Beyond Folders : small business

Recognizing Opportunity When it Isn't Knocking

Community Manager — Mon, 30 Jan 2012 16:23:00 GMT

When opportunity knocks, most of us are quick to answer the door. But are we as fast to spot opportunity when it isn't insistently banging? Recognizing opportunity - be it a new business prospect, a smart career move, or any high risk, high reward gamble - can often make the difference between status quo and a status upgrade. Is it possible to hone one's ear to better hear opportunity's knocks?

We've collected some insightful reads on recognizing opportunity:

How Entrepreneurs Identify New Opportunities: Listen and emulate is the advice from this Forbes.com piece. Listening to customers-that is truly hearing their needs-allows investors and entrepreneurs to identify untapped markets and unmet needs. Similarly, existing business can serve as models for what's working; consider franchising or building upon the ideas of those that have come before you.

CEOs Need to See Through Walls: Fascinating Harvard Business Review piece about how to channel your inner "Superman" and successfully "see through" the conventional limitations of an existing business to create value by meeting unmeet social and environmental needs. Bottom line: don't limit your vision to what's right in front of you, the big picture is out there waiting for you to spot it.

31 Innovation Questions (and Answers) to Kick off the New Year: Innovation is created when opportunity meets action. This list of questions and answers on innovation creates a useful lens through which to measure and vet opportunity.

Truth be Told, There's a Business in Spotting Liars: Interesting profile on how one Harvard Business school grad spotted a business opportunity-coaching businesses to spot deception-at her 20-yearclass reunion. First came a book on the topic, next a coaching business: pretty good for someone whose "aha" moment came while listening to a lecture.

How do you spot opportunities? What has been your most unlikely (or most regular) source for recognizing opportunity knocking? Share your thoughts here and on the Pendaflex Facebook and Twitter pages.

Is the Business Card Dead?

Community Manager — Tue, 02 Aug 2011 13:17:00 GMT

When was the last time someone handed you a business card? In some circles, business cards are going the way of the mimeograph and typewriter. In others, the business card still has relevance.

Alive or About to Kick It?

Harvard Business Review editor Susy Jackson examines the health of the business card in her tongue-in-cheek article The Business Card Is Dead, Long Live the Business Card. Jackson concludes that while younger, tech types don't place nearly as much emphasis on the business card; they are far from over.

Jackson argues that business cards provide an opportunity to learn more about a person than mere contact details. Decisions about paper stock, font and color choices all speak to a person's style and taste.

Marketing expert Martin Lindstrom sees business cards as valuable real estate for brand building. In a Fast Company article, Your Business Card Is A Billboard For Your Brand--What Does Yours Say?, Lindstrom says business cards are akin to the "napkin test."

"In my universe," says Lindstrom, "a powerful brand should be able to explain their mission in a single paragraph--the fewer words, the better. But what most brands forget is that their business card is indeed their "napkin," a blank canvas enabling them to communicate the essence of their brand (or fail to do so)."

Still, for many, especially the tech-savvy, the paper business card is fast becoming a relic. Companies such as Hashable, About.me and Contxts.com make the collecting and organizing of virtual contact information easy breezy. And an app for the networking site LinkedIn makes it easier to share contact information using Bluetooth.

Making the Most of Business Cards

Not ready to give up your cards? Make the most of paper cards by carefully choosing the information you put on it. Information need not be limited to phone and fax; cards in today's world often include Twitter handles and QR codes, allowing smartphone users to quickly scan the cards with applications like Cardmunch.

For more on optimizing business cards, we like the recent New York Times article Business Cards Go Paperless, or Almost. And online stationery site Minted.com offers business cards for the so-called tech geek.

Do you use paper or virtual business cards? Do you think the business card is dead or alive and kicking? Share your thoughts here and at the Pendaflex Facebook page.

Start-Up Don’ts from The Creator of the World’s Best Selling Toothbrush

Community Manager — Thu, 14 Jul 2011 13:20:00 GMT

Serial entrepreneur John Osher invented a $5 electric toothbrush that became the world's best seller in 15-short months. Osher then sold the company for $475 million dollars: talk about a smile.

Clearly Osher was doing plenty right when he built his toothbrush company. Yet the entrepreneur is almost as well known for his business "don'ts." Osher created an informal list of business pitfalls, "17 Mistakes Start-Ups Make," that is a must-read for the entrepreneurially-minded.

Osher's list of don'ts includes:

Failing to adequately research a business' viability
Making cost projections that are too low
Hiring too many people and spending too much on overhead
Failing to have contingency plans for inevitable set-backs

For more on Osher's list, read the Harvard Business Review case study of his business.

Finally, entrepreneurs would do well to keep in mind one of Osher's "do's." Osher suggests entrepreneurs view the start-up as a potential product in and of itself. After all, Osher sold both millions of toothbrushes and ultimately the company that produced them: a double-win.

Do you have start-up don'ts gleaned from first-hand experience? Share your thoughts here and at the Pendaflex Facebook page.

Start-Up 101

Community Manager — Wed, 13 Jul 2011 12:57:00 GMT

Launching a start-up requires constant juggling. Keep your eyes on the right balls with six tips for starting out from Inc.com senior contributor Norm Brodsky.

Brodsky's advice boils down to six core principles:

Don't assume you know what customers want.
Pursue the right customer, not all customers.
Consider an on-demand business model to keep debt down and cash on-hand.
Master the numbers, don't rely on wishful thinking or winging it.
Price your goods carefully, aim for the highest the market will bear.
Learn from failure; keep your eyes on the prize.

New endeavors come with a learning curve so bone up on the basics with resources such as Inc.com's soup-to-nuts primer on start-ups and at Entrepreneur.com.

Other resources include Work.com which features nearly 2,000 how-to segments and Startup Nation, a web site offering a community where entrepreneurs can share information.

What resources proved helpful to you as a start-up? Share your thoughts here and at the Pendaflex Facebook page.

Selling Your Small Business to Investors

Community Manager — Fri, 24 Jun 2011 13:25:00 GMT

Attracting investment dollars in a faltering economy requires creativity. Witness the efforts of the financially-strapped California state treasury, now soliciting funds from an unusual type of bond investor: mom and pop.

When one of the largest states in the nation looks to borrow money from just-us-folks, what's a start-up venture in search of cash to do?

Bootstrapping: When every penny counts, it pays to be frugal, and self-funded. Get customers to pay upfront and get as much free advice and bartered services as you can. For more, read 7 Easy Steps to Bootstrapping Success. http://bit.ly/mySKPw

Friends and Family: Look close to home for investors but be sure to treat any loans from friends and family professionally. Put all terms in writing, including how much control the lender will have and when and how the loan will be paid back. Establishing expectations can help keep relations running smoothly. Remember also that mixing family and money can sometimes backfire; potential pitfalls are outlined in Help From Family Has Its Costs.

Debt Financing: Many start-ups rely on debt financing either though credit cards or personal asset loans. Both are viable options, both have potential pitfalls. Read How to Use a Personal Asset Loan for Your Business and Read Carefully Before You Sign on the Line for advice on avoiding financial minefields.

Angel Investors: The name says it all. When an investor swoops in with needed seed money or capital, it can feel like divine intervention. Studies estimate that angel investors provide 90 percent of all seed and start-up capital, compared to the venture capital community, which invests less than 2 percent in start-ups. Where to find an angel? Read How to Meet Angel Investors.

Have you successfully attracted investors for a start-up? Share your thoughts here and at the Pendaflex Facebook page.