Canadian Entrepreneur

Best. Quote. Ever

2012-01-24T07:46:00.002-07:00

DemGen.com is a leading provider of virtual business, marketing, sales and support services for small businesses and entrepreneurs. They send out a daily motivational quote that is often quite thought-provoking.

Today's quote, which was contributed by DemGen's chief growth ffficer, Gary Evans, sent a shiver down my spine.

"The obstacle is the path."

For me, this Zen proverb perfectly captures the route to success in a crowded marketplace. You will stand out and succeed to the extent that you confront your customers' biggest problems.

By choosing to go where the obstacles are, you will stake out a unique value proposition and make a name for yourself. Like Timothy Eaton with his fixed-price department store in the 19th century, or Apple with its "computer for the rest of us" (or iTunes, for that matter), or FedEx for conquering overnight package delivery.

The mantra for entrepreneurs is to look for problems no one else has solved - and solve them.

The obstacle is the path.

A Pretty Good Joke

2012-01-20T15:51:00.002-07:00

I used to print the occasional business joke on this site. Here, following that grand tradition, is the epic story of Accountants vs Engineers.This joke liberated from Bean Counter's site: http://www.dwmbeancounter.com/

Three accountants and three engineers are traveling by train to a conference. At the station, the three engineers each buy tickets and watch as the three accountants buy only a single ticket.
"How are three people going to travel on only one ticket?" asks an engineer.
"Watch and you'll see," answers an accountant.

They all board the train. The engineers take their respective seats but all three accountants cram into a rest room and close the door behind them. Shortly after the train has departed, the conductor comes around collecting tickets. He knocks on the rest room door and says, "Ticket, please."
The door opens just a crack and a single arm emerges with a ticket in hand. The conductor takes it and moves on.
The engineers saw this and agreed it was quite a clever idea.

So after the conference, the engineers decide to copy the accountants on the return trip and save some money (knowing that accountants are clever with money) . When they get to the station, they buy a single ticket for the return trip.
To their astonishment, the accountants don't buy a ticket at all.
"How are you going to travel without a ticket?" says one perplexed engineer.
"Watch and you'll see," answers an accountant.

When they board the train, the three accountants cram into a rest room and the three engineers cram into another one nearby.
The train departs. Shortly afterward, one of the accountants leaves his rest room and walks over to the rest room where the engineers are hiding.
He knocks on the door and says, "Ticket, please."

If you like that joke, click here and scroll down one screen to read "Accountant Story Two."
It's pretty good, too.

The secret of great customer service

2012-01-15T16:42:00.000-07:00

The secret of great customer service is not to eliminate mistakes, but to train your staff to make the best of things when bad stuff happens.
At our sister blog, New Management Welcome, you can read a case study of airline ineptitude submitted by blogger Michael Arrington. Despite the ordeal he went through, however, one thing is clear: had the airline's staff acknowledged and commiserated with his problems, they could still have made things right.

Proof once again that it's not what happens to you that matters, but how you handle it.

Read the article here: http://newmgt.blogspot.com/2012/01/orchestrated-indignities-of-air-travel.html

Avengers fighting X-Men? Why you should care

2012-01-14T15:34:00.000-07:00

Looking for new marketing ideas? Here’s are some ideas you could derive from Marvel Comics and its upcoming superhero, “Avengers vs. X-Men.”

In a recent blogpost for the National Post, I wrote about how Marvel is preparing to cash in on its blockbuster movie release in April, The Avengers. Comics are big business, and their marketing has become very sophisticated.

Coolest of all, Marvel is asking retailers to become personally involved. By declaring support for either the Avengers or the X-Men, retailers will receive appropriate promotional materials for decorating their stores based on the team they choose.

Here are a few of the promotional ideas you might consider based on Marvel's mighty marketing:

* Plan a special promotional “event” that highlights the best features of your family of products. (How can you combine your most popular products or services, or even pit them against each other, to create excitement or market tension?);

* Prepare well in advance;

* Develop more eye-catching promotional materials that appeals to customers’ passions as well as their basic needs;

* Offer product samples and previews to selected audiences to create market buzz;

* Encourage retailer or distributors to take sides with your products: how could you include them in your launch and related events? How could your promotion help them develop tighter relationships with their customers?

You can read the full story here:
http://business.financialpost.com/2012/01/06/129630/

How to make your company more intrapreneurial

2012-01-14T15:27:00.000-07:00

Thirty years ago this year, companies started talking seriously about adopting more entrepreneurial traits in order to promote innovation and flexibility. Few succeeded.

But now I'm perceiving growing interest in intrapreneurship. In my latest column in the National Post, I ponder what this means, and offer a few tactics (from a recent book on the subject) for those interested in making their organizations more nimble, creative and successful.

Here's an excerpt: "When putting together entrepreneurial teams, make sure they have the right leadership; if necessary, bring in experienced outsiders or advisors. Understand that a promising initiative may require special recruitment and compensation practices, even if it drives the HR department crazy."

You can read the full story here: http://business.financialpost.com/2012/01/09/intrapreneurship-makes-a-comeback/

Bonus Reading: Here's an article I just found that offers insightful advice on preventing your company from becoming too rigid as it grows: Claudio Feser on "7 Secrets of Serial Innovators." You can read it at http://www.cnbc.com/id/45817288/7_Secrets_of_Serial_Innovators

How to Hire "A Players"

2012-01-05T20:49:00.000-07:00

You're trying to grow your business, but you know you need more help than the local labour market can provide. Face it – you need a superstar. Maybe even an American.
But how do you do it? Can you really lure an A player out of the land of the free into the Great White North.?

My column in this week’s National Post looks at how one Vancouver company hired two U.S. hotshots to grow its technical capability and U.S. marketing presence beyond what local talent could do.

The company is Coastal.com, the online eyeglass/contact lens retailer. My article includes interviews with CEO Roger Hardy to explore why Coastal felt it needed U.S. expertise, and with Coastal’s two recent all-star recruits to find out what it took to lure them to B.C. from the U.S.

Excerpt: “Aaron Magness says moving to Canada fulfilled his ambition to work in a more international context; in the United States, he notes, “you can get by very well only looking at the U.S. market.” At first, he says, he wasn’t “overly enthusiastic” about Coastal’s offer, but “as I saw the size of the marketplace and where it could go, I found it very exciting.”

You can read the full story here: http://business.financialpost.com/2012/01/03/recruiting-talent-from-the-valley/

Bonus read:
My NatPost blogpost about how to think more creatively. To get better results, says author and innocation expert Michael Michalko, stop focussing on the problem itself, and approach it from an outside-the-park point of view.

Excerpt: “Creative thinkers form more novel combinations because they routinely conceptually blend objects, concepts and ideas from two different context or categories that logical thinkers conventionally consider separate,” writes Michalko.

It’s a quick read at: http://business.financialpost.com/2012/01/04/breaking-through-your-creative-blocks/

Your Secret Weapon: Clarity

2012-01-04T22:51:00.001-07:00

"Duct Tape Marketing" guru John Jantsch has posted a powerful article on his blog about the importance of "clarity" in business.

Clarity, he says, "is that strong and unwavering sense that our daily choices are grounded in an authentic sense of purpose... Without clarity everything we do is either an attempt to gain it or a stab at the hope that we are moving in the right direction."

Jantsch says every business, including his own, struggles to define clarity and execute on that perfect vision. "Until we are really clear and inspired by why we do what we do, whom we do it for and how to do it with complete and utter honesty – little else matters."

Clarity helps you focus on your core capabilities and passions, and squash nagging essentials that don't maximize your experience and resources. It makes leadership easier and helps clients buy.

Ironically, Jantsch stugles to define exactly what he means by clarity. But here are some of his examples of how it looks in action:

Clarity is turning purpose to profit
Clarity is leading with stories
Clarity is meeting the whole person
Clarity is amplifying without hype
Clarity is doing more with less
Clarity is anticipating needs
Clarity is measuring one perfect thing
Clarity is a potent brand promise

Read the full article (and the many enlightening comments that follow) at http://www.ducttapemarketing.com/blog/2012/01/02/the-single-greatest-factor-of-success-in-business/

I particularly like the comment that addresses just how hard clarity is to achieve. As the commenter writes: "The 'fog of war' has nothing on the 'fog of business'."

Quick Reads for the First Long Weekend of 2012

2011-12-30T13:38:00.000-07:00

A few quick links to some of my recent Post articles:
The holidays may be fading fast, but did you catch my piece on Ebenezer Scrooge? I asked the question: What happened to Scrooge's business after Dickens turned him into a nice guy?
http://business.financialpost.com/2011/12/19/a-christmas-carol-part-ii/

Here's my year-end quiz, featuring some of the best lessons from my 52 Financial Post columns. How many will you get right?
http://business.financialpost.com/2011/12/27/lessons-learned-2/

Can your company afford bend-over-backwards service? Maybe the better question is, how can it not?
http://business.financialpost.com/2011/12/29/turning-mistakes-into-wow-experiences/

The real rewards of risk management

2011-12-21T15:07:00.011-07:00

When the holiday season winds down, it will be time to get serious about improving your business in 2012. There are many areas you can focus on to improve your business, but one of the most lasting fixes will come from getting better at managing risk.

Risk management may sound daunting, but why would you resist a discipline that encourages you to review all the risks your company faces - regarding your market and your products, technology, operations and safety, human-resources, and even environmental and social?

Risk management gives you a holistic view of the threats surrounding your business. You then look for ways to head off or reduce the impact of the most likely risks, a process that will prepare you for most challenges the world tosses your way.

Many big companies today have risk officers who oversee the evaluation and mitigation of risk. Most SMEs won't go to this expense, but that's no excuse for not getting the best handle you can on all your business risks.

Here are just a few benefits of a serious risk-management initiative:

* It empowers you to scrutinize your business to identify blatant risks that are easily managed - for instance, a weak cash-flow position, potential health and safety hazards, or key customers who could be wooed away by the competition. By grappling with these potential problems in advance, you can head off some of these problems and take the rest in stride.

* You can save a lot of workforce headaches. Succession planning is a key part of risk management; by reviewing the risk of having to replace each of your top people, you'll know exactly what to do when your controller retires or your top sales rep turns to the dark side.

* Risk management is good management. It ensures that you always know the defect rate of your products, the lifespan of your equipment, the age of your receivables, and what to do if there's a flood or a flu epidemic. As Holiday Inn used to say, the best surprise is no surprise.

* Your staff will be happier and more confident knowing the business is being well managed. A credible risk-management program will help you retain great people and attract new ones. It also ensures that all your costly talent will spend less time searching for information and more time making informed decisions.

You don't need a risk specialist if you involve your management team. Each member could start tracking appropriate risk areas. For instance, your HR leader could study the risks related to workforce accidents and the loss of key talent, while your production manager looks after equipment, workflow, supply chain and fire prevention, and your controller oversees technology, data and financial risks.
How do you get started? An SME Risk Management Toolkit developed by the U.K.-based Institution of Occupational Safety and Health identifies four stages of risk management.

1. Identification of hazards and evaluation of risk. This means making an initial assessment of all your activities and prioritizing the highest-risk areas for further study;

2. Risk control planning and measures. How can accidents be avoided, or their impacts be mitigated? (Example: to avoid workplace accidents, you might implement safer work practices and better training programs; but you should update your insurance policies, too);

3. Planning for actions to take in the event of an accident, and how to recover;

4. Review risk situations and learn from problems and accidents.

Some entrepreneurs argue there's no point getting involved in risk management,because you can't predict every calamity that can befall your business. Of course that's true. But you can adjust for predictable risks - and thus be stronger when unexpected disaster strikes.

It's rarely one problem that sinks a business, but a combination of setbacks. I know one entrepreneur who closed his business recently because of what he called "a perfect storm" of problems: the weak economy, cutbacks by one customer, another client who simply disappeared, and a key employee who quit just when another got pregnant. Good risk management gives you a plan for each of these eventualities, and a fighting chance to survive even the harshest storm.

This post is brought to you by American Express Canada. Check out their new Amex for Business Canada Facebook Page for more SME news and insights.

Hate Networking?

2011-12-09T08:53:00.000-07:00

You say you hate networking? Most people do. That's because meeting business people and sizing up their potential as prospects is a tough job - and may be one of the rarest skills in business.

My column in this week's National Post recounts some of what I learned from attending a full-day session on networking conducted by Ottawa networking guru Michael Hughes. It was hard to compress his technique into 800 words, so I retailed some of his most interesting ideas and tips.

Here's an excerpt:

Hughes defines networking as “the intentional process of creating and developing relationships, from initial contact to ultimate outcome.”

One of his key tenets: You must have a target market. You can’t just go to random events hoping to connect with people who need your products or skills. You have to target groups that are flush with those kinds of people. Then make one group a priority — say, an industry association — and burrow in deep. Attend all the meetings and events you can, and get to know everyone involved.

Read the full story here: http://business.financialpost.com/2011/12/05/how-to-network-by-design-not-by-default/

Best Opportunities for 2012 (and beyond)

2011-11-30T09:01:00.003-07:00

Entrepreneurs are always striving to get ahead of the latest and greatest business opportunities. They may get their insights from books, shop talk, or Web-based business resources, but the best tips usually come from experienced entrepreneurs who have already been there and done that.

At a recent SME conference put on by Financial Executives International, I asked a roundtable of veteran business leaders to identify today’s biggest opportunities for entrepreneurs that are hoping to expand their current businesses or start new ones.

Here’s a summary of the exciting opportunities each entrepreneur cited:

Julia N. Dumanian is former president and CEO of Cambridge Memorial Hospital. She was named Canada’s Hospital Leader of the Year in 2007 for her passionate and transformational leadership.

“I think human capital is where it’s at,” said Dumanian. She believes Canada’s secret weapon is the “tremendous young people with great skills” graduating from our colleges and universities. She encourages entrepreneurs to tap their brainpower by setting up internships to get these graduates into your business “and really exploit some of these brilliant minds, especially on the technology side.” Given the tough time many grads have had finding good jobs, she notes, “We can help them help us grow our businesses.”

Murray G. K. Davidson is chair of RHI Investments LLC, with private-equity investments in real estate, utilities and pipeline consulting, and advanced technology. He is a senior partner of three specialty consultancies, focusing on financial services, utilities, and health care.

Davidson sees opportunities in all aspects of health care in Canada, the U.S., and around the world. Given the accelerating changes in technology and demographics, he says, you can't go wrong exploring solutions in “anything related to your health” such as health technologies, health processes, and personal monitoring and management of individual health. He is also bullish on new medical devices, particularly for in-home use, and new approaches for taming out-of-control health-information systems. “Cost improvement, performance improvement, waiting list reduction, capital management – you name it,” he says.

Davidson believes in consumer products, too, especially those targeted to Asia and Latin America. He’s also keen on specialty products aimed at young people, especially personal technologies. He said he’s working with a company on a new device that Apple is considering adding to its “i” family of products (iPad, iPod, etc.). He says it’s specifically aimed at consumers 25 and under.

Tom Enright, president and CEO of the Canadian Investor Relations Institute, is former CEO of CNW Group Ltd. His expertise lies in strategic planning, branding, sales and marketing.

To find opportunities, Enright advises, “look at the places where there are societal pain points”. He cites the debate that preceded the mandatory introduction of automobile seatbelts. “There was a lot of turmoil before we finally got there, then everyone had them.” Now, he notes, “there’s a huge societal issue about whether we can afford the cost of ‘green’ energy, so there’s got to be opportunities there.”

Enright is also high on opportunities with information technology, but especially those related to social media. “No one knows how exactly to use it, so there are great opportunities there.”

Finally, he predicts the next “big” commodity opportunity will be an area Canadians know well: fresh water.

Gerald A. Lokash is an experienced entrepreneur, consultant, and senior insolvency practitioner. He also owns several commercial real-estate companies.

Lokash believes data is the key to future business opportunities. Today’s IT systems allow business owners to measure every aspect of their business, and compare their efficiency to other organizations. “It’s inconceivable how much data has been accumulated about just about everything,” he says. “I think opportunity resides in how you use the data that's available to you in your company and your industry.”

He says companies such as communications giant BCE have expanded exponentially by exhaustively analyzing their own operational data. Lokash believes other companies can grow by understanding every inch of their business and how to achieve more from each asset. “There’s huge opportunity in accessing data in a way that can help you understand and steer your businesses forward.”

The conference buzzed with the optimism entrepreneurs always feel when they think about unmet market needs. How can your business take advantage of these golden opportunities?

“This post brought to you by American Express Canada. Check out their new Small Business Facebook Page here and stay tuned to find out who will soar their business to new heights in the Take Off with American Express Contest.”

Catching up with the Next 36 - Never Give Up!

2011-11-28T23:43:00.001-07:00

Well, that pretty much wraps up my Next 36 coverage for the year.

In Monday’s National Post, I wrote about how the high-powered youth entrepreneurship program – developed for 36 students only – was successfully boarded by four more candidates. Rejected at the “Selection Weekend” in December 2010, they recovered from the shock and humiliation to make a successful pitch that eventually got them back into the program.

How do you fight back against rejection without making it sound like sour grapes? These four undergrads figured out the formula. They won over the reluctant organizers with a winning PowerPoint pitch that leveraged the program's own objectives and values; itemized the advantages accruing to The Next 36 (not to themselves); and shouldered all the risk.

It was a brilliant bit of sales and marketing, and only the Post got the story. You can read it here.

Last Friday, I played a small role in the latest "Selection Weekend" by moderating a panel of 2011 Next 36 grads. These kids have lived life in a fishbowl for the past year, building their own businesses in groups of four while under the watchful eyes of their fellow students, the Next 36 owners, mentors and investors, and even the press. Yet many have built businesses that look like they may succeed; and they are very articulate about what they’ve learned about launching startups.

I wrote up a summary of some of the panel’s best learnings in a blogpost for the Post, which you can read here.

Excerpt:

Don’t bet the farm on the first business idea you come up with. Most of the 10 teams in the Next 36 changed their minds (and their business plans) during the first few months; some adopted new ideas and then threw them out three or four times. How can you tell when you’ve found the right idea? One panellist suggested, “When you know that you’d rather work on this plan than anything else.”

Finally, the Next 36 has just announced the 36 successful candidates for its 2012 program (which started Saturday). You can read their press release here.

http://www.newswire.ca/en/story/885507/next-generation-of-high-impact-entrepreneurs-set-to-drive-canadian-prosperity-forward-the-next-36

Highlights from the Globe's Small Business Summit

2011-11-15T23:43:00.001-07:00

Tonight I broke an Internet record for pointless activity by Tweeting the Globe & Mail’s live-blogging of its Small Business Summit, held in Toronto on Nov. 8.

I didn't attend the summit, so I appreciated being able to read their live-blogging (by two people!) of the content. The disconnected nature of live-blogging being what it is, I only covered two sessions before tiring of the exercise, but there was a lot of valuable insights there, which I tried to retail back to the universe through my own re-tweets.

So here is what I Tweeted – in chronological order, compete with atrocious spelling and grammar to fit Twitter’s ruthless 140-chracter limit. As I point out midway through, the original blogging was done by Globe editors Terry Brodie (a colleague of mine from olden days) and Sol Chrom. You can read their original work at http://bit.ly/vvxcod

Enjoy.

"My dream for Canada is that the 21st Century becomes the century of the entrepreneur:" SME minister Maxime Bernier at Globe SB Summit Nov. 8

Matthew von Teichman (Life Choices Natural Foods) spoke at Globe Summit on being underfunded: You miss enormous opportunities because you're focused on the pennies

I'm wading thru Globe's ragged live-blogging of its own small biz conference last week to see what value I can pull out for Twitter

more from von Teichman: "Nice to have another voice talking about strategy, but you make the decisions.Think through everything on your own"

von Teichman: Even if you hire great people, stay involved. Stay in close touch with most important customers, with numbers and with people

Matthew von Teichman was an attendee at PROFIT Magazine's first GrowthCamp. Only guy to make PROFIT's Hot 50 list with 2 different businesses

You can read the Globe's live-blog of its Small Business Summit at http://bit.ly/vvxcod Like most such efforts, though, it's tedious reading

von Teichman: Clear your mind; focus on strategy.Don't get bogged down in detail. "I think of every hire as someone who will free up my time"

Tara "MissRogue" Hunt, CEO of Buyosphere, at Globe SB summit: said she's committing four of the five mistakes Matthew just cited

Tara Hunt says she's more of an entrepreneur based on being not really hirable, rather than being entrepreneurial

Tara Hunt was more an intrapreneur, but nobody would give free rein to take ideas to next level; by blogging, she got on Silicon Valley radar

Buyosphere crowdsources shopping. Hunt says she is working herself to the bone in an underfunded company, which Matthew vT warned not to do

Thanks to Terry Brodie and Sol Chrom of Globe & Mail for liveblogging last week's SB summit. Not an easy thing to do.

Hunt says core trait of entrepreneurs is being "completely delusional." You need to look at the world and see something different (mkt gaps)

Hunt on delusional genius: "You probably thought Twitter was a crazy idea at first, didn't you...?"

Hunt: Next entrepreneur trait: audacity. Successful entrepreneurs don't know where they are going, they just feel their way there.

Hunt: everyone and everything will stand in your way of going forward. You need confidence to face the harsh stats of business mortality.

Next trait: Adaptability. No matter how awesome your idea is, the only thing that counts at end of day is that you find a product/market fit

Globe SB Summit Q&A: von Teichman says biz plan important in early stages, but 3 years later you won't recognize it. It's a moving entity

Hunt says Canada's SRED tax credits helped a lot. "All my American friends are really jealous"

At Globe SB Summit, marketer Tony Chapman: With social media, consumers are saying they don't want to be shouted at any more.

According to Chapman, social media has supplanted porn as the #1 activity on the web!

Chapman: Sell solutions, not a product or service. You can't provide solutions until you've listened to and understood people's needs

Chapman at Globe SB summit: "This is the time we can seize power. Small business's ability to attempt, create, and innovate."

Tony Chapman on Framing: Say, "We're the ones that..." If you can fill in the blank with something that matters, you're engaging people.

That's it for me. Thanks to the Globe for providing its liveblog summit feed at http://bit.ly/vvxcod

Think BIG

2011-11-15T16:42:00.001-07:00

Here's a quote for you to think about:

“The truth is that big thinking is always, always worth the expenditure of energy… The cost of small thinking has skyrocketed.”
Sales guru Michael Port, author of The Think Big Manifesto (Wiley, 2009).

Michael Port is trying to create a movement of people willing to think big, in both the business and social spheres.

“With small thinking we cannot grow – intellectually, spiritually, creatively, emotionally, financially. And when we cannot grow, society cannot grow. It cannot advance. It cannot develop. Small thinking is an ultimately autodestructive path.”

How does that change your thinking? What can you think "bigger" about?

Who do you know who can help you think even BIGGER?

Surprising Winners at EOY

2011-11-12T01:14:00.001-07:00

Last week I attended Ernst & Young’s Ontario Entrepreneur of the Year banquet in Toronto. I wasn't intending to write about it, but the buzz was so strong and the nominated companies so darn cool that I had to write it up for my Financial Post column this past week.

Here’s an excerpt:

Most business events celebrate the act of selling, or growth. Last week’s EOY event highlighted entrepreneurship as a creative force for good, in Canada and the world – which might surprise some of the “Occupy” protestors [see previous post] who think governments hold the monopoly on higher purpose.

You can read the full story here: http://business.financialpost.com/2011/11/07/109106/

For follow-up reading, here's a lesson in guerrilla branding that took place at the EOY dinner - featuring two former EOY winners who simply stole the show!

http://business.financialpost.com/2011/11/04/branding-lessons-from-the-fringe/

Congrats to Dani Reiss (at right) of Canada Goose, who was named Ontario's Entrepreneur of the Year. He will compete for the national title at an event in Toronto on Nov. 23.

Occupy This

2011-11-04T09:02:00.003-06:00

After attending a reception last night celebrating PostMedia’s acquisition of Sprouter – the advice service for startups – I walked through the camp of Occupy Toronto in nearby St. James Park. It was crowded, but eerily quiet for 9:30 pm.

Easily 100 tents, mostly sturdy and new, and well protected from the rain; signs everywhere denouncing banks, Stephen Harper and the IMF; a few guitar-playing troubadours hanging out by the old bandstand. There are a few large tents in which you can stand up, but most are small pup tents, meant only for crouching or lying down. There is electricity in the park, but inside the tents are dark, and cold, and I admired that people would willingly live like this.

But what are they protesting? I hung out at one sort of community discussion, where about 30 people snuggled in and around a canopied dining area to discuss “issues.” I heard complaints about colonialism, the exploitation of Canada’s indigenous peoples, Britain’s campaign in the 19th century against the Irish (“And the Scots,” added one observer, in a Monty Python-esque aside), the failures of capitalism, its roots in slavery (?!), the difficulty of finding jobs, the commercialization of culture. The discourse was conducted collegially, but somewhat haughtily (no one dared to question the contention that capitalism is rooted in slavery).

Everyone oozed concern, worry and disapproval of the current system. But I sensed no optimism. “We Will Overcome” was the anthem of protest and civil rights in the 1960s. Today’s message seems to be “We will Occupy,” as if they have no idea what victory would like. But then, when you can't clearly articulate the issues, how can you hope to find a solution?

The current economic system isn't perfect. There are inequities. Greedy people at the top take too much and/or neglect the people that our economy is supposed to serve. But how much worse are they than the labour leaders who extort cash from struggling companies and governments, or the politicians who spend money no one has in pursuit of partisan projects?

Solutions will not come from there.

At the Sprouter party, I talked to a 22-year-old entrepreneur who with little experience and almost no money has raised funds from private investors to launch an apps business that will launch next week. She has worked diligently, with her partners, for no pay, for nine months to research the market and develop a product. They have sacrificed much, because they believe their product will add value to people’s lives and that their hard work – which is still just beginning – is an investment that will pay them back many times over.

Capitalism works. It enables people to innovate – to follow whatever dreams and instincts they may have and even indulge themselves, if they wish – and to get paid only if and when their work creates value for others.

It’s a discipline that may seem harsh to those who can't find (or don't observe) that value proposition. But it’s an opportunity that is more equitable and universal than any other. It doesn't discriminate between the rich and poor, young or old, good or bad, but between those who are willing to work hard and find new ways to serve others.

At the Entrepreneur of the Year Awards the previous night, Ernst & Young paid tribute to Greg Overholt, a creative young social entrepreneur whose non-profit organization SOS (Students Offering Support) harnesses volunteer tutors at universities to raise money to build sustainable educational projects in the developing world. He’s not a conventional business person, but Bay Street bigwigs and entrepreneurs alike celebrated Overholt’s vision and enterprise. Business does care, and its sensitivities to societal problems are becoming more acute. And its solutions are usually more equitable and efficient than those dreamed up by bureaucrats.

There are many problems in society. But there are even more solutions, waiting to be discovered. While I admire the passion and courage of the Occupy movement, I don't know how many solutions will be found in their general disapproval of everything – and their belief that relief will come from anything but individual effort by small groups of disciplined, narrowly focussed problem-solvers. That’s how things get done.

Why you need to collect and display customer testimonials

2011-10-31T12:16:00.000-06:00

"When you're good, you tell people. When you're great, others say it for you."

Scott Stratten,
UNmarketing: Stop Marketing, Start Engaging
Page 99

Latest Insights from new Steve Jobs bio

2011-10-23T21:30:00.001-06:00

Here's a link to a neat story from Australia's Smart Company (http://www.smartcompany.com.au/) cobbling together some early leaks from Walter Isaacson's new biography of Steve Jobs. (It's due to be published Monday morning.) Among the revelations:

* Steve intended (and Apple may still intend) to upend the entire TV market;
* Jobs swore to "destroy" the Android platform, which he considered "stolen" from iPhone technology;
* Steve dismissed Bill Gates - whose invetsment in Apple probably saved Jobs' job: "Bill is basically unimaginative and has never invented anything ... He just shamelessly ripped off other people's ideas."
* Jobs hoped Apple wouldn't go the way of Hewlett Packard after he passed away: "Hewlett and Packard built a great company, and they thought they had left it in good hands," Jobs said. "But now it's being dismembered and destroyed."

You can read the fiull story here. Or buy the book in a few hours.

Rebuilding Small Business Week

2011-10-17T08:02:00.001-06:00

It’s Small Business Week in Canada.

So why does that mean so little to anybody?

See my column in today’s Post: http://www.financialpost.com/news/week+entrepreneur/5559637/story.html

“If we're serious about creating a robust economy for the 21st century, we should transform Small Business Week from a calendar date into a crusade…”

RiM shows some class

2011-10-17T07:24:00.001-06:00

Great to see that Research In Motion is offering its frustrated clients free premium apps worth more than $100 each as an apology for last week's service outages.

A customer-service problem like that demanded a grand, serious gesture on the company's part (see my National Post blogpost here), and RiM has delivered.

The complete selection of premium apps will become available from BlackBerry App World for four weeks beginning Oct. 19. Enterprise customers will also receive a month of free technical support.

Good to see strong statements like these from RiM's embattled management:
“We’ve worked hard to earn [customers’] trust over the past 12 years and we’re committed to providing the high standard of reliability they expect,” says RiM co-CEO Mike Lazaridis. “We are taking immediate and aggressive steps to help prevent something like this from happening again.”

Industry analyst Francisco Jeronimo at IDC said the decision could be good for RIM, if it helps more customers to discover BlackBerry app services. He said RiM has likely struck deals with app developers to keep costs down. Even so, he says, “More important than the offer itself, is that RIM is showing goodwill and being humble. They recognized the problem, apologized and now they are compensating their users.”

In my Oct. 14 NatPost blog, "overcompensate" was the phrase I used to describe how companies can rebuild trust following customer-service breakdowns. You have to prove you learned your lessons, and that you value your customers' time and loyalty.

Here is my list of 7 Steps to take when faced with a company or customer-service breakdown.

• Acknowledge the problem quickly.
• Identify the magnitude of the breakdown as soon as possible.

• Tell customers what outcome you are working toward. (e.g., How soon will power be restored?)

• Don’t just say you’re working on the problem – show it. (Make sure they see you sweat.)

• Take steps to shut-out customers as comfortable as possible.
• Acknowledge customers’ confusion and frustration.

• Overcompensate. Once the emergency is over, find creative, memorable ways to apologize for the inconvenience and thank customers for their tolerance.

You can read that complete column here.

How Steve Jobs worked his magic

2011-10-13T23:30:00.003-06:00

I've noticed a lot of traffic on this blog lately leading to a post I wrote in January 2010, "How to Speak like Steve Jobs." Given the recent revival of interest in the late Apple co-founder, I have reposted the story below.

Yesterday's release of the iPad reminds me that I forgot to point you to last week's Financial Post column, which looked at Steve Jobs' secrets of public speaking.

The starting point was a book I just read called The Presentation Secrets of Steve Jobs: How to be Insanely Great in Front of Any Audience.

The book is a useful review of standard speaking practices, with a dollop of passion and personality from the iconoclastic co-founder of Apple Computer. Author Carmine Gallo isn't a great writer, so the book rarely soars, but the general principles are worthwhile:

* "Answer the one question that matters most." Reduce complex situations to simple solutions.

* "Sell the benefit." Don't just describe your solution, explain why people should care (e.g., "Apple's Genius tool creates playlists from songs in your library that go great together, with just one click").

* "Create Twitter-like headlines." Examples: "Today Apple reinvents the phone!" "Keynote was built for me!"

* "One theme per slide." Focus on single images, not bullet points.

I was particularly pleased to see Gallo identify a story-telling device that I have seen Jobs use, but could never put a name to: “Introduce the Antagonist.” To make you see the world his way, Jobs sets out what’s wrong with the status quo before introducing his solution.

When he launched the new video-equipped Nano, for instance, one of his slides compellingly compared the ultra-thin Nano to today’s suddenly-bulky Flip camcorders (see pic at left).

You can detect the same technique in many Jobs quotes. He forces you to buy his arguments by painting a dismal picture of the alternatives.

We can all learn from this. Consider Job's famous pitch in wooing Pepsi executive John Sculley to join Apple: “Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?” Same device exactly.

To learn more about demolishing the status quo, read the full story here: http://www.financialpost.com/news/Jobs+cool/2454771/story.html

"A magazine is an iPad that does not work"

2011-10-13T21:53:00.001-06:00

As a former magazine publisher, I am very interested in the future of publishing in the digital age. Magazines will never go away - they're too attractive, fun and convenient - but lately I've come to see that the future of magazines is to publish on interactive digital devices that deliver a rich media experience. Basically, the iPad.

Here's the appeal. You want to know more about a story you're reading? Click (oops, I mean, just point with your finger) here. Want to see more photos that go with the story? Tap here. Want more information on an advertised product? Just touch it. You'll get a great reading experience, plus all the depth you like.

So this YouTube video sums it all up. A one-year-old who plays on the iPad encounters a stapled paper magazine - and wants to know what's wrong with it. Why doesn't her finger work any more? (She even taps her leg to make sure her finger's still there.)

This is priceless. And possibly the future.

Steve Jobs, 1955-2011

2011-10-05T18:26:00.001-06:00

At the dawn of the personal-computer revolution, Steve Jobs was there. 30 years later, when the computer finally became an everyday accessory( iPods, iPads), he was still there, only now he was leading the revolution.

In the 1980s and 1990s, when success was about flooding the world with confusing, proprietary systems, Bill Gates was the icon of the computer industry and of entrepreneurship. In the 2000s, this leadership passed to Steve Jobs. His vision of personal computer systems that served people – rather than the other way around – won out. And it created love, joy and unsurpassed loyalty.

Visionary, uncompromising, a born communicator, and a detail-oriented product manager who demanded the very best in his products and systems, Steve Jobs represented entrepreneurship at its best.

Those who would follow in his footsteps must insist on the best user interface, the coolest designs, an obsession with customer needs – and the never-ending need to “Think Different.”

And one more thing - a flair for drama never hurts.

Rest in Peace, Steve. You made a difference.

Apple.com's home page tonight

Seven cost-cutting strategies you may not have considered

2011-10-04T11:55:00.003-06:00

As the economy continues to stumble, businesses are looking for more ways to cut costs. Sure, they’ve been running lean for years, but as the recovery stalls, the pressure is growing to save even more.

There are many resources out there to help entrepreneurs run more efficient businesses. But here are a few unconventional ideas you may not have considered.

1. Use the Internet to find more motivated suppliers: The Web is perfect for finding alternative sources of supplies and services.

• GroupPrice.com is a Groupon-like site aimed at finding standout deals for business owners. Its weekly offers provide hefty discounts on services such as search-engine optimization, public relations, legal work, debt collection and e-commerce. Suppliers are mainly U.S.-based, but are usually happy to work with Canadians.
• HiretheWorld.com is a Canadian site that offers big savings to companies looking for creative services. Instead of paying one local contractor to create a logo or website, you can hold a design contest through HiretheWorld that could attract hundreds of designers. You select the prize and pick the winner, giving you complete control over the outcome.

2. Solicit employee suggestions: Your employees know many ways to save money on front-line activities such as procurement, production, maintenance and mail-outs but they’ve probably never been asked. Why not establish a cost-saving committee or offer a monthly prize for the best money-saving suggestions? Salute employees who join you in stamping out costs.

3. Help employees who seek flexible work: Some of your staff likely have trouble balancing work and home responsibilities. In a recent survey of U.S. adults aged 33 to 46, the Center for Work-Life Policy found that 59% of men and 65% of women feel guilty about time spent away from their children. Why not find an option that can reduce their guilt and save you money? Ask your employees if any would like to work fewer hours, or fewer hours in the office. Studies show many employees are more productive working at home, and they’ll certainly appreciate your flexibility.

4. Share the risk: Your staff understand that the company is facing tough markets. Now is a good time to ask for their flexibility in ensuring your company succeeds. Where appropriate, challenge your employees to share the risk and rewards that you face as an owner. For instance, employees might accept a pay freeze (or even a pay cut?) for 2012 if they are offered a share of the year-end profits in return. Maybe you can offer “phantom stock” (units that are priced like real shares of company, but convey no ownership rights) in lieu of some salary. Don't play hardball; in return for deferring costs now, offer employees a legitimate chance to make more money if you have a good year.

5. Look for more productive advertising and promotional channels: In tough times, the marketing budget always gets cut. But you can save even more if you divert your resources into new, cheaper marketing channels. Try pay-per-click services such as Google AdWords, which lets you narrowly focus your promotional spend and provides detailed data on your results. Experiment with employee-made videos on YouTube. Or look at sponsoring relevant industry or community events – in today’s economy, many sponsorship opportunities are going begging.

6. You get what you negotiate: Next time you get a quote from a supplier, push back. If they quote $1,000 for a piece of equipment, tell them you've only budgeted $700. Let them know you really want to do the deal, but you need their help. In tough times, many companies would rather save the deal than get list price.

7. Bring on the pros: If you feel you've exhausted all possible home-grown efforts to cut costs, why not call in a professional cost-cutting consultant? They work with many companies and know where to look for waste and duplication. Many also know how to get you better discounts from suppliers of commodities such as freight, communications services and office supplies. Some may also be able to help you cut costs by pitting rival suppliers against each other. Ask your peers if they can recommend any expense-reduction consultants, or contact local bankers or accountants for referrals.

Like sales, marketing and promotion, the business of job-cutting never ends. And the more you share the accountability, the more successful you’ll be.

This special post has been brought to you by American Express Canada. See how YOUR business can soar to new heights in the Take Off with American Express contest. Check out the new Amex for Business Canada Page here.

Get motivated! Get found! Get more business!

2011-09-28T09:42:00.003-06:00

Time to recharge your batteries and get new business ideas you can take right back to work and implement! The Vancouver-based SOHO Business Group is presenting its annual SOHO/SME business conference in Vancouver this Friday, Sept. 30, and in Toronto on Wed., Oct. 26.

SOHO is the Canadian champion at putting on these shows. They always provide great guest speakers, relevant and timely topics, and the best conference content around. And the price is right!

Here’s the lineup of the Vancouver show:

OPENING KEYNOTE: Get Motivated! Developing Million-Dollar Habits For Success
with the matchless Peter Legge, author and speaker,
CEO of Canada Wide Media Ltd.

7 Proven Strategies for Getting and Keeping More Money in Your Business
Tracey Lundell, Small Business Banking, TD Canada Trust

Design Your Business To Get The Performance and Life You Want
Anurag Gupta, Founder, The Difference Engine

Google Demystified - Tips for Better Rankings
Jeff Quipp, Founder & CEO, Search Engine People

Your Roadmap to Success: An interactive interview with 2010 Ernst & Young Entrepreneur of the Year Award winner Emad Yacoub, owner of The Glowbal Restaurant Group

How to Do Business with the Federal Government
Ravinder Rakhra, Regional Director, Public Works and Government Services, Canada

Blogging, SEO and Social Media Tips
John Koetsier, Senior Manager, Online Media for Canpages

The Art of Networking!
Sue Clement, President, Success Coaching

Expert Panel Session: Proven Social Media Strategies for Business
Facebook? Twitter? LinkedIn? What Else? Learn from industry experts on how to maximize your online presence in a growing and competitive social media world
Chris Breikss, Co-Founder, 6S Marketing
Rajan Sodhi, Vice President Marketing & Communications, Peer 1 Hosting

So what are you waiting for? Click here to register for the Vancouver show Sept. 30. It's at the Hyatt Regency, 655 Burrard.The Toronto show (Oct. 26) will be held at the Sheraton Centre Hotel, 123 Queen Street W. I’ll post the lineup soon. And hopefully I'll give you a bit more notice.

Just a great quote

2011-09-26T11:55:00.001-06:00

We all have two choices in life: to live consciously and purposefully, or not.

Which is summed up by this great quote I found on Twitter from twitterer @KeltieZubko, who describes herself as a writer and publisher in Western Canada. She posted today:

"There are two ways to sleep well at night -- be ignorant or be prepared." (Simon Black)

Entrepreneurs know that preparation is the key to success. I am always striving to prepare more. I made a rule once to always prepare for a meeting two days in advance. It's a good rule that I wish I could abide by more often.

While we're here, Keltie offers a few other choice quotes on her intermittent Twitter feed.

"Free speech is the gift you give to your worst enemies so you can keep it for yourself." (Douglas Christie, Cdn lawyer)

"Is it just me or are brains today suffocating in information and starving for wisdom?" (Terry Small)

John McPhee on writing a lead: It should “shine like a flashlight down through the piece.” http://tpr.ly/9zzr6r

"It's never too late to be what you might have been." (George Eliot)

"Write every day. Regaining momentum takes three times as much energy as sustaining momentum." (Daniel Pink)
"Sure I am of this, that you have only to endure to conquer." (Winston Churchill)

And finally, a great quote that seems to be from Keltie herself:
"Those who make the most mistakes will go far, as long as they don't give up."

Dragons' Den returns Tonight

2011-09-14T14:18:00.000-06:00

Just a reminder that Dragons' Den returns tonight at 8 pm in most parts of Canada.

I think DD has become the most important show in Canada's history in terms of promoting entrepreneurship and, more importantly, entrepreneurial values (things like understanding opportunity, identifying how you create value, testing your plans by talking to customers, and collaborating with mentors, investors and other stakeholders). It's quite ironic that it took a Crown corporation to do this. We're seeing more business-oriented shows creeping on to our TV listings this year, but none has the dynamic and built-in audience identification of Dragons' Den.

Note that there's a new Dragon in the den this season: Bruce Croxon of Lavalife has replaced W. Brett Wilson. Brett certainly became a viewer favourite during his time on the show, for his unique personality as well as his personal commitment to supporting good people and socially beneficial businesses. But truth to tell, I thought he spoiled the dynamic of the show a bit; when the other Dragons cynically passed on investing in companies that didn't meet their investment objectives, he would often find ways to bend the rules in order to support the unloved entrepreneur anyway. It was good business for the pitchers, but seemed to violate the show's own rules about "You either get all the money you ask for, or you get nothing."

I had a chance to watch some of the tapings last spring, and I can assure you that Bruce Croxon is a good guy, but a hard-nosed investor. No free rides this year!

Business owners ready to take risks, but not to raise prices

2011-09-09T17:21:00.000-06:00

The squeeze is on Canada’s entrepreneurs, as costs are rising but most lack the confidence to raise prices in return. Yet, as the economic slowdown grinds on, more of them are saying they are willing to take risks to grow their businesses.
These are the paradoxical findings of the latest quarterly American Express Small Business Monitor poll, conducted in late July-early August 2011. According to the poll of 720 Canadian entrepreneurs, 47% of small business owners are protecting their customers and employees against rising prices, hoping that the resulting loyalty benefit will offset the immediate financial hit.

Of course, they have other choices. Some 52% of business owners say they’d rather reduce overhead costs in general than raise prices, while 48% say they're cracking down on accounts receivable in order to improve cash flow (48%). Some 36% are balancing the books by cutting travel and entertainment budgets.

Only 20% of Canadian entrepreneurs said they were willing to reduce perks for customers, and just 18% per cent were willing to reduce perks for employees. Only 12% said they were willing to reduce staff wages or benefits.

When they’ve had to raise prices, 78% of entrepreneurs say they’ve taken steps to make those increases more palatable. That includes explaining the reason for the increase (61% of entrepreneurs), extending payment terms (18%) and offering discounts to customers who pay early (16%).

But here’s the rub. According to the survey, 54% of the business owners who have raised prices say they experienced little or no customer resistance.

It’s often been said that business owners are more reluctant to raise prices than their customers are to pay higher rates – and this could be one of those times.

Eric Nielsen, VP and general manager of Small Business Services for American Express Canada, says the survey findings point to a positive strategy for business owners feeling squeezed. “The most uncertain of times can create the opportunity to be innovative and adopt new pricing strategies,” he said in a release. “Business owners are having success when they support the new price points with tactical customer communications explaining the rationale for change, or strategic enhancements to their service experience.”

(You might also try a trick I learned from a friend in retail. When margins are tight, raise the prices on just a few of your offerings. Choose those that are hardest for customers to compare – say, on custom packages or unique services that your closest competitors don't offer. Be prepared to offer a compensatory discount if customers complain – but experience suggests they’ll barely notice.)

Why are so many businesses feeling the pinch? According to the Amex survey, during the past year business owner have struggled with above-normal price increases in motor fuel (78%), heating oil/natural gas/electricity (40%), travel (37%) and insurance (34%).

A full 68% of business owners say they’ve also been hurt by suppliers’ price increases. In fact, 51% have switched to competing suppliers with lower prices as a way to mitigate the impact.

The goods news overall: 74% of entrepreneurs believe their companies are financially strong enough to weather another recession. Nearly half (47%) report an improvement in their business’ current financial position, which is a 14-points improvement over last quarter (33%).

Finally, more (28%) say they are willing to take risks today than they were three months ago (22%). And 37% indicate that growing their business is their No. 1 priority, up six points from last quarter (31%).

So go ahead and raise those prices. Respectfully, of course.

Four Resolutions for the New Business Year

2011-09-01T13:06:00.004-06:00

With summer fading and Labour Day roaring 'round the bend, I want to wish you a safe and fun long weekend. Next week, there will be a new renewed sizzle in the air as everyone's minds turn back to business, mastering that all-important fourth quarter, and planning for 2012.

I've always thought that Labour Day marks the true start of the new business year. To mark the occasion, reprinted below is a slightly condensed version of my Financial Post column on four new years' resolutions for your business, originally published on Sept. 1, 2009. Happy New Year!

Forget New Year’s Eve and the ball dropping in Times Square. With Labour Day coming and pucks dropping in towns and cities across Canada, this week marks the start of the real New Year, especially in business, where entrepreneurs and executives are now shifting their mindset from managing vacation schedules to executing freshly minted budgets.

Here are four New Year’s resolutions to help you get your business in better shape.

• Take a fresh look at your business, through the eyes of a customer. Hire a mystery shopper to walk through the customer experience at your business and report back, or just think through all your processes and systems that touch clients. Either way, you must identify and root out any discordant element that prevents prospects and customers from experiencing your company the way you would like them to.

Here are just a few things drive customers crazy: old brochures, out-of-date (or tired) websites, or client-facing employees who don't share your passion for your products and customers. You also have to blow up the roadblocks that prevent people from doing business with you, whether they’re stringent credit policies, delivery delays, or tedious online registration systems.

Forward-looking companies track and measure the customer experience, then set standards to ensure that everyone receives consistent quality service throughout the journey from curious stranger to valued client. Even the smallest business can set customer-response standards (e.g., phones answered within three rings; messages returned within one business day), or track conversion rates to see how many inquiries become genuine leads, and how long it takes to complete the sales cycle.

• Invest more in training your people for this tougher new economy. All your staff must be miracle workers (and not in the sense that if they're working, it’s a miracle). It’s their job to turn raw resources (time, money, or metal and plastic) into value-creating products and services, or to transform ordinary customers into raving fans.

If some staffers aren't big on miracles, reorient them or invite them to seek fulfillment elsewhere. Most people can be salvaged with a consistent application of entrepreneurial zest: help them understand how dependent your company is on their actions, and give them the training they need to perform their jobs right.

If your training budget is tight, pair up underperforming employees with mentors or “change buddies” within the company. This gives troubled employees a chance to recharge their batteries, learn new skills, and ask questions they might feel embarrassed to ask their boss. It may also revitalize older or superior performers, who will benefit from learning to put into words the skills and attitudes that have made them successful.

• Cull the herd. If training and retraining don't work, get rid of underperformers. This is a great time to find motivated new staff: there are many unemployed and underemployed people eager to work for a leading-edge company such as yours. (No idle flattery: if you weren’t a sophisticated, results-oriented leader, you wouldn’t have read this far.) Plus, with the gradual return of economic confidence, good performers who are already employed will be less wary about leaving secure jobs for new opportunities.

Be a wolf. At the Brookfield Zoo in Chicago, I learned that the recent reintroduction of wolves into Yellowstone Park has helped other species, including prey, in the region. With wolves back in the picture, sick and diseased deer are now culled early, before they can infect the herd. Result: the remaining animals are healthier and breeding more successfully. (In business, we call that productivity.)

• Say “thank you” every day. This simple resolution won't require trips to the gym or costly consultants. It simply reflects your dependence on other people’s good will for your success – and the karmic benefits that result when you thank others for the differences they make in your life.

You may still have the first thank-you note you ever got from your boss. All your staff want to hear from you more often, to know that they're on the right track, that they're recognized, and that their efforts are appreciated.

Written notes, especially in this email era, can have a lasting effect. But they're not just for employees. Make sure your industry partners – customers, suppliers, bankers – know how much they mean to you. Post them a thank-you note, invite them to lunch, send them a little gift. No strings attached.

You’ll not only bolster a relationship. You’ll restart dialogues that could result in valuable business tips, new opportunities, repeat business and referrals. Your colleagues and staff already know how important they are to your business. They're just waiting to see if you do.

Catching up

2011-08-26T20:05:00.000-06:00

New posts on this blog have been ascarce this month. But that doesn't mean I haven't been busy. Here are some links to catch you up.

"Seven new ways to lead," from the June issue of PROFIT Magazine. http://www.profitguide.com/article/28400--the-new-way-to-lead

"Vision leads the leader" - a blogpost at PROFITguide
http://www.profitguide.com/blog/rickspence/40288--vision-leads-the-leader

Win anyone's attention attention with three sound-byte steps
http://www.profitguide.com/blog/rickspence/39737--three-sound-bites-that-win-attention

The growing role of angel investor groups
http://www.profitguide.com/blog/rickspence/37537--canada-s-angel-investor-groups-take-flight

“Businesses that want to improve performance need to improve their performance management"
http://www.profitguide.com/blog/rickspence/35522--managing-employee-performance-is-key-to-outperforming-the-economy

Monitoring your staff performance without making them nervous
http://www.profitguide.com/article/9946--monitoring-staff-performance

Can founders be leaders?
http://www.profitguide.com/article/30678

Counting down till GROW 2011

2011-08-09T22:41:00.001-06:00

As summer continues its sunny way south, entrepreneurs in British Columbia have a terrrific conference to look forward to next week: GROW 2011.

It's a comprehensive look at next-generation web companies and innovative business models, with oodles of successful Silicon Valley entrepreneurs and a very creative framework that includes a day of mentoring and an outdoor activity day for serious networking, BC-style.

You can read more about it in my column today in the Financial Post.

Excerpt:
It has been 10 years since Wikipedia began, and 20 years since Gopher became the first common Web browser. The Internet domain name system was established in 1984, and in 1976 Queen Elizabeth II became the first head of state to send an email – a mere 35 years ago.
Clearly, the Internet isn’t new any more. Yet, as Google Canada recently pointed out, nearly half of Canadian businesses still don’t even have a website.
For more and more, however, the Internet isn’t about mere “websites” any more than the post office is about delivering personal letters. The Internet is transforming businesses and entire industries, turning product and services producers into communications and logistics innovators...

For the rest of the story, click here.

Blogging for billions

2011-07-20T09:12:00.001-06:00

Sometime last week, this blog hit another milestone: our 200,000th visitor!

This is exciting because it took us 4.5 years to get to the first 100,000, and just 21 months to double that. And the latest 50,000 came in just 8 months, for an average of more than 6,000 visitors a month, or more than 200 a day.

Pretty good for a blog that never mentions Justin Bieber.

Of course, all this comes against the inevitable background that I've been posting less often on this blog lately. This inspires me to do more, but realistically, you should also follow me on Twitter. That's how business junkies get their news today!

Thank you for your support.

Note to a Young Entrepreneur

2011-07-20T08:50:00.002-06:00

A young Canadian entrepreneur starting a video-production company asked me for some advice on finance and "getting the word out."

Here is my response:

"Institutional capital is rare for new service businesses. Friends and family is the usual solution to startup capital in situations like yours.

Your best bet would be to look into the Canada Youth Business Foundation, which offers low-rate loans to entrepreneurs under 35. Better still, each loan comes with a mentor and mentoring process to help guide you along the way.

Marketing yours services is all about measuring the benefit you have created for other people, and communicating that information to more people like them. So it's in two parts:

1. Gather testimonials from all of your satisfied clients - get them to specify how you helped them, how great your service was, how much money you saved them or how you directed them to the best solution, etc. (The more detailed, the better.)

2. Communicate the message of how you help people. Start by identifying your target market and finding the best way to reach them (posters, brochures, ads, e-mail, Google ads, press releases, website?). Then start hammering home the message in a helpful, over-the-top, eyecatching way.

Rinse and Repeat.

Does this help?

Rick

What other advice might you offer?

The Market Research Dilemma

2011-07-11T14:06:00.003-06:00

Yesterday I got an inquiry from an entrepreneur I'll call Ruth. She is setting out to start an upscale health-services business in Toronto, and was looking for industry-specific market research to help her pick the best locations to target.

Sadly, her request was too specific for me to offer any immediate help. But I tried to steer her in the right direction with some general advice, which I'm happy to share with you, too. Here's what I told her.

Hi, Ruth. I wish you luck in your venture, but I am afraid I am not an expert in market-research sources for specific industries. I would think, however, that any neighborhood in the city with larger, more expensive homes (e.g., Bayview Village, Rosedale, North Toronto, York Mills, the Kingsway, etc.) would fit your target market, and that information is readily available through the press or the Toronto Real Estate Board.

For specific industry stats, you might consult sources like StatsCan or Scott's Directories. My suggestion is that you call a reference librarian at the Toronto Reference Library and tell them what you are looking for; they are very helpful and can probably point you to sources that you and I have never heard of.

Here are some ideas on sources to get you started: http://torontopubliclibrary.typepad.com/business_personal_finance/market-research-statistics/

And don't forget the potential of doing your own market research. There are lots of cheap ways to gain market intelligence using personal polltakers or online surveys. You could even look for friends or locals who live in target areas and ask them to hold a focus group for you to pick their friends' brains regarding demand for your business idea. Most entrepreneurs skip this step, even though it could save them so much grief (and money!).

Best of luck! Let me know how things go.

Rick

July 1, 2011

2011-07-01T15:45:00.000-06:00

Just a note to wish the readers of this blog a Happy Canada Day!

144 years ago, on July 1, 1867, four small, scared, and suspicious British colonies in North America formed a Confederation to provide for more secure trade, defence and economic growth. The fruit of that visionary decision is today’s Canada, a confident, well intentioned nation that stands as a beacon to peace-loving people around the world.

While not as well known or prosperous as our neighbour the United States, Canada shows that national purpose and success can be found by different paths – whether it be violent revolution against a vexatious mother country, or gradual disengagement through diplomacy and good will. Together, Canada and the U.S. are a magnet for goods, ideas and people throughout the globe, and the most successful economic partnership in history.

A salute to all things Canadian. Shut off your Blackberry, bite into a Macintosh apple, enjoy some maple butter, grab a Molson, or finish your painting chores this week with a paint roller – all of them products of Canadian ingenuity and commerce. Have a safe and sunny weekend!

And all best wishes to our U.S. friends and family for a glorious Fourth of July!

This will change the way we use the Internet

2011-06-17T09:46:00.003-06:00

The National Post seems to have liked my column this week on ICANN's next-generation domain names. It's promoted three times this morning on the "NP Entrepreneur" home page (see photo).

The story suggestion came from Naseem Javed, corporate-naming expert and founder of ABC Namebank. He's really excited about the new opportunities that will emerge out of the creation of a whole new set of domain names: instead of dot-com, you can have dot-blog, dot-Kodak, dot-Calgary, dot-anythingyouwant.

There are a few catches. One, the regime has yet to be approved by ICANN, the world's top domain decision-maker. (But the betting is it will be approved next week.) Secondly, simply applying for one of these "generic top-level domains" will set you back $200,000 or more.

But as Javed points out, once you own one of these gTLDs, the opportunity to become your own domain-name registrar by selling lower-level URLS to other businesses (music.vancouver, police.vancouver, hockey.vancouver, plateglass.vancouver) could be huge.

As the story says:
"Up for grabs are some of the world's most valuable names and words: dot-hockey, dot-travel, dot-music, dotmontreal, dot-toronto. No suffix (i.e., dot-com, dot-ca) required. This will change the way businesses and people use the Internet; and although ICANN has been planning this change for three years, it's still mainly just the geeks who know about it."
Click here to read the complete story.

The Myth-Busters of Startups

2011-05-25T07:56:00.001-06:00

Some interesting myth-busting from the results of a bank survey released today:

One-third (32%) of Canadians who don’t own a business like the idea of being their own boss and one-fifth (20%) are thinking about starting up their own business within five years, according to the most recent RBC Canadian Consumer Outlook.

“Considering 12 per cent of Canadians are currently self-employed, seeing another 20 per cent interested in being their own boss is indeed significant,” said Mike Michell, national director, Small Business, RBC.
When it comes to starting a business, the top two challenges identified by those who don’t own a business are getting enough money to start or expand (28%) and finding clients (14%).

However, existing business owners say different. According to the latest RBC Small Business Survey, 66% of business owners said finding enough clients was a key challenge. Only 15% felt that getting enough money to start or expand their business was a key challenge.

The experience of existing business owners also contradicts the perception of 40% of Canadians who think it takes up to three years for a new business to start making money. In fact, 41% of business owners surveyed said it took less than a year for their business to break even.

Here is RBC's list of top business-building tips, as expressed by its survey of Canadian business owners:

Focus more time on networking – develop alliances, join industry associations, attend as many events and seminars as possible.

Aggressively solicit clients – spend more time marketing your business. Understand the clients’ needs and how your business will meet those needs.

Seek as much help or advice as possible – find a mentor or look to other business owners to draw on their experience.

Develop a comprehensive business plan and review it regularly, especially in growth phases.

Obtain financial advice early in your planning to secure financing in advance.

Know your competition well and research the market.

Best bosses, your next video, perfect pitch and Having It All

2011-05-04T21:31:00.002-06:00

Here are some links to a few of the subjects I've been blogging about recently for PROFITguide, the online home of PROFIT Magazine.

Just click on any title to be instantly transported to the story.

* How the best bosses behave

Ten tasks great bosses love to do

* Do's and don’ts of your corporate video

Why and how you need to become more adept at using digital video as a communications and marketing channel.

* Serving up a perfect pitch

Entrepreneur Neil Raj's formula for winning firends and influencing investors

* You too can have it all!

Karen Stewart's eight tips for the next entrepreneurial generation

You’ll find lots of other great resources at www.profitguide.com, including editor Ian Portsmouth’s Business Coach Podcast and Peer-to-Peer, the feature in which real-life entrepreneurs answer each other’s most nagging business questions. Check 'em out.

Deadline looms for Small Biz Big Impact contest

2011-04-27T11:08:00.000-06:00

You have just three few days left to enter Scotiabank’s Small Business BIG Impact Challenge.

In partnership with the Canadian Federation of Independent Business, Scotiabank wants to recognize and celebrate the impact small businesses make across Canada. Almost anyone can participate.

Up for grabs is $30,000 in prize money, in three categories.

Employment: For businesses that create jobs and whose employment practices reflect and support their community’s needs.

Products or Services: For businesses that offer innovative products and services, or unique ways of doing business.

Leadership: For business owners who have played a key leadership role in their communities, over and above their role in the business.

One winner in each category will win $10,000, plus media exposure and promotion.

Business owners can enter here by submitting a written response to three questions, and/or, you can upload a video of your business to tell your story.

If you want to recognize a business owner who is making a difference in your community, click here to send them an email and tell them about the Challenge.

To support your local businesses, look them up in the "Gallery", and vote! Public votes will help winners reach the semi-finalist round! Winners will be selected based on a combination of impact to the community, quality of the entry, and number of votes.

Contest entries close on April 30.
Winners will be announced June 1.

For more information click here.

If you have questions, email bigimpactchallenge@scotiabank.com

Finding customers: The Game's Afoot

2011-03-30T23:42:00.001-06:00

Reading an old story recently from The Adventures of Sherlock Holmes, I found a unique description of what I call "entrepreneurial inertia."

The story, written more than a century ago, is called "The Adventure of the Engineer’s Thumb." In it, Sir Arthur Conan Doyle tells the sad tale of Victor Hatherley, a hydraulic engineer who recently started his own practice. Mr. Tatherley then got into a spot of trouble; he should have Googled his mysterious new client. Afterwards, he came running to Sherlock Holmes for help. Here's how he starts his explanation:

"Two years ago, having come into affair sum of money through my poor father’s death, I determined to start a business for myself and took professional chambers in Victoria Street.

“I suppose that everyone finds his first independent start in business a dreary experience. To me it has been exceptionally so. During two years I have had three consultations and one small job, and that is absolutely all that my profession has brought me. My gross takings amount to 27 pounds, 10 shillings. Every day, from nine in the morning until four in the afternoon, I waited in my little den, until at last my heart began to sink, and I came to believe that I should never have any practice at all.”

It's no mystery why this man had such a dreary experience. He didn't even try to market his business. He sat around and waited for customers to find him!

Sadly, a lot of business owners still do the same thing; sit around and wait for business to find them.

What about you? What have you done this week to attract new clients and get a "sure lock" on your market?

Searching for Canada’s Fastest-Growing Companies

2011-03-25T17:14:00.000-06:00

If you run a fast-growth company, or know someone who does, time is running out.

You have just a week to apply for a listing on the PROFIT 200, Canada's authoritative listing of hyper-growth heroes.

For 23 years, the PROFIT 100 has turned successful entrepreneurs into the heroes of Canadian business. Now you can be one of them!

This year, PROFIT magazine is expanding its ranking of Canada’s Fastest-Growing Companies to recognize 200 of the nation’s most entrepreneurial enterprises. If you qualify for the list, you’ll join such notable alumni as Research in Motion, Globalive Communications and WestJet Airlines.

You’ll enjoy many great benefits as a PROFIT 200 company, including coverage in the June 2011 issue of PROFIT Magazine and online at PROFITguide.com. PROFIT 200 leaders also receive an exclusive invitation to the PROFIT 200 CEO Summit, Canada’s most rewarding conference for entrepreneurial achievers.

Your PROFIT 200 ranking can also attract new customers, employees and business partners—and lead to higher sales.

The entry deadline is March 31, 2011.

Apply now at http://www.profit200.ca.

For more info, visit http://www.profitguide.com/events

Where I'm Spending My Time

2011-03-25T17:03:00.002-06:00

I'm afraid I've been under-serving this blog lately. I even missed celebrating its sixth anniversary, four weeks ago. Yet traffic remains very high, and March 2011 will probably set a record for most visitors in a single month.

Which just shows the power of online content. It keeps working for you even when you’re not working for it.

I will try to blog here more often. But keep in mind that I am also blogging for PROFITguide and the Financial Post (in addition to writing regular columns for both). So if I'm not updating here frequently enough for you, you can always find me there.

And feel free to follow me on Twitter. I've been spending a lot more time on Twitter lately. This free short-messaging service takes the idea of blogging and turbocharges it to match today’s faster pace (and shrinking attention spans). You can follow your favorite people’s blog-like musings in a few minutes, since no single post can be longer than 140 characters, or about 20 to 25 words. Keeping insights so short is a challenge, but it makes the overall learning experience more fun, for writers and readers both.

If you haven't signed up for Twitter, you should do so now. You don't have to “Tweet” if you don't want to. Just follow people you know or admire. It’s a great way to get regular exposure to your favorite writers and thinkers. It’ll open your eyes and mind to new ideas, business news, people, opportunities and events. I liken it to reading people’s minds – you get to see what a whole lot of bright people are thinking about every day.

And keep checking this blog. We're not done yet.

How to Annoy Your Dragons

2011-03-03T10:38:00.000-07:00

In February I took part in the opening auditions for the next season of Dragons' Den. It kicked off more than a month of auditions all across the country. They're now going on, and you can find more details here:
http://www.cbc.ca/dragonsden/audition/

My column for the National Post summed up my experiences auditioning "pitchers" who want a chance to sell their business ideas to the Dragons on national TV next year. As I wrote, "If you want to make it on Dragons' Den — or impress any kind of real-life investor -- you had better not make the kinds of mistakes I saw during my deputy day."

Here's the short version:

Misunderstanding investors' motives The Dragons, like most venture-capital investors, only want to invest in scalable businesses. If you don't know what that means, you haven't got one.

Not knowing your market How many people will buy your product? When? These are essential calculations, even if they're mainly guesswork.

Never confuse a capitalist Keep your pitch clear and simple.

Not understanding your customers Don't wait to talk to customers till your product or business plan is picture-perfect — make them consultative partners from Day 1.

Being afraid to give up equity A venture investor won't make any money unless you do, too.

Neglecting to tell a coherent story Let investors know (briefly) where your idea or product came from, why this opportunity is huge, and why you're the best partner to pull all this off.

Click here to read the full story.

Puncturing the Low-Price Myth

2011-03-02T08:25:00.000-07:00

My column in this week's Financial Post looks at a common myth: that you should never market your business or product based on price alone. Business and consumers alike are looking for more value today than ever: if you can sustain that advantage over time, why wouldn't you promote it?

The column focuses on U.S. entrepreneur Jerry McLaughlin and his company Branders.com – a promotional-products retailer that restructured itself to be the low-price leader in its niche. It has never looked back.

Excerpt: Immediately after reducing its prices across the board,

“the percent of website visitors who made purchases shot up to 65% from 15%. McLaughlin says profits on the additional sales more than made up for the lower profit margins: ‘That means we should have done it anyway, whether it was our long-term strategy or not.’"

You can read the full story here.

Open auditions start Saturday for Dragons' Den!

2011-02-10T23:16:00.007-07:00

Here’s a phrase I never thought I’d see: Dragons’ Den, Season 6.

The CBC’s hit business show begins open auditions for the next fall season this Saturday, Feb. 12, at the CBC broadcast centre in Toronto. Aspiring entrepreneurs and inventors are invited to show up between 10 am and 5 pm to demo their products or ideas for a chance to appear on the show and pitch to the Dragons themselves.

The celebrity Dragons are unlikely to be at the audition, so you can expect to meet a corps of steely-eyed Deputy Dragons, one of which will be me. I think this will be my fourth year of interrogating potential pitchers. If you're not prepared, don't expect me to be very nice.

Pitchers are expected to sound smooth and professional, and to be able to answer tough questions like:

• What’s the market for your product?

• Why would anyone buy this?

• What kind of sales have you had so far? (If none, we may ask “Why?”

• How much money would you like from the dragons? What would you use it for?

• How much equity in your business are you prepared to give up in return for this investment?

Did I mention that you only have five minutes? And I usually interrupt people and start asking questions at about the 30-second mark. (Dragons are impatient beasts.)

If you can't make it this Saturday in T.O., the show’s producers are hitting the road to come to you. This year they intend to hit a whopping 36 cities, which is a testament to the success of the show and the entrepreneurial abilities of Canadians.

The roadshow begins Feb. 17 in Victoria and ends March 28 in Yellowknife (how cool is that?). The final audition will be held again in Toronto on April 2. (Some dates may be subject to change.)
Click here for the full schedule: http://www.cbc.ca/dragonsden/audition/

Interested entrepreneurs are asked to apply online at www.cbc.ca/dragonsden. You'll save time by bringing your completed application form to the audition.

Canadians have fallen in love with Dragons' Den. The January 12th special “Second Chance” episode drew a series high of nearly 2.2 million viewers – a higher audience than many U.S. series get, with 10 times the population.

If you love the show, you may be interested in a behind-the-scenes look at how the show started – including how Kevin O’Leary insulted Robert Herjavec the first time they met. Click here for the full story.

And here’s a cool blogpost by show consultant Sean Wise explaining where so many pitchers go wrong.

Hope to see you Saturday!

How to improve your blog

2011-02-01T16:07:00.000-07:00

A friend asked me recently to comment on his blogposts. So I checked them out and sent him a few comments. Then I thought, hey, that might make a good blogpost!

In the end, I came up with 5 points. And they are so basic, so easy to understand, that I decided to try to compress them into 140 characters, or about 25 words. So here you are: my first blogpost that was also a single tweet on Twitter.

5 rules to improve your blog:
* Get to the point fast;
* Stay out of the story;
* Focus on readers' needs;
* Protect Brand You;
* Stick to 1 big theme.

Let me know if you'd like me to elaborate on any of these points.

(I wonder what else could be compressed into a single Twitter post...? How about the 10 Commandments:
Top 10: No other gods; no idols; don't say O God!; sleep in Sunday; honor mom & dad; don't kill, steal or lie; nix to adultery; no jealousy.
140 characters. Bingo!)

2 questions on modern marketing

2011-01-30T15:31:00.001-07:00

Based on my recent columns on marketing in the National Post, I received a brief email asking me two questions:

1. What percentage of sales should be spent on a marketing budget?

and
2. What are the criteria in choosing a marketing agency? Because everybody promises you everything underneath the sun.

The author didn't tell me anything about his business, so I answered rather generically.

1. I don't think there are any hard and fast rules, but I don't think your marketing budget should generally be more than 5% to 8% of sales revenues. Of course in some industries (movies, soft drinks), it's much more. It basically depends on what you sell, how you sell it, and what kind of margins you get.

2. "Marketing agencies" can be very different things: PR agencies, web marketers, etc. I think the best thing to do is talk to some of the agency's other clients to find out what the agency accomplished for them.

Make sure you inquire about the sort of work that you're interested in buying. For instance, your questions would be very different depending on whether you just wanted a pretty website, or you wanted to boost sales through your website.

Marketing should always have goals and metrics attached. So make sure you find an agency that meets objectives and creates results for its clients.

All the best.
Rick

Best Entrepreneurship Quotes, Week 35

2011-01-11T21:19:00.001-07:00

“The problem with first impressions isn’t that they're not important (They are important! They're critical!), but that we have no idea at all when that first impression is going to occur… That’s why authenticity matters.”

Seth Godin, numero uno marketing guru, explains in his 2005 book, All Marketers Are Liars, why authenticity and consistency matter so much to your brand or business.

The customer is not a passive consumer of your marketing; they interpret it the way they want to. Or as Seth says, "The reason authenticity matters is that we don't know which inputs the consumer will use to invent the story he tells himself."

Front & Centre: Canada's Future in a Global Marketplace

2011-01-11T20:58:00.002-07:00

My Financial Post columns lately have dealt with an unusually weighty subject: the future of the Canadian economy in a global marketplace.

I have just had too many conversations lately with people who despair of the current economy and think that the way ahead is to return to the high-tariff world of the 1970s, when jobs were steady and black clouds of smoke belched from prosperous, stable factories on the outskirts of town.

There is no going back. Nor should we want to. The global economy may have taken our low-skill manufacturing jobs, and may be gunning for the high-skill jobs next. But it puts us right where we want to be: selling civilization to the rest of the world.

Canadians are in an enviable position to sell the goods and services that can build cities and developing nations: dams, roads, public services, skyscrapers, malls, governance institutions, stock markets, schools, mines, refineries, even (ironically) factories. So many developing nations are ready to splurge on high-quality infrastructure, and who better to sell it to them than us – who have built such a great country at 20 below zero?

Our economic future lies in selling services and high-end products to an emerging class of countries that want these products and can pay for them. We’re not the only people who are trying to sell this stuff – think of Europe and the Americans. But we have unique advantages – a more multicultural society than any in Europe, and a stronger and more respectful “worldview” than the Americans.

Look at the success of companies such as SNC Lavalin, which has become a global powerhouse building superhighways in Britain, ports in Spain, power-management systems in India, Central America and the Balkans, power plants in Algeria, refineries in Venezuela, gas plants in Oman... This is our future.

This opportunity is ours to seize. Or lose.

We need more entrepreneurs. People who see the opportunities in change, not the drawbacks. Skilled people who confident of their abilities and able to build trust with customers in all parts of the world. Instilling these skills and values in Canadians should be Job 1 for our governments and schools.

We can change the world.

You can click here to read my Jan. 3 column, “Prepare for the great global tournament.”

Click here for this week’s follow-up column, “Canada's future lies in knowledge.”

Your 2011 Guide to Business Resolutions

2011-01-01T15:23:00.001-07:00

Just in time for your New Year’s makeover, here is my list of 11 resolutions for business owners in 2011. (Top 10 lists are so Old Year.)

1. Make this a year of opportunities. Look for ways to expand your market reach, develop new products, or deepen your relationships with customers and suppliers. Most of your competition is still waiting for the economy to conclusively improve before taking chances and investing in the future. Now is your chance to seize the initiative and establish clear market leadership.

2. Leverage your strengths. If you have strong credibility in your market, look for opportunities to offer more in-depth services for current customers; they trust you and want to do more business with you. If you're a whiz at product development, accelerate upgrades that offer additional features and benefits – then promote the heck out of them.

3. Explore new geographic markets. Pick a promising country or region and get to know what makes it different. Study its culture and business practices, get out and meet business people from that region, and chat up other Canadians who have tapped that market and learned valuable lessons. The future of Canadian business lies in selling to the rest of the world.

4. Look for ways to add more value. In tough times, most marketers look for ways to claw back some of the value they offer their customers, as a way to preserve margins; you can stand out by offering more. Henry Ford said it best: “The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed.”

5. Appoint someone on your team to explore opportunities in social media. I'm pretty sure I said this last year, but now I really mean it. Facebook, Twitter, YouTube and Groupon are growing faster than anyone dreamed. They are changing the way we communicate, and you have to learn to make them work for you.

6. Focus on corporate culture. More and more entrepreneurs I know are recognizing that their best most enduring, and possibly their only competitive advantage is their companies’ culture. With the right culture, you can move faster, out-serve and out-innovate the competition. And you’ll hold on to more of your best people and naturally attract more of the right people.

7. Hire better people. To grow the company, you have to recruit more senior people with greater skills and experience. You may have to pay some of them more than you pay yourself. But that’s okay – you have equity.

8. Invest in your best employees. Some of your staff aren't going anywhere and don't deserve any coddling But the best of them deserve more attention and nurturing than they're likely getting now. Help them upgrade their skills; give them new challenges to tackle. Help them learn, grow, and prove themselves.

9. Give your staff a big audacious goal to focus on this coming year. Present them with a challenge that will compel them to dream bigger, think harder, and innovate and collaborate in new and energizing ways. Be prepared for lots of new ideas and suggestions. While you can't be expected to follow up on them all, be aware that you will be expected to put your weight behind the best ones.

10. Find a mentor. Join your industry association. Create an advisory council or a customer advisory board. As you upgrade your company, you have to become much smarter and more resilient – and only other business people can help you do that.

11. Make yourself more interesting. Book a die-for vacation, take up an adventure sport, hone your artistic talents, set yourself an impossible challenge. The more interesting and memorable you are, the more other people will want to be around you. It will also make you a happier, more confident and well-rounded leader. Why, 2011 could be your best year yet.

(Adapted from my National Post column, Dec. 27, 2010)

A Christmas Business Model

2010-12-28T13:21:00.001-07:00

I know it's a little late to be talking about Santa Claus, but my Xmas card/Dec. 24 post generated a compelling response from one of my favorite business thinkers, Donald Cooper, so I didn't want to wait till next Christmas to share it with you.

My previous post asked if Santa qualifies as a true entrepreneur. Donald's reply ran thusly:

"Rick, as I give your Christmas message more thought, there are many observations re your “mystery entrepreneur’s” business model and the business lessons that evolve from it...

1. He has clearly focused target customers....good little girls and boys.

2. Hires people with physical challenges....elves.

3. Business is based in a low-rent location....North Pole.

4. Pays close attention to detail... makes lists and checks them twice.

5. Offers the convenience of on-time, home delivery and free gift wrap.

6. Has gone Global.

7. Successfully uses Social Networking to get customers to write him re what they want, so as to plan production and control inventory.

8. Is masterful at getting loads of free media publicity.

9. Cleverly arranged a global cross-brand promotion with Coca Cola.

10. But, he has no discernible revenue model...and,

11. No succession plan, or exit strategy.

There is much to be learned from all of this."

I especially like No. 7. It's true and subversive at the same time.

For more of Donald's out-of-the-box thinking, check out his free articles and resources at http://www.donaldcooper.com/

I also liked his signoff: "Be well...make a difference...have fun."

Is Santa Claus a real entrepreneur?

2010-12-25T17:36:00.000-07:00

Yes: Innovative distribution model (flying reindeer)
No Ho Ho: Antiquated, one-size-fits-all marketing model; all customers pay the same price

Yes: Prepares an annual operating plan, and checks it twice
No: Hiring practices include recruiting only elves in his workshop

Yes: Popular brand is known the world over
No: Failed to control his intellectual property, meaning anyone can use his image to sell anything

Yes: Exports to over 200 countries
No: Tax and visa status unclear; not good with paperwork

Yes: No. 1 in market share
No: Only works two days a year

Yes: Creates incredible value for his customers
No: No known succession plan or exit strategy

Yes: Has clearly defined communication plan focusing on one positive message:

Merry Christmas to all!

And best wishes for a happy holiday, and a prosperous New Year!

Mentors and Movies

2010-12-22T22:45:00.002-07:00

My column in this week's Financial Post looks at the role mentors can play in small business. I met with a trio of experienced business mentors with the Innovation Synergy Centre in Markham, Ont., and grilled them on their best advice for other entrepreneurs who don't have mentors. The result was some great, road-tested wisdom anyone can benefit from.

Excerpt:
• Go where the money is. [Mentor Reza] Reza Alavie once mentored a home-services company that provided quality service but was barely breaking even. "Like a lot of SMEs," he says, the company wasn't charging enough for its services. That doesn't mean it could just raise its prices; Alavie helped the owner recognize she should reposition the company to serve high-end consumers at higher price points. Today the company has a carriage-trade reputation and a long waiting list for appointments.

Click here to read the full story.

Holiday Bonus: Last week’s column took its lead from my recent visit with an economic-development agency in Saskatchewan. I was impressed by the work done by Sagehill Community Futures in creating jobs and businesses in its territory, north and east of Saskatoon. In fact, I realized it reminded me of something: George Bailey’s community co-operative Building & Loan Society, in the Frank Capra movie It’s a Wonderful Life.

In the movie, Jimmy Stewart’s character gets to discover how different things would be if he had never been born. Productive ventures like Sagehill get to see the difference they make every day.

Excerpt:

Playing the part of Bailey’s Savings & Loan is Sagehill Community Futures Development Corp., headquartered in Bruno, a 500-person town 90 km east of Saskatoon. Under the direction of an all-volunteer board, Sagehill’s five-member staff provide loans no one else will make, hand out free business advice, offer management training and development, and help new or insecure entrepreneurs navigate the bureaucracies of banks and governments. They also play a key community-building role co-ordinating the economic development activities of more than 50 small towns in an area three times the size of Prince Edward Island.

For the full inspiring story, click here. And savour a government-funded program that works.

Why Groupon turned down Google, and other cool stuff

2010-12-08T00:03:00.002-07:00

My friend Amrita Mathur has just launched a new blog on technology, media and startups. It's worth your attention because she's a good writer and frightfully smart.

Today she is blogging about why Groupon turned down Google's $6 billion acquisition offer. She even makes it sound like it was the right thing to do.

Here's what she says:

"Groupon is no fool. They know how valuable a support they can be to Google’s Adwords service – allowing vendors to deepen their existing relationships with Google. Not to mention the loyalty it might bring back to Google, the same loyalty they have lost to the Facebooks of the world. Groupon also knows they would be quite complementary to Google Places as well as Google’s new service Hotpot."

Go ahead. Read Amrita's full story here.

Think Big, Shop Small

2010-11-27T11:16:00.001-07:00

Happy “Small Business Saturday” to all our American friends. It’s so designated because, after the rush and crush of Black Friday, everyone is being encouraged today to shop with their local small businesses.

Perhaps you will find some gem that isn't advertised on TV, or discover a capacity for personal service that you didn't know existed any more. At any rate, the intention is that more of the money you spend will be retained and reinvested in your local community.

According to the statistics on http://www.localfirst.com/, when you shop at a locally owned business, $73 of every $100 spent stays in the community. Apparently, when you shop at the big chains, only $43 of every $100 you spend stays in town to fund jobs and public services.

You can learn more about Small Business Saturday at http://www.facebook.com/SmallBusinessSaturday

Sponsor American Express celebrated the occasion by awarding free Facebook advertising to 10,000 small businesses as part of Small Business Saturday. So I guess big business has its uses too.

The Architectural Conservancy of Ontario points out that the federally established Heritage Canada Foundation used to have a Main Street Promotion program with similar aims. According to the ACO, “it is time to bring it back.”

Google Street View, or, This is no Place for Modesty

2010-11-24T01:29:00.009-07:00

On a dark November night in Toronto, I cruised down the summery Trans-Canada Highway from Banff to the BC border... courtesy of my computer and Google's Street View. I find this addendum to Google Maps fascinating. It's a useful tool for previewing places I am headed to (eg, Saskatoon next week), or a fun way to explore foreign sites or to just look back at some favorite places.

It's remarkable how in just two years, Street View has expanded from not just Toronto and Montreal but to rural towns and highways right across Canada (not to mention all over the U.S. and Western Europe, and selected parts of Asia, Australia and major cities in South America -- see map).

You've probably gone looking for pictures of your own house or office - it's the first thing we did, and we found our daughter got in the picture when she was out weeding the front lawn. (She never noticed the Google car with the 9-lens camera mounted on top.)

But I think Google Street View will become recognized as an amazing way to explore the world. Main highways, back roads, even pathways (using something called Google Trikes).

For instance, I've always dreamed of driving the Dempster Highway up to Inuvik, NWT, almost to the Arctic Ocean. Yet I know the drive would be long, hazardous and boring. So how cool is it to follow along with Street View - their camera went to the very end, to a junkyard at the end of Navy Rd., just north of Inuvik. And here it is: the very end of driveable Canada.

(Looks like the Google cars travel in pairs. And sometimes they get very muddy.)

But how cool is to see some of the most famous places in Canada immortalized in candid shots in Google Street View? Remember, these aren't just still pictures - they are melded into amazing panoramas where you can pan, tilt, or zoom, and follow the road as far as you want just by clicking your mouse (I estimate maximum speed to be about 100 kph. But that's a lot of clicking!) So enjoy Peggy's Cove, Quebec City and Niagara Falls.

But here's my favourite view. Following the TransCanada west from Lake Louise, I climbed to the summit that marks the border between Alberta and BC. As you can see, they were just putting up a new "Welcome to Alberta" sign for eastbound drivers, promoting "Wild Rose Country" (a beautiful name, but what does it mean?).

Now look how BC takes advantage of the situation. It shouts to westbound motorists, "Welcome to British Columbia: The Best Place on Earth."

I guess they didn't get the memo about Canadians being modest, unassuming people. Good on them.

If you have an office or a prominent sign along a city street or stretch of highway, maybe you should be marketing to Google Street View - as well as to local passersby. Increasingly, the whole world is watching. So let's think big!

Best Entrepreneurship Quotes, Week 34

2010-11-23T13:50:00.001-07:00

"The man who will use his skill and constructive imagination to see how much he can give for a dollar, instead of how little he can give for a dollar, is bound to succeed."

Henry Ford, founder, Ford Motor Co. (1863-1947)

Speaking of imagination: just imagine how different the North American automobile industry might look today if it had held on to Henry Ford's vision.

Put value first, profit second.

Are your missing out on Twitter feedback?

2010-11-18T00:31:00.001-07:00

Last weekend I delivered a keynote on "Secrets from Canada's Top Entrepreneurs" to 200 student delegates at the Impact 2010 conference in Toronto. Little did I know that some members of the audience were Tweeting portions of my speech.

The cool thing about Twitter is that when people tweet about a topic, issue, person or place, they can place a hashtag (#) in front of the name and suddenly turn it into a trending topic for others to follow. Or if they put the "@" sign (not the asterisk, sorry about that mistake) in front of a person's Twitter name, that person (or anyone else) can follow that part of the conversation easily, because it will show up in a feed to that person or anyone else who wishes to follow it.

So today I discovered some of the things people Tweeted about me. Since you rarely get detailed feedback on specific parts of a speech, this is an interesting way to see what resonates with people - eg, local references, or an insight someone finds particularly useful.

Here's what people said about me on Saturday afternoon:

1. KLinked: @RickSpence definetely lived up to expectations! Great job selecting speakers #INC10 @GoDevMENTAL 4:40 PM Nov 13th

2. u_christine: When asked what is the major problem for young entrepreneurs today, @rickspence answers, "you don't have problems." We r at a huge advantage 4:25 PM Nov 13th

3. jadechoyy: @rickspence interesting and informative keynote about canadian entrpreneurs! #inc10 4:18 PM Nov 13th

4. DamiDina: "Become someone worth talking about." Inspirational and Great quote by speaker @rickspence at #INC10. 4:18 PM Nov 13th

5. lu_christine: So awesome to finally hear @rickspence speak! Thx for coming to share such inspiring stories #INC10 http://twitpic.com/36kkcx 4:14 PM Nov 13th
6. summers_megan : @rickspence just mentioned the ottawa valley! aww yeah! #inc10 @impactorg 3:52 PM Nov 13th

What are people saying about you? Get a user account on Twitter and find out!

My List of Great Entrepreneurial Thinkers

2010-11-14T14:02:00.002-07:00

I got an email recently from a budding business academic asking about my opinions on the best sources of academic information on entrepreneurship.

I had to tell him that I'm not an expert on the academics of entrepreneurship. Most of the academics I know who teach entrepreneurship do so with very subjective perspectives, and often use "texts" made up of photocopied articles rather than specific books or authors. I think the field of entrepreneurship is just moving too fast for the academics to keep up!

When there was an international conference of entrepreneurship academics held in Halifax a few years ago, I contacted the professor in charge of reviewing the research papers to be presented there, and asked him to point me to the most groundbreaking studies he had seen. I wrote a column about those papers, but they were a pretty undistinguished lot, to my layman's eyes.

For better or worse, here are the works I pointed my correspondent to:

“For me, the most significant thinker in entrepreneurship is Joseph Schumpeter, who came up with the notion of "creative destruction" - that entrepreneurs' role is to create progress by destroying what came before. A lot of people still talk about his work today, although "disruption" is the preferred term now for the impact of innovation.

Roger Martin at the U of T's Rotman School is certainly the most influential Canadian academic when it comes to disrupting and succeeding in business markets (not exactly entrepreneurship, but close). I only recently came to understand that his model, "integrative thinking", is really just code for all kinds of ideas and practices that don't fit into traditional management thinking, such as the importance of design, or innovative approaches to innovation. He seems to write a new book a year, mainly retailing anecdotes from his current favorite business success stories. So I think the state of the art in business scholarship is pretty flimsy.

However, I think the most respected thinker in entrepreneurship is Peter Drucker, who wrote many, many books on management, and settled on innovation and entrepreneurial thinking as the two priorities in business. Geoffrey Moore (Inside the Tornado, and Crossing the Chasm) is king of fast-growth entrepreneurship, focusing mainly on the problems faced by Silicon-Valley-type tech companies.

Jim Collins (Built to Last, and especially Good to Great) is by far the most quoted author I know. He's sort of a freelance academic who uses what seem to be legitimate, academically-oriented research teams to probe management problems that interest him.

At a lower, more operational level, the most influential thinker has been Michael Gerber, author of The E-Myth and The E-Myth Revisited, among others. He created the concept that entrepreneurs should work "on the business, not in it," which I hear quoted back at me at least twice a week.

The other books most quoted by the entrepreneurs I know are layman works, especially by Malcolm Gladwell (Blink, Outliers, etc.) and Thomas Friedman (The World is Flat). Which tells you that the journalists are way ahead of the academics in distilling today's business trends."

How about you? What are you reading?
What thinkers do you admire?

150,000th visitor!

2010-11-12T10:57:00.001-07:00

We interrupt your day to inform you that yesterday, around noon (Eastern Standard Time), this blog received its 150,000th visitor.

It's been just 13 months since we recorded our 100,000th visitor, so we're pleased to say that Canadian Entrepreneur is still growing faster than ever.

The fact that we hit our new milestone during a low-content period underscores the fundamental value of blogs: they stands as permanent content archives, attracting and informing new visitors whether they are being actively updated or not. That alone makes blogging an ideal tool for small businesses with short attention spans: your best messages can last forever (or at least a very long time).

Most of the information in this blog is intended to be of lasting value, so I am pleased that people are still finding it of use and interest. As you can see by the Flag Counter I added to the right-hand margin last year, we continue to attract readers from all over the world. Because capitalism works, and Canadians have a lot of entrepreneurial expertise to offer.

Next stop: 200,000!

Free Business Information Thursdays!

2010-11-12T00:49:00.001-07:00

The Learning Enrichment Foundation, near the site of the former Kodak plant in west-end Toronto, is a fascinating place. Occupying a huge old World War II-era factory, it offers day care, skills training, business development, incubation services and on-the-job experience to anyone across the city looking for a hand up.

And for the next five Thursday afternoons they're offering some decent free programs for any entrepreneurs looking to start or grow their business.

Here’s the lineup:

November 18: Join Lisa Kember from Constant Contact as she talks about how to make Award-winning email marketing campaigns, and how to take advantage of online social marketing.

November 25: Business specialist Gerri Sefi talks about how to buy a franchise, and what you need to know before you buy. Gerri is a coach and facilitator who works closely with clients to ensure they get the franchise that bests suits them.

December 2: Join business expert Katherine Roos from Enterprise Toronto as she explains how the City of Toronto can help you do business. Learn about city-hosted workshops, training, networking, trade shows and clinics that can link you to expert help and advice.

December 9: Albert Peres and Marvin Greenberg from Toronto's Food Business Incubator explain what you need to know to get into a restaurant or catering business.

December 16: Everything you need to know about exporting and importing. Expert Maggie Weaver gives you the goods on running an export/import business. She writes the daily newsletter of I.E.Canada, the Canadian Association of Importers and Exporters.

For more information or to register, call 416.760.2566, ext. 2085 or 2083. Or email David Cohen at dcohen@lefca.org . He’s a great guy who will connect you to the help you need.

Pay per click hits the big time

2010-11-05T13:01:00.000-06:00

Slowly getting back into blogging mode after a busy few weeks.
Here's a great article from the National Post on how a few entrepreneurial organizations use social media -- particularly Facebook ads and Google pay-per-click -- to promote their cutting-edge products. Lots of best practices here.

Click here for the full story by Denise Deveau.

More entrepreneurs need to use and experiment with these amazing marketing tools. If someone had told us 15 years ago we would soon have a no-risk advertising medium that lets us target our market precisely and pay only when prospects actually respond to our ads, we would have thought they were lying. Then we would have gone home and prayed for that day to arrive!

Welcome to Small Business Week 2010.

2010-10-17T10:44:00.002-06:00

It's that time of year again, when politicians and big business make a fuss about entrepreneurs and say good things about how we are the backbone of the commnituy, the economic engine of Canada, and so on and so forth.

Hey, it's better than a kick in the teeth.

From Oct. 17 to 23, Canadians will be celebrating Small Business Week, and entrepreneurs will be attending numerous events designed to educate and motivate them for greater performance.

As you may know, SBW is a creation of the government – the Business Development Bank of Canada, to be precise. Together with national and local sponsors, the BDC names a group of outstanding young entrepreneurs from each province, and holds events across the country dedicated to helping businesses grow. The BDC selects a new theme each year, and this year the theme is “Power Up Your Business. Invest. Innovate. Grow.”

(They mean well. But they do need a new copywriter.)

The best part of SBW is meeting with other entrepreneurs and learning new growth tactics at special conferences, awards programs and networking events across the country. Click here to learn about local events near you.

The BDC’s Young Entrepreneur Awards nomination program kicks off this week. The awards are open to all entrepreneurs aged 19 to 35. Nominations are open until Nov. 30, with the winners to be announced at a special event in Saskatoon on May 3.
Click here for more information on the Young Entrepreneur Awards.

Someone the other day asked what special activities I had planned for Small Business Week. I just told them that at Canadian Entrepreneur, “Every week is Small Business week.”

Best Entrepreneurship Quotes, Week 33 1/3

2010-10-08T14:00:00.003-06:00

"A dream you dream alone is only a dream. A dream you dream together is reality."

John Lennon

Who would have been 70 tomorrow (Oct. 9).

Generals, Blunders and Cold Courage

2010-10-04T22:57:00.006-06:00

The books that fell off my bookshelf into my hands most recently were coincidentally of a type. One is a tattered copy of Lincoln’s Generals, by T. Harry Williams (1953), which I picked up free at the end of a garage sale, and the other is Sir Basil Liddel Hart’s History of the Second Word War (1970), which I've had around the house for at least 20 years.

In Hawaii last summer we visited Pearl Harbor, where I realized how little I know about the war in the Pacific. So when I returned home I read Liddell hart's chapters “Japan’s Tide of Conquest” and (138 pages later), "The Tide Turns in the Pacific." I enjoyed both so much that I went back to the start and began reading the whole way through. I'm now safely into 1943 and enjoying the book much more – the early years of the war are heartbreaking for the Allied side.

What you learn from studying the Union generals in the Civil War, or the various commanders in WWII, is how often leaders blunder. No one knows why the Japanese failed to destroy the shipbuilding resources and fuel storage tanks of Pearl Harbour; that could have significantly delayed the U.S. Navy's remarkable comeback.

Hitler himself, whose mad hatreds won so many early victories (to the endless surprise of his generals) saved the Allied cause several times: by not annihilating the British Expeditionary Force as it retreated from France, through Dunkirk, in 1940; and again by turning on the Soviet Union in 1941 before he had pacified his western front.

The Allies themselves made mistake after costly mistake. After the Belgians failed to blow up a few key bridges, the numerically superior French armies panicked at the Nazi tank columns invading from the north (instead of dashing themselves to pieces on the Maginot line). The Brits moved a weak force into Greece that only served to attract the Nazis' wrath. In Crete, the New Zealanders ceded the airport to a smaller attacking force and failed to counterattack while they had the manpower advantage – dooming them to defeat and capture.

Several times the British failed to chase Rommel out of Africa when they had the chance. And by building up their defences in Egypt, the Brits doomed Singapore, a more strategic asset.

Even more fundamentally, prior to Pearl Harbor the Americans and British cut off Japan’s oil supplies, but they didn't adequately prepare for the Pacific war that they should have known would follow.

In the Civil War, the North had a huge advantage in manpower, armaments and manufacturing muscle. Yet the generals of the Union Army were timid. Time after time, Gen. George McClelland (facing Lincoln in photo at right) and his ilk failed to move against the Confederates when victory seemed possible; the generals constantly overestimated the size of their opposition, and were always waiting for more supplies, more certainty.

Even after Gettysburg, as Lee’s beaten army was fleeing south towards the safety of Virginia, the Union army failed to chase the Rebels and create a rout that could have ended the war two years early. Only U.S. Grant, fighting on the Mississippi front, harried his foes consistently, using whatever resources he had and never whining for more.

For years, Lincoln told his generals that the strategic objective was the destruction of Lee’s army. He despaired at how often his generals forgot that objective. Instead they would bring him plans for seizing this city or that bit of territory, while avoiding a major battle. They couldn't understand that the war would not end until Lee could no longer threaten them.

Of course, it’s easy to criticize the decision-makers after the fact, long after “the fog of war” has lifted. But it is astounding to see how often bad decisions are made in the heat of battle. It’s a useful reminder why bold initiatives often succeed in times of confusion and uncertainty.

Which should be very encouraging to entrepreneurs assailing established markets. If you can sow confusion and discord with a sudden frontal attack on a market, it is very likely that your bigger opponents will make mistakes in reaction – giving you a chance to consolidate your early gains and win a victory.

Read up sometime on the battle for Tunis, and how German general Walther Nehring and his outnumbered defenders outwitted, outhustled and outbluffed a huge Allied attacking force, thus prolonging the war in Africa by a full six months. Speed, flexibility, courage and yes, desperation, can work wonders against confused opponents who don't have a clear idea how to win.
There seems to be a lot of those people out there.

Above: Gen. Walther Nehring (at right) with Rommel (in cool peaked cap).

Three words of advice

2010-10-03T10:43:00.000-06:00

I blogged recently on PROFITguide.com about my participation at PROFIT Magazine's GrowthCamp, the conference for the growth-company entrepreneurs who made the magazine's Hot 50 list in September.

In moderating a roundtable discussion with 10 GrowthCamp attendees, I asked each of them: What three words of advice would they offer other business owners?

Not all of them managed it in three words, and a few mantraa require some explanation. Overall however, I think their responses address a lot of key business challenges:

Protect your reputation.
Be proactive, not reactive.
Persistence is everything – never give up.
Focus. Niche.
Personal relationships: know your clients inside-out.
Monitor your reputation. (If you want to protect your reputation, this entrepreneur said, you have to first know what other people are saying about you, so you can defend your good name. Think Twitter searches and Google Alerts.)
Listen to your employees and your customers.
Drive your dreams. (When I asked what that means, the entrepreneur said, “To attract talent, they have to believe in what you're driving for.”)
Protect your time, and plan. (This entrepreneur wanted his peers to understand that time flies away if you're not guarding it; make sure your workday is well scheduled to give you the time to make reasoned, thoughtful decisions. “Being effective,” says this entrepreneur, “is more of a technical challenge than we think.”)
Empower your People.

What’s your three-word business mantra?
Take six words if you need them.

Where do we go from here?

2010-10-03T10:32:00.003-06:00

What’s really going on in the world? Who’s winning the War on Terror? And how capable is the Obama administration of making the right decisions today?

If you're a fan of foreign affairs, you won't want to miss Condoleezza Rice in her upcoming Toronto appearance. The former national security advisor and secretary of state will be speaking on Tuesday, Nov. 2 at the Metro Toronto Convention Centre.

The event starts at 3.30, though you’ll want to get there sooner to drink in the buzz.

According to the organizers, this event "will give the audience a candid look into world affairs, the status of Canada and US relations, and an inside look into the current administration."

Tickets range from $100 to $180, or you can get the $330 VIP package that includes admission to the post-speech reception and an exclusive photo opportunity with Condi herself!

Click here for tickets. And if you use the promo code “world” you’ll get a discount off the list price.

This presentation is put on by Innovative Events LP, an entrepreneurial Calgary-based partnership that enables individual investors to invest in big-time speakers' events. Last year, Innovative Events brought Alan Greenspan to Calgary and Edmonton. Good luck to them in their foray East.

Best Entrepreneurship Quotes, Week 32

2010-09-30T19:46:00.003-06:00

"Some people regard discipline as a chore. For me, it is a kind of order that sets me free to fly."

Julie Andrews, British born actress-singer, born Oct. 1, 1935

Dame Julie Andrews is 75 years old today (Oct. 1). As the legendary Guenevere in Camelot, Eliza Doolittle, Mary Poppins and Maria von Trapp, she became one of the best-known stars of the 1960s and 70s, and still shines today, despite the tragic loss of her singing voice due to a bungled surgery. I see great similarities between the lives of artists and performers and entrepreneurs, so I felt pleased to find this quote that reminds us all that creativity doesn't have to mean disorganization - and that efficiency actually creates an empowering form of freedom.

A few more nuggets of business wisdom from the woman who won an Academy Award for portraying a character "practically perfect in every way":

"Sometimes opportunities float right past your nose. Work hard, apply yourself, and be ready. When an opportunity comes you can grab it.”

"Perseverance is failing 19 times and succeeding the 20th."

"I would be a fool to deny my own abilities."

"I've learned things about myself through singing. I used to have a certain dislike of the audience, not as individual people, but as a giant body who was judging me. Of course, it wasn't really them judging me. It was me judging me. Once I got past that fear, it freed me up, not just when I was performing but in other parts of my life."

and finally (even if she didn't write this one herself:)

"In every job that must be done, there is an element of fun. You find the fun and... SNAP! The job's a game!”

Dragons' Den Returns!

2010-09-22T09:44:00.000-06:00

Dragons’ Den returns tonight with a full season of new episodes. Once again, aspiring entrepreneurs will take on 5 judgmental multimillionaires in an effort to win investment capital for their business ideas.

It’s fun, it’s human, it’s the quintessential challenge of business recast as fasinating five-minute dramas. What’s more important, to me, is that millions of Canadians are getting valuable lessons on business and opportunity with every episode. They're exposed to the vision, optimism and drive of real Canadian entrepreneurs. And they get to see how the marketplace (represented by the five Dragons) welcomes great opportunities and bounces the rest – no matter how earnest, likeable or smart the pitchers may be.

For this season, I hear the deals are bigger and better - and if anything, more complicated. Viewers this season are going to learn that equity investing isn't the only way to go - sometimes a deal that gives the investor upfront income makes more sense for both sides.

I think Dragons’ Den is changing entrepreneurship in this country, for the better. Give it a look.

You can watch it at 8 pm on CBC TV, or catch reruns online.

The Big Small Business Debate

2010-09-20T13:45:00.000-06:00

So what questions would you ask the Toronto mayoral candidates?

On Friday morning, Sept. 24, I will be moderating The Big Small Business Debate, featuring the five leading mayoral candidates, at the Royal York Hotel.

Organized by the Canadian Federation of Independent Business and sponsored by the National Post, the event starts at at 8 a.m. and goes to 10:15 a.m. Admission is free, and includes continental breakfast.

C'mon down to the Royal York and join us. For more info or registration, click here.

But first, tell me - what questions would you ask?

Best Entrepreneurship Quotes, Week 31

2010-09-20T13:31:00.000-06:00

"If you want something, why not ask for it? What's the downside? All they can say is NO."

CBC Dragon, business pundit and one-time software entrepreneur Kevin O'Leary (as quoted in an interview in the October issue of PROFIT Magazine. He was asked how he became so entrepreneurial at a young age).

O'Leary continued:

"I learned early on, if there's something I want, I'm prepared to ask again and again, and try to find the path to getting it. That's also, I think, what defines an entrepreneur. You set a goal, you may not succeed the first time, but you keep trying."

Click here to read the full PROFIT interview with Kevin O'Leary.

GrowthCamp, part II

2010-09-20T12:35:00.001-06:00

In the late morning at GrowthCamp today, the 60-something entrepreneurs were divided into groups of 10 to participate in "Idea Exchange" roundtables - where they get to talk to each other, in a confidential setting, about mutual problems and exchange experiences and possible solutions.

The conversation, as I mentioned, is confidential, but here are a few highlights from the session I moderated.

* There were two main topics everyone wanted to discuss: building the sales funnel, and attracting new talent. No matter what business they're in (we had everyone from construction contractors to app developers), they all wanted to talk these two issues.

* One other issue emerged: how you build your team, create alignment around quality, and how you deal with staff members who don't get it. We tackled this issue first, and the group could have spent the entire hour discussing this alone.

The consensus: hire people for attitude. ("Find people who think like owners," said one entrepreneur.) Never hire in a hurry: Take as long as you need to find the right people.

And treat your team like adults: Delegate responsibility and hold people accountable for results. Don't tell people how to do things - but adopt quality assurance standards to ensure you get the outcome you want.

Good stuff, huh?

GrowthCamp brings together the leaders of Canada's emerging growth companies.
Click here for the 2010 "Hot 50" rankings.
Click over here to read about the list and what it means.
And click here to meet the No. 1 company on the Hot 50 this year, Great Circle Works Inc.:

Live from GrowthCamp

2010-09-20T07:55:00.001-06:00

I'm live at GrowthCamp in northern Toronto, PROFIT Magazine’s conference for the entrepreneurs behind its Hot 50 list of emerging growth companies. I’ll be sharing a few insights along the way.

Business writer and speaker Jim Harris is giving a great talk called Blindsided based on his book (but constantly updated). It’s all about how change can overtake any company in any industry – you can choose either to be the bug or the windshield.
A few highlights from his talk:

• Blockbuster Video turned down a chance to buy 50% of Netflix to help the mail-order movie service get off the ground. Blockbuster called it the worst business model they had ever seen. Today Netflix’s market cap is 672 times that of Blockbuster (which is down to $11 million.

• Going forward, accessing banking services is essential. Banks themselves may not be.

• When the first energy crisis hit, the Japanese hunkered down and restructured their energy-intensive steel industry to consume less energy. The Americans did not. Result: over the next few decades, the U.S. steel sector lost 300,000 jobs. So was cheap energy a benefit or a trap?

• “If every car in North Africa got the same fuel efficiency as my Prius we would have to import no oil into North America.”

* "The only thing worse than training people and having them leave, is not training them and having them stay."

Keeping the Faith at Research in Motion

2010-09-20T01:05:00.001-06:00

What's the matter with RiM? Its latest quarterly results blew the roof off last week, yet the stock went up just a few pennies. It looks like iPhone-phobia is choking off Canada's best high-tech success story.

But Canadian value investor Saj Karsan has another perspective. In an article this weekend entitled "Six Reasons You Should Buy Research in Motion," he points out some of the company's enduring strengths that Wall Street may be overlooking.

Among his points:

* RIM has very high Return On Capital - its trailing 12-month return on average equity is 38%! "To put it in perspective," writes Karsan, "Google, Microsoft and Exxon, three very profitable companies at the moment, generate returns on equity of just over 20%."

* There is Safety in RIM's Financial Position: The company has no debt, and sits on a couple of billion dollars of cash.

* New Products: RiM's current earnings reports include costs associated with products not yet on the market (such as the tablet company the company is reportedly releasing later this year). RiM now spends $300 million per quarter on R&D, but the profits from these new products are of course not reflected in the current statements (although the costs are). "As such, the company is even more profitable than it appears."

* Buybacks: Believing its shares are cheap, RiM is reducing its outstanding share count. In the first half of this year, RIM spent $2 billion buying back shares. This buying pressure supports the stock price even as it reduces the number of shares between which profits will be shared!

You can read the full article here (registration required).

Full Disclosure: Yes, I own shares in RiM. Doesn't everybody?

And how was your sunrise this morning?

2010-09-15T09:23:00.001-06:00

Nothing better than a Vancouver harbour sunrise. The cruise ship entering the harbour was a nice bonus.

In town to talk to Telus dealers about the small business market. Great way to start the day!

12 technologies that changed the world

2010-09-13T09:28:00.000-06:00

What are the top world-changing technologies of all time?

IT World Canada has a geeky but fun slideshow listing the top dozen of these game-changers, from Sputnik to the Slammer Worm to iTunes and ... Pong? Yes, Pong. Literally, a game changer. (I remember playing it when it came out. It really did rock your senses. At the time.)

You can see the entire list here.

Startup doubts, approaching your bank, low-cost marketing, and more!

2010-09-13T08:55:00.000-06:00

I was interviewed recently on a long list of small business topics by Donna Martin for Staples.ca's blog, How's Business. I opined as best I could, and it looks like they ran the whole darn thing.

Click here to read the interview. We cover the following issues:

* I have a great idea brewing for a start-up. How do I overcome those doubts hovering in the periphery?

* How do I need to prepare before I approach a bank with my idea?

* I’m about to launch my business. Are there ways of advertising to the general public without incurring huge fees?

* Can you suggest some actions I can take to help me better learn and understand the needs of my target market?

* My day is busy enough as it is. How important is it for me to devote time to exploring social media?

* Are there a few key strategies I can use to take my business from good to fantastic?

* What is the most common learning curve that small businesses tend to encounter?

* Is there a really great entrepreneurial quote you’ve read lately?

* What is the one piece of advice you would like to share with others thinking about starting a business?

As an excerpt, here's my take on social media:

If you are a natural writer or communicator, you can make friends fast through new channels such as Facebook, blogging, Twitter or YouTube. But if you’re a busy entrepreneur who would rather meet clients and customers face to face, social media may not be a first priority.

Do yourself a favor: explore Facebook. Figure out what you think it’s good for, and what your prospects might expect from a Facebook “page” (or mini-site) for your business. Then think through whether you have the time and talent to create new business-related content that would engage customers and prospects and help build stronger relationships.

Statistics show that more and more people every day (300 million on Facebook alone) are relying on social media for news, relationships and all kinds of decision-making. But unless you have access to good content and marketing skills, you may find social media a lot of fuss over nothing.

Here's the funny thing about Staples' blog. I was in there to see them about 5 years ago to tell them they needed to start blogging to their small business market. It took them about four years to get to it (there were various reorgs and restructurings in the meantime.) But hey, they did it. Still, one of the things I told them they must do was promote it heavily in their home page. Of course, they nodded, of course.

Sadly, if you go to www.Staples.ca today, you have to look awfully hard to find the link. I know space is limited on the home page, but come on. A major customer-relationship tool like this deserves better placement. Which is why I link to their blog in my right-hand margin, under "Best Outside Links."

Someone has to save big business from itself.

Best Entrepreneurship Quotes, Week 30

2010-09-09T09:19:00.000-06:00

“Governments never learn. Only people learn.”

Milton Friedman, American economist

As fall begins and many Canadians (not to mention Americans) get swept up in election fever, what could be more important than to remember that government is just an abstraction. In the end, government is just the sum total of numerous anonymous decisions, and incremental activities more concerned with damage control than with effectiveness.

Unless you'd like to discuss this point in the Comments, below.

Seth Godin on taking responsibility

2010-09-05T07:20:00.001-06:00

In most organizations, there is intense competition for recognition and promotion. Everyone wants "Authority."

Seth Godin, the irrepressible writer on marketing and the new economy, suggests taking a different approach. In a recent blogpost, he wrote:

"It turns out you can get a lot done if you just take more responsibility instead. It's often offered, rarely taken."

Accept accountability. Volunteer to get things done. Take responsibility for organizing, planning, monitoring, quality control, and meeting deadlines. Other people will shy away from such responsibilities, so you'll get your chance to shine. Leaders are looking for you.

One other tip from Seth:
"You can get even more done if you give away credit, relentlessly."

Seth tends to be a bit of a utopian, but I think he is right in this. Some people will always get ahead through politicking, but many more will succeed through attitude and accepting accountability.

Happy Labour Day! Leaders are looking for you.

Best Entrepreneurship Quotes, Week 29

2010-08-29T08:06:00.002-06:00

“If you fear competition, all you really fear is your own incompetence.”

Richard Templar, The Rules of Management

As a longtime business writer and entrepreneur, Templar fills his books with homespun but incisive wisdom. I also like this quote from him:

"Any idea that there is something wrong should always be met with, 'And what would you like me to do about it?'"

Help for Cold Callers

2010-08-29T07:57:00.000-06:00

I wrote a blogpost recently for PROFITguide.com featuring some of the best cold-calling tips from Art Sobczak of Businessbyphone.com. Here are the bare-bones points:

Have call objectives.
Don't be too concerned about “best times to call.”
Always start at the highest level at which you feel your decision could be made (or even one higher).
When the screener informs you that the person you're asking for on a prospecting call is no longer with the company, without missing a beat, ask, “Who took his/her place?”
If you're prospecting out of a directory, try starting at the back: these people receive fewer calls.

Sobczak’s latest marketing offer is a free e-book with 501 “Telephone Tips That Sell!” To find out how to get it, visit my original post at profitguide.com.

Best Entrepreneurship Quotes, Week 28: Bringing Humanity Back

2010-08-26T05:00:00.000-06:00

“When trust disappears from an environment, everything becomes more expensive for everyone. For producers of goods and services, it means that they need to spend significantly more on marketing and sales to achieve the same results with skeptical customers. For consumers of goods and services, it means that they must conduct a lot more due diligence before making their buying decisions.”

Francois Gossieaux and Ed Moran, in their new book: The Hyper-Social Organization: Eclipse your competition by leveraging social media

The authors claim that the right application of social media will restore humanity to business communications. That. they say, will “bring trust back into the equation and reduce transaction costs for all parties involved.”

Sounds grand, but I buy it. People want to trust each other. Life is easier that way.
But you have to give them grounds for trusting you.

Lessons from the Erie Canal

2010-08-24T23:46:00.005-06:00

My column in this week's Financial Post looks at the lessons learned in my trip last week on a barge along the Erie Canal, the nearly 200-year-old waterway that opened upstate new York – and indeed the continent – to western migration and settlement.

It’s hard to overstate the importance of the Erie Canal to the development of the United States, the North’s victory over the South in the Civil War, and the growth and success of New York City in becoming the world’s greatest centre of commerce and trade.

Yet today it’s a neglected backwater, a weedy, 600-km waterway for blue herons, fishermen, and the odd pleasure craft. (In our four days on the canal, my friends and I passed probably no more than a dozen boats a day. Although we hear July was much busier.)

In its day, however, the Erie Canal was an information superhighway, transporting people, goods and ideas throughout the state at speeds approaching 4 miles an hour (much greater than you could average in a carriage on that era’s roads). That’s why movements as diverse as abolition, women’s rights, utopianism and Mormonism flourished in upstate New York, and spread from there around the world. Even to Canada, eventually.

Not being much of a sailor, I learned a lot about boats and boating, knots, navigation and so on. And many of these concepts related to business, of course I wrote about it in my Post column.

Excerpt:

Boating is all about gaining advantage where you can, and so is business. But you have to know when to stick to your course. When you cruise the Erie, you get used to navigating in a narrow band -- there's no room for creativity. Sometimes, when the canal widens, you get the urge to break for the far shore or cut a corner. But we heard stories about the boaters who ran aground because they didn't realize the boating channel remains the same width, no matter how wide the canal may get.

It's a sobering reminder that not all corners should be cut. Not all shoals are marked. If you have a plan worth executing, improvising when things look easy may not be the best course.

You can read the whole story here.

Best Entrepreneurship Quotes, Week 27: Systems Count

2010-08-16T05:24:00.001-06:00

"Growth is only fun when everyone enjoys their work.”

Randall Litchfield, president, Inbox Marketer Inc. of Guelph, Ont.

My predecessor as editor of PROFIT Magazine, Randy has emerged as a top-notch business leader – but he still remembers how to write. With this quote, from a recent article in PROFIT Magazine, he encapsulates the challenge facing all growth entrepreneurs: how to expand the business without destroying the culture that makes it great in the first place.

Randy’s complete thought was this:

“Growth is only fun when everyone enjoys their work. When stress levels build because growth strains your existing processes, people and infrastructure, it's time to retool (itself a stressful exercise). And at this particular stage, it is not the normal, incremental retooling you've performed so flawlessly in the past. We're talking transformational, gut-wrenching change.”

You can read the rest of Randy’s article here.

The service economy never looked so good

2010-08-13T08:16:00.000-06:00

My column in last week's National Post analyzed Inc. Magazine’s recent list of Top 30 Entrepreneurs Under 30, to find out how this list of "America's Coolest Entrepreneurs" hints at the future of business.

The list consists almost entirely of Web-based services - think FourSquare, RedLaser ("Impossibly accurate barcode scanning"), Sprouter and CrowdFlower ("Labor on Demand") that connect people in new ways to create innovative information products, social games, strategic communities and business solutions.

Excerpt:
“Crowd-sourcing, community, databases, social entrepreneurship: The future, it seems, is all about sharing. The service economy has never looked so good.”

Check out this story here: http://tinyurl.com/2bynqcf

Beat the Talent Shortage through Hiring Diversity

2010-08-13T08:03:00.001-06:00

My column in this week's Financial Post looks at why small business owners should be looking to hire more immigrants to solve their talent-shortage problems – and how they can start getting better connected to ethnic communities.

My source: Deepak Chopra, president of Pitney Bowes Canada, an immigrant hmself who has led several initiatives in which PB works hard to attract, develop retain and encourage multicultural talent. As he says, "In the boardroom, diverse talent tends to hold back."

Excerpt:

Leveraging immigrants' skills would also help companies tap fast-growing consumer markets, such as the Chinese populations in cities such as Richmond Hill, Ont., and Burnaby, B.C., says Chopra. Family businesses especially would benefit from hiring skilled newcomers to complement the family's skill set and help them identify and serve new markets.

Click here to read this story.

Best Entrepreneurship Quotes, Week 26: The Virtue of Patience

2010-08-09T16:02:00.000-06:00

“Don't get too excited about the small accomplishments or disappointments along the way. You celebrate and learn from them; but realize that it’s a marathon, not a race.”

Lance Laking, Ottawa-area entrepreneur of many hats:

• Investment Director, Ottawa / Eastern Ontario Region at MaRS Investment Accelerator Fund

• Executive Director & Chief Strategy Officer at TRM Technologies Inc.

• Venture Group Advisor at MaRS Discovery District
• Former CEO, BTI Systems, one of Canada's Fastest-Growing Companies

Conrad Black's last days in prison

2010-08-08T12:28:00.001-06:00

I just got around to reading Conrad Black's account of his last days in Florida prison.

Whether you think him guilty or innocent, his journey has been an epic one. His career may soar yet again, but he will never be the same after this experience.

If you haven't read this column from the July 31 National Post, you should. Click here to read, "My Prison Education."

Excerpt:

"The Mafiosi, the Colombian drug dealers, (including a senator with whom I had a special greeting as a fellow member of a parliamentary upper house), the American drug dealers, high and low, black, white, and Hispanic; the alleged swindlers, hackers, pornographers, credit card fraudsters, bank robbers, and even an accomplished airplane thief; the rehabilitated and unregenerate, the innocent and the guilty, and in almost all cases the grossly over-sentenced, streamed in steadily for hours, to make their farewells.

Most goodbyes were brief and jovial, some were emotional, and a few were quite heart-rending. Many of the 150 students that my very able fellow tutors and I had helped to graduate from high school, came by, some of them now enrolled in university by cyber-correspondence."

Also recommended: The Post's Jonathan Kay on how Conrad has changed

World's Best Mission Statement

2010-08-06T14:24:00.002-06:00

In a speech to a ocnference yesterday in Honolulu, Hawaii, one of the things I spoke about was the importance of revising - and then re-revising - your mission statement.

Afterwards, one of the delegates told me that a few years back, when he was working for a major U.S. media organization, he and a colleague were asked to come up with a mission statement for the company.

To make a long story short, they come up wth something that made the bosses and customers happy, although it sounds like no one ever used it, and he couldn't even remember the words today.

On the way, though, they came up with a pretty memorable mission statement they only wished they could use:
"We want to make as much money as possible without going to jail."

Given that a mission statement is supposed to convey key messages about your customers and the value you create for them, I think this is an outstanding piece of work. It certainly focuses people on what's important to the organization.

And it would definitely help prospects and customers a make well-informed decision.

Where's your next dollar coming from? The customer!

2010-07-29T23:35:00.000-06:00

“A company’s best source of financing is its customers.”

With that declaration, pioneering tech entrepreneur Douglas Barber throws down the gauntlet for Canadian businesses: Stop fretting about bankers and investors, and look after your customer. You’ll succeed through internal focus and fierce client loyalty.

My column in this week’s National Post features an interview with Barber, the now retired (but not retiring) CEO of Gennum Corp., who’s on a mission to save business from itself.

Excerpt: "I've never seen a 'market'," insists Barber. "It is always people who issue a purchase order. If all you talk about is markets, you're not serious about commerce."

Read the full story here.

Last week’s column looked at how you can keep costs down in your business and get more done by thinking (and acting) like a non-profit. It’s based on a book called Zilch: The Power of Zero in Business.

Author Nancy Lublin, a New York-based social entrepreneur, has never had much funding for her endeavours. But she says starting with nothing can be a powerful advantage: "It's a cocktail that drives creativity and fresh ideas."

Take a sip here.

Best Entrepreneurship Quotes, Week 25

2010-07-28T09:23:00.001-06:00

"A man's character may be learned from the adjectives which he habitually uses in conversation."
Mark Twain

2010 marks the centennial of the death of Mark Twain, who was not just a writer and humorist but one of the shrewdest observers of any age.

I just recently discovered this quote, which fits neatly into the entrepreneurial mindset: specifically, the need to quickly and intuitively assess the character of the people you meet. Should you buy from them, sell to them, hire them or work with them?

Everyone has their own way of doing this, but Twain’s concept of tracking the adjectives strikes me as genius. Is a person a positive thinker or a negative nelly? Sophisticated or homespun? Evasive, boastful or truthful?

By your adjectives shall you know them.

This won’t replace your entrepreneur intuition – but I bet it will reinforce it!

Sprouter takes root

2010-07-24T17:28:00.002-06:00

Sprouter is a global community for startups and young-at-heart entrepreneurs, based out of Toronto. When I first met founder Sarah Prevette about two years ago, she was one of many people I was meeting around that time who was determined to set up an online forum for entrepreneurs.

Most of those projects never happened. A few launched lamely and were quickly ignored. Sprouter however, seems to be working, and growing. It passed 15,000 members six months ago. And this month Prevette was named to Inc. Magazine’s list of "Top 30 Under 30" entrepreneurs, which is pretty good for a Canadian entrepreneur!

Click here for a profile of Prevette and Sprouter. Learn all about all the Top 30 entrepreneurs here. And click here to read about the big trend among the Top 30 this year: growing their companies by building communities.

Sadly, Inc.'s profile of Prevette shies away from the big question: Is Sprouter making any money? It says "Prevette plans to make money by selling ad space in its e-newsletter, Sprouter Weekly, and by making introductions between investors and start-ups." But no word on how successful they've been so far..

Sprouter itself offers online forums, sharing of best practices, lots of profiles of entrepreneurs from all over the globe, and actual events in which human beings actually meet each oher IRL (in real life). And coming soon, you'll be able to ask questions of a panel of business experts and get a personal answer.

Registration is free for entrepreneurs. I signed up a long time ago, but have not been an active member of the community. I think I'll get more involved. The entrepreneur scene needs flagship online communities with a critical mass of members to make it effective and useful: maybe Sprouter is it.

At any rate, it's Canadian. So check it out, eh? http://www.sprouter.com/

Startup Advice

2010-07-22T20:37:00.003-06:00

I got an email the other day from a Web entrepreneur who wanted me to write about his startup.

I had to tell him it's too early for me to get involved. I don't like writing about what people say they're going to do - I like writing about it after they have earned the ink, by producing tangible results (money, market share, disruption, creative recognition, etc.)

He wrote back and said he understood - but did I have any tips for him, especially about raising seed money? I didn't have time to say anything brilliant, but here's the advice I offered:

What can I tell you? Take a breath. Take your time. See if you can generate some income before you go seeking investors; the more self-reliant you are, the more they will pay to get in on it.

* Surround yourself with people who like what you're doing and want to contribute. Pay them in promises - that at some point, if you see a return, they will too. But try not to give up equity until you really have to. For some people, the adventure and the experience will be enough.

* Clean up your website. Make it as professional-looking as possible. I see lots of grammar mistakes, mis-spellings, and room for improvement.

* You're doing the right thing in terms of reaching out to media, bloggers, etc. But remember - your site isn't news. It's how you help people that creates a story.

* And check out Zilch, the book I reviewed in my Post column this week. Lots of great advice for getting things done on a zero budget.

Blogging vs Facebook: It's not either-or

2010-07-20T10:42:00.002-06:00

What’s the best way to promote your business on social media?

Should you blog, email, or just jump wholly into Facebook?

Digital media entrepreneur Nick O'Neill addressed this question in a blogpost yesterday at http://www.allfacebook.com/ entitled, “The One Mistake That Will Kill Your Facebook Page Strategy.”

O’Neill said he had just read an article from Ducati, the motorcycle company, explaining why they had decided to end their corporate blog and replace it with a Facebook “page”. O’Neill calls that a bad idea.

“Corporate blogs are good for a number of reasons, most importantly search engine optimization.” He says they're also a cost-effective way to generate fans on your Facebook page.

“Any effective social media marketing strategy involves multiple channels. Yes, Facebook should be one of your company’s primary marketing channels, however killing all other channels and replacing them exclusively with Facebook is not only a bad marketing gimmick but it’s also a great way to kill off your other channels of new Facebook fan acquisition. By embedding your Facebook fan box on your website, you can dramatically increase your Facebook fan base.”

So don't kill your blog to jump on the Facebook bandwagon.

The same blogpost’s comments section contained an unusual number of useful observations. Here are a few:

Bryan said: Let’s not leave out just how unreliable the Facebook platform is: constant changes in the api, apps, privacy settings and the fact that they can pull the plug on the web property they own and a business relies on at will. A good social media [strategy] need be multifaceted and ultimately result in bringing communities and customers closer to the properties that are controlled by the business (both virtual and brick and mortar). This decision seems short sighted and self destructive.

Daniel said: I love facebook for social interactivity and local and niche news, but if I want to learn about a company, I’m not going to facebook, I’m going to google. Stupid, stupid, stupid

Tom: The biggest advantage to corporate blogs that I’ve found is being able to communicate messaging and intelligence fully and thoroughly: Facebook just isn’t the right venue for that.

Nicky: The biggest reason to NOT do this is because you control your blog and the platform where it is hosted. On Facebook you have limited control of the platform that businesses are investing so much time and money into.

Deborah: Not everyone is on Facebook! There are a lot of people out there who are on the Internet, but reticent about joining a social media service for fear of their “personal information” going viral. How do you reach those people in your marketing scheme?

Dennis: Nick, good point on killing the SEO for all those pages. But the good news is that Facebook page should now rank highly. A Facebook fan page should be more than just a blog, too.

Best Entrepreneurship Quotes, Week 24

2010-07-19T08:26:00.001-06:00

"Leave the beaten track behind occasionally and dive into the woods. Every time you do you will be certain to find something you have never seen before."
Alexander Graham Bell

"Dive into the woods." A beautiful metaphor for doing something different, mixing up your routine, or opening eyes and ears to new ideas, new perspectives, new opportunities.

In other words, success is all about attitude. Or as the Great Inventor also said:

"When one door closes another door opens; but we so often look so long and so regretfully upon the closed door, that we do not see the ones which open for us."

Keep your eyes (and ears) open!

Tips to avoid spam

2010-07-14T22:57:00.001-06:00

Symantec Hosted Services says New Brunswick is the most spammed province in Canada: 92.5% of email there is spam.

Not that there’s much difference between worst and first. Newfoundland is the least spammed province, with a spam rate of 86%.

According to Symantec’s MessageLabs, 90% of spam is sent by five to six million private computers that have been compromised by cyber-criminals. Organized into automated robot networks, or botnets, these computers send an estimated 120 billion emails each day.

Spam drains valuable business resources such as bandwidth, processing power and employee productivity. Here are Symantec’s tips to reduce the chances of falling victim to spam:

• Protect your email address: Exposing your email address online puts you at risk of being targeted. Keep your real address private and only use it with trusted contacts. Use a disposable email address for other online sources.

• Never reply to unsolicited emails: Acknowledging a spam email, even to complain, validates your email address and can lead to more spam.

• Do not click on hyperlinks in unsolicited emails.

• Never open attachments in unsolicited emails: Attachments may install malware on your computer.

• Avoid downloading pictures in spam email: These can notify the spammer that their message has been opened. Many email applications allow you to turn off images that don't come from trusted sources.

• Use privacy controls on social networking sites such as Facebook: Limit what others can see on your profile. Be careful how much information you share about yourself and be careful who you add to your trusted circle of friends.

How to bolster your business this summer

2010-07-14T15:59:00.001-06:00

Oops. The weather was so nice I never got around to posting my column in last week’s Financial Post.

Which is pretty ironic, since the topic of last week’s column was the work you could be doing this summer (while your rivals are napping in the sun) to get the jump on the competition this fall.

Here are seven summer jobs you should put on your to-do list:

* Take staff out to lunch. Find out what's bugging them, and how you can help them get more done.

* Invite clients to your picnics, barbecues and other events. While everyone has more time on their hands, snuggle closer to your customers.

* Learn some new skills this summer. Remember what summers were like when you were a kid? You learned more new skills than you ever did in school.

* Figure out Twitter. (Or PowerPoint, Facebook or Excel.)

* Launch a strategic-planning push. How are your markets changing? What new benefits do customers want from you, and what are they telling you to stop doing?

* Plan a summer romance. Surely there some customers you have always coveted. It's never too late to kindle new relationships.

* Review the effectiveness of your team.

* Identify your likely staff requirements for the year. What skills will you need, and where will you find them?

Click here to read the full story.

The Most Important Entrepreneurial Trait

2010-07-14T15:49:00.001-06:00

What do you think is the most important characteristic an entrepreneur should have?

My column in this week's Financial Post looks at the biggest challenge facing growth-oriented entrepreneurs. To my mind, it’s learning: constantly seeking new and better way to handle the challenges that no one (and no school) ever prepared you for.

Excerpt:
There's only one way the entrepreneur who built a business can lead that company in so many new directions: you have to be a lifelong learner. You have to "park" your past successes and become a humble, willing student.

Sounds easy. But I meet many entrepreneurs who act as if success has immunized them from the inconvenience of learning new things. Worse, their need to be perceived as the all-knowing leader prevents them from asking for help, seeking out contrary ideas, or exploring new opportunities like a rookie. Taking a course or learning new skills is for subordinates, not for the king (or queen) of the corner office.

Read the full story here.

Leave a comment: What do you think is the most important entrepreneurial trait?

Best Entrepreneurship Quotes, Week 23

2010-07-13T00:22:00.000-06:00

"Never let an inventor run a company. You can never get him to stop tinkering and bring something to market."

Royal Little (1896-1989), U.S. entrepreneur, founder and chairman of Textron, considered one of the first conglomerates

Are you an entrepreneur or an inventor? Would you rather tinker with your product or get it out the door?

There's nothing wrong with either role. Just so long as you understand your tendencies and compensate for any gaps that stand between you and success.

Win Your Marketing Department For A Year!

2010-07-12T13:44:00.001-06:00

Here's news of another great marketing opportunity for one lucky business...

Will you be the lucky company? It's your last chance to enter Toronto-based Mezzanine Group’s ‘Win Your Marketing Department For A Year’ contest. Application deadline is July 16th – apply now!

Mezzanine Group’s ‘Win Your Marketing Department’ contest aims to help one Canadian firm achieve significantly greater success. Too often, companies that are great at product development, customer service, and even sales just aren't that great at marketing.

Outsourced marketing is a way for them to get marketing expertise and implementation, without a big price tag.

The Mezzanine Group will award one Canadian company $75,000 in outsourced marketing services. The winning firm will receive a marketing strategy, a 12-month marketing plan and a dedicated part-time Outsourced Marketing Director to implement this plan.

All Canadian-owned businesses are eligible to win. Visit www.winyourmarketing.com for full contest details and to apply.

The application form includes two questions: Why do you want to win your marketing department? What would better marketing help you achieve?

I suspect they are looking for a company that has a tremendous product and a reasonable understanding of what marketing can and can't do for a great product. The more you understand what marketing can do for you, I suspect, the stronger a candidate you are likely to be.

(Full disclosure: I am one of the judges in this process. But I am not involved in the initial sort, so this is merely guesswork on my part rather than inside information.)

Application deadline: Midnight July 16, 2010
http://www.winyourmarketing.com/