you in your tracks. Try getting eight hours of sleep a day. Eat nutritious foods. Exercise regularly and immerse yourself in non-work activities, too. All of this will help strengthen your entrepreneurial fitness, so you’ll have a consistently high level of ambition and drive.

3) Reward yourself

When I eventually recovered, I decided to get a weekly sports massage to help prevent shin splints from recurring. Although these treatments began as preventive work for my muscles, the pampering began to feel more like a reward. I loved this downtime, and it became a motivating factor for me to run even more.

The same is true with work. For me personally, money isn’t enough motivation to work harder or do more. But rewarding myself with experiences does work. On the expensive end of the scale, that translates into traveling as much as I can. But on a more regular basis, I reward myself with a bottle of fantastic red wine.

The key is to connect the dots between the work and the experience, knowing both need to be present to make that connection.

4) Nurture consistency

Running every-other day has become a routine for me. This consistency is one of the primary drivers behind my ability to run 120km in a month. Running has become a habit.

I’ve seen the same scenario with my inbox. All of us get a boatload of email, and it’s probably the number one complaint of busy people. But when I’m disciplined and consistently keep my inbox neat and clean, I avoid the problem. As soon as I lose that consistency, it becomes a mess.

As an entrepreneur, these habits are key to helping you get stuff done, stay focused on what matters, and keep moving forward. Consistency is your friend.

5) Shed excess weight

Running with excess weight is hard work. Now, I’m not obese, but you probably won’t see me on the cover of GQ, either. So about six weeks ago, I started the Paleo diet, and I’ve since decreased my body fat 5%. It makes running a lot easier.

In business and in work, excess weight can take many different shapes and forms. I used to take responsibility for things that either I didn’t need to do myself or weren’t important. I was really bad at prioritizing my time. Now I focus on the most important things every day. I get more done, and I am happier.

Shed the excess weight on your to do list. I guarantee that, afterwards, you’ll run easier.

6) Run your own race

While running my last race, I realized we’re always competing. We’re always measuring ourselves against other entrepreneurs and their companies. We read about how they do things, how they manage to be successful and how we should be applying all of those things to our own lives.

In fact, you’re doing that right now, but reading this post.

But this is your life. In every race, you can only run against yourself, and try to improve on your personal best. What the other runners (or business leaders) are doing shouldn’t influence the way you run your own race.

Do things for yourself — and rely upon your own instincts, for a more satisfying outcome. Be a little selfish every now and again, and remember to invest in yourself.

What are your thoughts? How can leaders apply athletic training principles to run their companies more effectively?

ce07b0f37a0fc570882f6337d7258d9f(About the Author: Adii Pienaar is the ex-CEO and Founder of WooThemes. He has a passion for helping other entrepreneurs, making new mistakes (of his own) and, as such, is working on his new startup, PublicBeta. He is also a new dad, ex-rockstar and wannabe angel investor.)

(Editor’s Note: This post was adapted from Brazen Life via The Young Entrepreneur Council (YEC), with permission. Brazen Life is a lifestyle and career blog for ambitious young professionals. Hosted by Brazen Careerist, it offers edgy and fun ideas for navigating the changing world of work. Be Brazen!)

(Also Note: To discuss World of Work topics like this with the TalentCulture community, join our online #TChat Events each Wednesday, from 6:30-8pm ET. Everyone is welcome at events, or join our ongoing Twitter conversation anytime. Learn more…)

Image Credit: Neerav Bhatt via Flickr

Startup Leadership: Lessons From a Runner’s World

Written by Adii Pienaar

Most of us with entrepreneurial drive have a similar passion for other pursuits. For me, it’s about long-distance running. For example, in a recent month I ran 120 kilometers (about 75 miles), including a half-marathon.

That’s a lot of time on the road — just me, some music, the sound of my (sometimes ragged) breathing, and most importantly, my thoughts.

Lately, I’ve used some of that time to think about the similarity between my progress as runner and how to apply that mindset in running a company. What did I conclude? Here six suggestions based on my experience:

1) Work only when you’re productive and focused

I used to motivate myself in a very threatening, reactive way. I would decide to run a half-marathon, and then “demand” (of myself) to run specific distances in specific times. Regardless or how I felt, I was “forced” to comply with those requirements.

Recently, I decided I wasn’t going to set a rigid, arbitrary goal of running in a specific half-marathon. Instead, I decided to run just because I love it.

Sometimes at the start of a run, I can feel that my body isn’t responding, or I’m just not in the right mental space. On those days, I cut the run short and go home. On the flip side, sometimes I plan to run 5km but end up running 10km instead, because I feel good. That’s double the return for “doubling down” on that good feeling.

Entrepreneurs are guilty of this. We force ourselves to work, even when we’re not being productive. Stop. Get up. Do something else that’s unrelated to work. But when you discover you are in the zone, double down and you’ll achieve much more, instead.

2) Avoid burnout

Earlier this year, I got greedy and, for about a week, I pushed myself too hard, aggravating an injury. Instead of just stopping, I kept pushing. The result was that I developed a severe case of shin splints that kept me out of running for two full months.

As entrepreneurs, we know how to push (hard), and we know how to use adrenaline to fuel us. However, burnout is a very real threat and should not be dismissed lightly. The problem with injury or burnout isn’t the pain; it’s the frustration. Once you’ve injured yourself, there are no more shortcuts. You have to do the time.

So don’t give burnout a chance to stop you in your tracks. Try getting eight hours of sleep a day. Eat nutritious foods. Exercise regularly and immerse yourself in non-work activities, too. All of this will help strengthen your entrepreneurial fitness, so you’ll have a consistently high level of ambition and drive.

3) Reward yourself

When I eventually recovered, I decided to get a weekly sports massage to help prevent shin splints from recurring. Although these treatments began as preventive work for my muscles, the pampering began to feel more like a reward. I loved this downtime, and it became a motivating factor for me to run even more.

The same is true with work. For me personally, money isn’t enough motivation to work harder or do more. But rewarding myself with experiences does work. On the expensive end of the scale, that translates into traveling as much as I can. But on a more regular basis, I reward myself with a bottle of fantastic red wine.

The key is to connect the dots between the work and the experience, knowing both need to be present to make that connection.

4) Nurture consistency

Running every-other day has become a routine for me. This consistency is one of the primary drivers behind my ability to run 120km in a month. Running has become a habit.

I’ve seen the same scenario with my inbox. All of us get a boatload of email, and it’s probably the number one complaint of busy people. But when I’m disciplined and consistently keep my inbox neat and clean, I avoid the problem. As soon as I lose that consistency, it becomes a mess.

As an entrepreneur, these habits are key to helping you get stuff done, stay focused on what matters, and keep moving forward. Consistency is your friend.

5) Shed excess weight

Running with excess weight is hard work. Now, I’m not obese, but you probably won’t see me on the cover of GQ, either. So about six weeks ago, I started the Paleo diet, and I’ve since decreased my body fat 5%. It makes running a lot easier.

In business and in work, excess weight can take many different shapes and forms. I used to take responsibility for things that either I didn’t need to do myself or weren’t important. I was really bad at prioritizing my time. Now I focus on the most important things every day. I get more done, and I am happier.

Shed the excess weight on your to do list. I guarantee that, afterwards, you’ll run easier.

6) Run your own race

While running my last race, I realized we’re always competing. We’re always measuring ourselves against other entrepreneurs and their companies. We read about how they do things, how they manage to be successful and how we should be applying all of those things to our own lives.

In fact, you’re doing that right now, but reading this post.

But this is your life. In every race, you can only run against yourself, and try to improve on your personal best. What the other runners (or business leaders) are doing shouldn’t influence the way you run your own race.

Do things for yourself — and rely upon your own instincts, for a more satisfying outcome. Be a little selfish every now and again, and remember to invest in yourself.

What are your thoughts? How can leaders apply athletic training principles to run their companies more effectively?

ce07b0f37a0fc570882f6337d7258d9f(About the Author: Adii Pienaar is the ex-CEO and Founder of WooThemes. He has a passion for helping other entrepreneurs, making new mistakes (of his own) and, as such, is working on his new startup, PublicBeta. He is also a new dad, ex-rockstar and wannabe angel investor.)

(Editor’s Note: This post was adapted from Brazen Life via The Young Entrepreneur Council (YEC), with permission. Brazen Life is a lifestyle and career blog for ambitious young professionals. Hosted by Brazen Careerist, it offers edgy and fun ideas for navigating the changing world of work. Be Brazen!)

(Also Note: To discuss World of Work topics like this with the TalentCulture community, join our online #TChat Events each Wednesday, from 6:30-8pm ET. Everyone is welcome at events, or join our ongoing Twitter conversation anytime. Learn more…)

Image Credit: Neerav Bhatt via Flickr

Small Business the Bigger Picture: #TChat Preview

Originally posted by Matt Charneyone of #TChat’s moderators, on MonsterThinking Blog

It’s hard to overstate the impact of small business, even by presidential proclamation, as Barack Obama kicked off National Small Business Week, declaring:

“From the family businesses that anchor Main Street to the high-tech startups that keep America on the cutting edge, small businesses are the backbone of our economy and the cornerstones of America’s promise.”

As Obama (or proxy) observed, it turns out Mom & Pop and VC babies share more in common than size; they share spirit, “the idea that if you have a good idea and are willing to work hard enough, you can succeed in our country.”

Every big company, Monster Worldwide included, started out with no more than the courage to turn an idea into action, passion into profit.  Proctor & Gamble, Kellogg, Ford, and a multitude of other global corporations, have rewarded those visionaries by turning their founders into, quite literally, household names.

Look at the NASCAR-esque list of sponsors for National Small Business Week, which might seem ironic until you consider that topping Fortune takes, well, fortune.  From Google (Page & Brin) to Sam’s Club (Walton) to Microsoft (that guy), these familiar corporate creation myths each began as any small business.

For many more millions of small business owners, and workers, who have dared to dream and injected so much sweat equity into their bottom line, that creation myth is still being created.   They might call themselves small businesses, or entrepreneurs, or start-ups, but our economy – and our jobs – depends on their growth.

So we just wanted to say thank you.

For those who have made it, or those who are starting out, growing an idea isn’t always easy.  That’s why tonight’s special National Small Business Week #TChat wants to turn conversation into innovation.

Join us on Twitter tonight at 8 PM ET/5 PM PT as we discuss the challenges – and opportunities – faced by entrepreneurs and their employees today.  We’ll also be highlighting some of the biggest ideas and trends in small business all week here at MonsterThinking during our National Small Business Week salute.

Here are the questions we’ll be discussing, along with some recommended reading to help inform, and inspire, your participation in tonight’s #TChat conversation: click here for more from MonsterThinking or check out the Monster for Employers Small Business Resources site.

#TChat Questions & Recommended Reading (5.17.11)

1. How do you define ‘small business?’  Is this the term we should be using?

Read: How To Scale Your Business To Billions In Revenue by Alyson Shontell

2. Would you prefer working for a small business or a big company?  Why?

Read: How To Make Your Small Company Culture Stand Out by Eric Herrenkohl

3. What role does talent play in small business success?  How can small businesses successfully compete with bigger companies in the ‘war for talent?’

Read: Six Ways To Maximize Your Small Business Hiring Advantage by Connie Blaszczyk

4. What are some of the biggest advantages of working for a small business employer?  Drawbacks?

Read: Bright Bulb Workers Get the Benjamins by Sal Iannuzzi

5. Do you think employers and recruiters value small business and big company experience differently?

Read: Why Are Hiring Managers Scared of Entrepreneurs? by David Mesicek

6. What should big business workers know about moving to a small company (and vice-versa)?

Read: How To Evaluate A Job at A Start-Up by Monster.com Career Advice Experts

7. What’s your best advice for someone thinking about starting a small business?  Any myths vs. realities?

Read: Is Starting Your Own Business the Answer? by Susan Bryant

Visit www.talentculture.com for more great information on #TChat; for more resources and advice for small businesses from Monster, click here.

Our Monster social media team supports the effort behind #TChat and its mission of sharing “ideas to help your business and your career accelerate – the right people, the right ideas, at the right time.”

We’ll be joining the conversation live every Tuesday night as co-hosts with Kevin Grossman and Meghan M. Biro from 8-9 PM E.T. via @monster_works and @MonsterWW. Hope to see you tonight at 8 PM ET for #TChat!