Tag Archives: Entrepreneur

TripreneurTV Launch

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The Triangle Entrepreneur Challenge is here. For 90 Days, every entrepreneur and investor is going to absolutely kill it. I could not be more excited.

To kick things off right, we have launched TripreneurTV. Every day one video will be posted of an entrepreneur, investor, government official, or educator. They can share their stories, awesome projects, and knowledge about the Triangle.

I am very excited about this new endeavor and hope you take some time to check it out. Let me know what you think!

NC Entrepreneurship Academy – Day 3 Recap

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NC Entrepreneurship Academy

NCEA is an annual workshop that introduces entrepreneurship to young people.

I’m truly blessed to have had the opportunity to spend time at NCEA this week. The students were amazing and rose to the occasion on Day 3. It started off with a bang, but closed with some amazing shit!

We began with two great speakers. Autumn Teal (Chief Sales Officer at BEC) spoke first about social media and using it to create a personal brand. The students could easily relate to what she was talking about. She claimed to be a little “off” but was great so I’m scared to see how good the talk could be when she’s “on.” Next, was NC State alum and former NBA player, Chris Corchiani. Chris spoke at length about failure. He used his experiences to give the students ideas on how to increase the odds for succeeding. The talk was very motivational and well-received by the attendees. (And no, Karl Hess wasn’t around!)

After the speakers, it was time to get to work. For the rest of the day each group worked on their hypothetical startup. They were determined to be prepared for “Demo Hour.” Well, they crushed it! The groups presented in front of a panel of judges. The panel was made up of Tony Pompliano (my father), Jennifer Capps, and Megan Greer. Some parents even showed up to watch the presentations which made it even more exciting.

The startups included BagTag (exactly what it sounds like), Social Opt (social media management), a clothing company with special technology, and Poo-Poo Patrol (dog walking and poop picking up service). Absolutely amazing stuff. Each group seems to be excited about moving forward with their company idea now that the workshop is over.

I told you they killed it. Over the last few days I have continued to tell you about what great students we had. Also about the great speakers and opportunities we were able to assemble. NCEA couldn’t have done it alone. I want to thank each and every person involved. This experience has been one of the more rewarding things I have ever done. I want to share with you two email excerpts I have received in the last 18 hours from students. I think it will help you understand how special this week has been.

“Wanted to take the time to say thank you so, so, so much for the opportunity and experience of being at NCSU the past three days at your, Jimmy, and John’s camp. Myself, Erin, and Austin had an amazing time. We seriously cannot stop talking about how much fun we had. We have so much energy and hype about starting our BagTag’s at our Club soon and will definitely keep you guys in touch. “

“Really briefly, thanks for the opportunity to be a part of such an inspiring, informative and interactive introduction to entrepreneurship. We had a pretty awesome group of speakers give us an inside look into the various aspects of entrepreneurship and ncsu was very friendly. I did create a LinkedIn profile and I have a Blogger for Social Opt. I’ll be making a facebook page too and doing lots and lots of research too into the social media management industry. I’m really serious about this endeavor and I’d hope at one point-hopefully soon-to grow to where I can subsidize the work and become a reputable brand.”

I’m in awe of these young people. They have very bright futures ahead! Entrepreneurship is a special profession and we are fortunate to have gained a few more rockstars this week. I can’t wait to see how NCEA can grow in the future. No apologies, No regrets….

Comment or tweet me @APompliano with all your obnoxious praise, brutal criticisms, and general smartass remarks! I want to hear what we can do in the future that might make this an even better experience.

Never Stop Innovating: 3 Suggestions To Get Started

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Innovation is essential to any company. Small companies succeed because of their ability to move fast and innovate. Large companies try to continuously recapture their initial innovative spirit and mimic the small companies. For most, the idea of innovation is intertwined with their company culture. If they have a fun and exciting culture they are likely to innovate often. If they are boring old stiffs who sit behind their cubicles in suits and ties, anxiously waiting for 5:00pm…..they probably don’t even know what the definition of the word “innovation” is!

I view innovation from a unique perspective. It is the key to everything. I only want to be surrounded by people that seek to continuously innovate. These are the “A” players. Steve Jobs once said “‘A’ players only want to work with ‘A’ players.” He was right. In a world full of technology and extremely low barriers to entry, you need to keep pushing forward.

The threat of a few knucklehead kids sitting in a garage, building a platform to disrupt a Fortune 500 company is very real. This may scare the corporate executives but I think it is great for our economy and society. Having a great idea is a start but the true innovator is able to execute the plan successfully. Once they have a minimum viable product available, they begin working on version 2.0 instead of sitting back and admiring what they have built. And guess what they do once version 2.0 is built? You got it! They begin on 3.0 and then….you get the point.

So how do you become an innovator? Is it genetic or can you learn it in school? Unfortunately there is no right answer. Innovation is an acquired skill through the way you are raised, your life experiences, some classroom instruction, and your natural perception of the world. You can become a better innovator but there is no blue print for how to do this exactly. Here are three suggestions I have to at least get you started:

1. Hang out with Innovators – Innovators tend to flock together. If you can surround yourself with them, you are likely to pick up some of their traits and their thought process. These groups of people usually encourage sharing and look to bounce ideas off of each other. Think of it as a personal support group that will help accelerate your learning curve in the world of innovation.

2. Practice, Practice, Practice – Now while some people do not think that practice is important, the best way to improve at innovation is to actually do it. Whether you start by trying to come up with a more efficient way to make food for your family or you try to solve the national dependency on oil, you can’t go wrong by starting. With practice will come experience which can help you in the future on projects that may turn into startup companies, etc.

3. Try to Fail – This is the most controversial suggestion. We live in a world where our children all receive participation trophies. The winner and the loser are both rewarded. Not my style but hey who am I, right? The concept here is to innovate on a large scale. Think outside the box. Think of something crazy and absurd…..then try to accomplish it. Seek to fail and fail miserably. If you try to solve world hunger but only end up helping a few homeless people in your area, is failing really that bad? Whether the failure is epic or miniscule you should ensure that you take the lessons learned with you into your next endeavor or the failure was wasted.

These suggestions might not work for everyone but they are a start. Innovation is not something you read a book on and learn overnight. It is a continuous process. The best innovators in the world are struggling today to continue to improve. Get started, keep going, and try to fail. After a few iterations of that cycle you just might find that you can innovate with the best of them. What can you build or improve? I dare you to try!

College Entrepreneur’s Perspective (Guest Post by Justin Rodriguez)

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Below is a guest post by a good friend of mine. Enjoy!

For all of you who don’t know who I am, my name is Justin Rodriguez. I am a Soldier in the PA National Guard with Mr. Pompliano or Pomp as I call him and a full time college student at Lock Haven University pursuing my Degree in Business Administration with concentrations in Marketing and Management. I was asked to write a blog post, and when I asked what to write it on, he said anything.

I thought back to the hours of conversation Pomp and I have had about business models, price schemes, future business ideas, beating the system, the system itself, and of course friendship. Now for the two of us we live in different states, see each other once a month, and although it’s called “Drill” we are essentially being paid by the military to talk about what we can do to better ourselves, and succeed as young entrepreneurs with college degrees.  Now comes up an interesting conversation, a College Degree and what it gets you. I am still looking forward to my anticipated graduation date in the Spring of 2013. So I have yet to find out, but I know where I have come from to this point. I have always wondered the term entrepreneur and what it meant. Obviously by definition it is “one who organizes, manages, and assumes the risks of a business or enterprise.” Well I cheated and stole the definition from Merriam- Webster, but that’s the nice way of putting it.

Realistically, what this means is you chose to play your cards against the house. You put your life’s stake in many cases on an idea, passion, or project that you hope will prove valuable to the masses. I continue to think of many new ideas, and in many cases they run through my brain just looking for a way to hit the table and run. Many people have what Pomp and I call the “Million Dollar Idea,” but just don’t know how to implement it. This is me telling you, I don’t either. But with such products as Legal Zoom and many colleges having Small Business Development offices to help, you can find a way. Most of us hope to be sitting on the Ace, something that can provide us with a financial safety net to retire on at a young age.

Don’t give up!! We are also in the same boat, we kick, pinch, slap, yell, and claw our way towards these ideas as well. Everyone always wants to know what should I invent? My answer to you is what could help people move on a daily basis, what aids can you think of in our life to continuously simplify our daily routines? What idea runs through your mind to improve our economy, to provide people with a governmental system to live comfortably within our means? For those of you that may read this, you just as well as any of us hold that power. The only question is; how bad do you want it?

If I Were President I Would Bet The House On Young Americans

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Recently an announcement was made for a movement called #FixYoungAmerica. I was immediately drawn to the movement by the title (great marketing). What I found was somewhat shocking.

The movement has a great idea behind it. Take young Americans and encourage them to take action and enter into entrepreneurship. Sounds like something I would be on board with immediately right? Wrong. There is one fundamental flaw in the movement. They want to FIX young Americans.

Young America is not broken. Everyday I meet 12-25 year old individuals who are already pursuing entrepreneurship. Look at the recent success stories in Facebook, Twitter, Foursquare, ViSalus, etc. All of these were started by young Americans looking to create change. Now by no means do I think that as a country we are operating at full capacity or even coming close to our full potential, so here are my suggestions.

Provide Resources to Young People

Don’t try to FIX anything but instead devote more resources and policies to aiding young people in their transition to entrepreneurship. It all starts in education. Too many kids are taught that they should study hard, get good grades, go to a good college, take a job with security and benefits, and then work for 40 years to retire with a pension. What kind of aspirations is this?! Instead lets teach every kid to work hard in something that they are passionate about and try to improve the current products or services that are in the market. When they make these improvements each young person will be able to profit off them, along with creating jobs for others rather then trying to find them.

Mentors Are Essential

Stop complaining and start helping. We have so many successful entrepreneurs that have a wealth of knowledge. My philosophy is that knowledge is only valuable if you share it with others. Young entrepreneurs should be rewarded with great mentorship if they take the leap of faith to pursue projects, ideas, or companies. It is hard for a young person to risk everything they have to enter the unknown, so it is our duty to provide them with as much support and help as we can.

Young Entrepreneurs Need to Work Together

Young people understand each other. In order to make a true impact, these young enterepreneurs must come together and share ideas. “We are all more powerful when working together.” Imagine a world where each person in a given industry was connected through forums, texts, videos and email but was willing to openly share information to help improve others. Young people have grown up in a world of social responsibility so it is imperitive that they act on it. Plus lets be honest, young people love getting advice from other young successful people.

Overall, #FixYoungAmerica is a great idea and a step in the right direction. A solution-based approach is something that we are in dire need of. The only thing I hope to see is that there is less “fixing” of young america and more unleashing of it’s potential. Smart minds combined with the right resources and mentors can be a very dangerous combination. If you are a young person, what is holding you back from joining the game?

I would love to hear any other ideas on how to improve youth entrepreneurship or have anyone share stories of their personal experiences below!

 

You Were Raised to Be an Entrepreneur and Didn’t Realize It

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http://under30ceo.com/how-to-create-the-next-bill-gates/

This article lays out a great plan for subtle ways a parent can teach business skills to children. Thinking back to my childhood, I disliked most of these tasks described. Little did I know that they were merely training for later in life.

Did you ever participate in any of these activities? Did your parents “force” you to do things that ended up being beneficial? Leave a comment with your stories and experiences below!

Lincoln’s Best Leadership Practice

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http://www.inc.com/hitendra-wadhwa/lessons-in-leadership-how-abraham-lincoln-became-americas-greatest-president.html

I have read a few books on Lincoln and his leadership style. This article mentions my favorite Lincoln practice.

Lincoln use to hand-write letters to people who had upset or angered him. After completing it, he would put it in his desk without sending it. Lincoln explained years later that he would do this to overcome what had upset him, without having repercussions for lashing out at others.

Everyone experiences a time when they get frustrated or angered. How do you handle these times? Some executives use physical exercise (scientifically proven to work), while others unwind with some food and drinks after work. Whatever your choice of outlet is, make sure you stick to it and maintain self-discipline. It is much better to work through issues personally then to lash out at others!

Ingredients for Success You Never Thought Of

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http://techcrunch.com/2012/02/04/mark-zuckerbergs-6-ingredients-for-success/?grcc=33333Z98

This article on TechCrunch caught my eye. Most people would probably remember it because Mark Zuckerberg is mentioned, but something else was interesting to me. The last 2 ingredients mentioned are rarely recognized.

Luck and Timing. Timing and Luck. These two ingredients for success go hand-in-hand. The great entrepreneurs understand that luck has a huge part in their success. No matter how talented you are, never forget that a little luck always help. “Luck is when opportunity meets preparation.”

Timing works a little differently. Luck finds the entrepreneur but the entrepreneur usually finds the timing. Most great ideas are a product of timing and circumstance. As an entrepreneur, if you can learn to time the market for both entry and exits, you will have great success.

So next time you see a great entrepreneurial story, try to identify the aspects of luck and timing. If you can become good at identifying them in  other people’s lives, then you will be prepared when your opportunity arises! Now if only Zuckerberg realized he was good at all this stuff…..

The Most Important Entrepreneurial Resource

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Every entrepreneur begins from square one at some point. They know they want to be an entrepreneur and they don’t  want to continue working for someone else. Around the same time, each person comes up with an idea. This idea is the foundation on which their company will be founded and how they plan to make money.

Once they get past square one, there are many different perspectives on what the entrepreneur should try to acquire next. Should they chase capital? A good business plan? Partners? Products? Customers? You get the point.

The most important entrepreneurial resource is almost always overlooked in the beginning. Get a proven mentor or team of mentors!! Doesn’t it make sense to have people that you can talk to about the situation that you are going through? These people have been there before and they have learned many lessons the hard way. Having a mentor that you trust is essential to success in any entrepreneurial endeavor. They can save you time, money, and other resources. If you are able to find good mentors, they will even be able to help you grow your business in a sustainable way, on top of preventing mistakes.

Most people think of great entrepreneurs as lone wolves who accomplished their dreams by themselves. This could not be more untrue. From Bill Gates and Steve Jobs to Warren Buffet and Donald Trump, each had a mentor or two along the way. If this approach is good enough for some of the most successful men in history, shouldn’t it be good enough for you?

Have you used this approach before? If so, what was your experience? How was it successful? Share your experiences below!

Veteran Entrepreneur Grant Available

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http://www.splashlife.com/veteran-entrepreneur-grant

Splash Life is taking on a very good cause with this $2,500 grant. The United States has millions of veterans returning from wars in Iraq and Afghanistan. Each one of these veterans has fought for the freedom of our country and have earned the right to enjoy the American Dream.

I predict we will begin to see more grants, loans, and resources being pushed towards veterans. This can be attributed to many reasons, but most are to reward them for their duty. Some people also believe these veterans are most likely to be successful due to the skills and traits learned in the military. We saw a huge influx of veterans becoming business executives after Vietnam and I expect the same to occur over the next 10 years. Pass this along to any veteran you know, they deserve it!