Don’t Be The Next Scott Thompson

Big news over the last two weeks has been Scott Thompson and Yahoo!. Information recently surfaced that Mr. Thompson (now former CEO of Yahoo!) had lied about his past experiences and accomplishments. While these resume falsehoods were largely unimportant in the grand scheme of things, it appears that Yahoo! decided that a change was in order.

Yesterday the news broke that Thompson was out as CEO along with Roy Bostock, the former Chairman of the Board. We have seen this story play out time and again. A successful individual is found to have lied on their resume or in their bio. Why? Did they really need to say that they had TWO college degrees in order to become CEO? Would having only one degree disqualify them? I doubt it.

This issue is something that I see prevalent even in college graduates today. While they may not lie on their resume, they stretch the truth so far that you can’t tell a difference. Guess what? It’s unnecessary and the risk is hardly worth the reward. Write a resume that showcases pride in your accomplishments and allows a potential employer to see the measurable success you have achieved. This is usually good enough to get you where you want to go.

Bottom line: Scott Thompson lied on his resume and it cost him his job. Don’t become the next victim of this preventable problem. Dream big and accomplish a lot but never try to be someone you are not.

3 Biggest Takeaways From “The Lean Startup” by Eric Ries

I finished Eric Ries’ book “The Lean Startup” today. I had to write this post as soon as I got to my computer because the book has completely changed my view on entrepreneurship and business. It really is that good and I recommend everyone get a copy and get started immediately.

Here are my three biggest takeaways from the book:

1. Get started yesterday and build a MVP

Throughout the book Ries stresses the importance of building a minimum viable product and launching it immediately. Don’t worry about making it “pretty” or obsess over every little feature. Get something that generally works into the hands of users/customers and begin to get feedback from them. This also helps in saving time and money during development.

2. Complete “Build, Measure, Learn” cycle quickly

Every start-up or department within a larger company needs to build a MVP and get it out quickly. Have set metrics (not vanity metrics) to measure the important aspects of the product/service. Internalize and learn the important lessons of the feedback so that you can add them to the next cycle. Ultimately you want to complete this loop as quickly as possible and continue to go through it over and over again. Quick, fast, and in a hurry!

3. Ask 5 Why’s to get to the root of a problem

Most people solve issues by taking a guess at what caused it. By asking “Why?” 5 times you will get to the actual cause. Never do it in a smartass way but always constructively. By doing this, you eliminate the blame game between individuals and departments and find the real cause. No need to solve surface problems if there is a much more deeply rooted issue. Find the issue and resolve it to become more efficient and reliable.

As you can see the book is a wealth of knowledge. I could write about 20 different learning points if I had the time. If you are a business student, entrepreneur, or just generally interested in business I highly recommend the book. Not only is it very informative, but it is easily understandable and well-written. You can purchase the book at http://www.amazon.com/The-Lean-Startup-Entrepreneurs-Continuous/dp/0307887898/ref=sr_1_1?ie=UTF8&qid=1333336443&sr=8-1.

What are your impressions of the book? Have you implemented any of the lessons after reading it? Share your comments below!

 

The Most Important Entrepreneurial Resource

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

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!

21 Ways of Self-Reliance

Miyamoto Musashi is widely considered to be the greatest samurai warrior, if not the greatest warrior of all time. He fought hundreds of battles to the death, never losing a single one. After he wrote his famous “The Book of Five Rings,” he wrote down his “21 Ways of Self-Reliance.” Below are the 21 points that he lived his life by:
  1. Do not stubbornly rebel against the ways of the world.
  2. Do not seek pleasure for its own sake.
  3. Do not rely upon any half-hearted feelings.
  4. Think lightly of yourself and think deeply of the world.
  5. Remain detached from desire.
  6. Do not regret what you have done.
  7. Never be jealous of others.
  8. Never let yourself be saddened by a separation.
  9. Abandon resentment and complaint.
  10. Do not let yourself be guided by the feeling of love.
  11. Disregard your personal preferences.
  12. Accept your dwelling and living conditions.
  13. Do not pursue the taste of good food.
  14. Do not hoard ancient treasures intended for future generations.
  15. Do not mindlessly follow the ways of the world.
  16. Do not become obsessed with weapons or fighting.
  17. Do not run from death.
  18. Do not accumulate goods and riches for your old age.
  19. Respect the gods, without relying on their help.
  20. You can abandon your own body, but never let go of your honor.
  21. Never depart from the way of strategy.

It is easy to see why a man who lived his life through these principles was so accomplished. How do you stack up to these principles? Do you follow any of them?

How Bill Gates Is Using His Common Sense to Save The World

http://www.forbes.com/sites/matthewherper/2011/11/02/the-second-coming-of-bill-gates/

This was the cover story back in November 2011 for Forbes magazine. I came across it again today and had a different reaction after reading it a second time. Bill Gates, like many great business minds, thrives on accomplishing what others tell him is not possible. With a goal like “reducing the death rate by 80% from preventable diseases”, you have to be pretty strong willed.

What struck me in this article as different this time, was Gates’ ability to take a very emotional cause (saving lives) and turn it into pure business formulas. I am not suggesting that Gates has no emotional tie to this cause, but when he speaks about it, he refers to it as if it was a business deal. Where can we get the cheapest vaccines (product)? How can we be most efficient?

This approach has helped Bill and Melinda Gates make more of an impact on world health then either of them could have ever imagined. They have saved hundreds of thousands of lives by implementing some simple business strategies….and having a few billion dollars doesn’t hurt either!

What aspects of your life could you apply business strategies to become more efficient? How can you be more philanthropic within your means? Share your ideas and thoughts below!

Viral Marketing: Get the word out….Fast!

<div style=”width:425px” id=”__ss_9274190″> <strong style=”display:block;margin:12px 0 4px”><a href=”http://www.slideshare.net/DavidSkok/the-science-behind-viral-marketing&#8221; title=”The Science behind Viral marketing” target=”_blank”>The Science behind Viral marketing</a></strong> <div style=”padding:5px 0 12px”> View more <a href=”http://www.slideshare.net/&#8221; target=”_blank”>presentations</a> from <a href=”http://www.slideshare.net/DavidSkok&#8221; target=”_blank”>David Skok</a> </div> </div>

I ran across this slideshow on viral marketing. These techniques are proven over and over again to be effective. With the explosion of social media, APIs, and content sharing, there is no reason why you can’t get the word out about your product or service!

What viral marketing techniques have you used in the past? Were they effective? Share your experiences below!

What Political Attack Ads Can Teach About Guerilla Marketing Techniques

This photo has been circulating the internet for a few days and I think it can teach entrepreneurs some pretty interesting things about marketing regardless of political views. First lets look at the actual photo. On the left, Mitt Romney is sitting in a chair on an airport tarmac getting his shoe wanded for security purposes. On the right, Barack Obama is walking past a janitor and “pounds it” (the modern, cool handshake). Both of these photos are put together to offer the viewer a contrast about the individuals, their beliefs, and ability to lead our country.

Why is this important to entrepreneurs? This is a fantastic job of implementing proven guerilla advertising and marketing techniques. Here are three effective aspects at play:

Use of public perception: The first aspect is the use of priorly held perceptions about each individual. People commonly think Romney is a rich, white man, while Obama is seen as an African-American who is “a man of the people.” This photo plays on those feelings by trying to make people think that Romney is receiving a shoe shine, while Obama is spending time with the everyday person. Right or wrong, these perceptions will persevere and are very powerful.

Use of powerful images: This “ad” uses two photos that are extremely powerful when you first look at them. It counts on the fact that the viewer will not look very hard at either one of them. They will not question them, but they will be in awe of their initial reaction to such powerful images. I must admit that at first glance, I thought Romney was getting a shoe shine as well. Shock and awe is a tactic that can create great results.

Viral Sharing/Exposure: You have heard that “any exposure is better than no exposure.” In this case, as long as people are talking, debating, or arguing over this ad, it is seen as effective. Create emotional responses from people and you will be more likely to get your desired results. Also, the viral sharing aspect is important because someone is much more likely to find an ad effective if it is attached to their friends in social media, rather than a generic ad. The more you can make something viral, the more eyes will see it, which ultimately increases effective exposure.

In the end, this ad accomplishes its goal through very simple means. Get people to solidify their thoughts on political candidates with two very simple photos. Context and delivery are important and affect the effectiveness of a campaign. This guerilla tactics not only work in politics, but in business as well!

Are there any other political ads that have similar traits? What other aspects do you see with this particular ad that could be used in business marketing?

 

 

Mark Cuban’s Best Piece of Motivation

I recently read Mark Cuban’s new ebook “How to Win at the Sport of Business” and want to share one of his unique perspectives. Being the owner of the NBA Dallas Mavericks, Cuban uses numerous sports analogies. One in particular really struck home and can serve as motivation to any entrepreneur.

Cuban says that in baseball if you could get a hit 4 out of 10 at bats, then you would be a first ballot Hall of Famer.  In basketball if a player is able to hit over 50% of his shots from the field, then he most likely would be voted an all-star. These percentages don’t seem unattainable but they are almost never reached year after year. In business, you face much better odds.

No matter how many businesses you start, you only have to make one successful. Every entrepreneur chases that one successful endeavor that will make them wealthy beyond their wildest dreams. Instead of having to “bat” .400 or “shoot” over 50%, as a business owner you could be .00001% successful and be considered a genius. These odds are reassuring to any entrepreneur.

With this in mind, we must remember that it is much easier to take a basketball shot or swing a baseball bat then it is to put your financial security at risk and start a business. To combat this, preparation is key in the world of business. To make every endeavor count and give it the best chance for success, put in the necessary time, effort, and work.

Overall, I enjoyed Cuban’s ebook. It was very short, an easy read, and also cheap. He provides insight into his thoughts and advice while including some humorous stories along the way. A great business mind shows once again why anyone can accomplish the level of success that he has. You just have to minimize risk through preparation and believe in your abilities. You can find the ebook here:

How many attempts would you go through in order to accomplish success? Have you ever been discouraged, persevered through it and then realized success shortly after? Share your stories and insight below!

What the San Francisco 49ers Taught Us About Leadership

The San Francisco 49ers are a football team in the National Football League (NFL). Before the 2011 season, the 49ers had experienced 8 consecutive non-winning seasons. These were tough times for a storied franchise that had seen Hall of Famers such as Steve Young and Jerry Rice play for them.

On January 7, 2011 the 49ers made a decision that completely changed their organization. They hired Jim Harbaugh as their head coach from Stanford University. The reason that this hire was so important was because Harbaugh would be responsible for the success or failure of the 2011 team.

Under Harbaugh, the 49ers obtained a 13-3 record and are still playing in the NFL playoffs on their way to the Super Bowl. With this turnaround, one must ask how could such a dramatic change have occurred in one season?

The answer lies in the head coach. Jim Harbaugh was able to bring a certain toughness and unique mindset to the team that helped them to accomplish success. This could only be done by a leader who was able to empower those he leads. Harbaugh showed this group of men what their potential was and then laid out a plan of action for them to accomplish it.

This type of leader is essential to a successful company as well. An executive who can show his team their potential and lay out a similar plan will realize success beyond their wildest dreams. While hard work, persistence, and a great idea are helpful, a team can not be successful without a great leader. Many people believe these leaders are born, but I believe that a leader can be made. Many books, articles, and advice pieces exist to help mold a great leader. Now that you know you need a great leader, are you willing to become that individual?

I am not a 49ers fan but though this was a great example to use. Have you ever been led by a great leader? What are the leadership qualities of the great leaders that you have known? Share your stories and experiences below!