January 2012
1 post
6 tags
A tech startup to serve a low-tech business?
You’ve been there. It’s a cold and rainy evening here in Chicago as you stand outside a restaurant waiting for your valet parked vehicle to be pulled up for you. While waiting, you realize that you do not have enough cash on hand to pay for your valet ticket (let alone tip the attendant) but you do have a wallet full of credit (or debit) cards.
Why is it that in this day and age, a service...
February 2011
2 posts
2 tags
Top Social Media Usage Peeves
I am really lucky to be living in a time where it is possible to have a real time pulse of events around the world, easily keep tabs on with my favorite people, and share my thoughts on a public forum. I believe that social media has become one of the greatest by products of the Internet. With that said, I have noticed some things that ruin the social experience for me while on social media...
Inspired & Revitalized
Hey there! It’s been a while - almost 3 months to be exact. I recall sounding really confused and unsure on how to proceed on this journey. Do I build on my podcasting hobby “Geeks in Running Shoes” or should I follow up on some other web ideas? You know, this journey gets quite frustrating sometimes that’s for sure. It just seems to get more confusing as I go on along it. Oh...
November 2010
4 posts
1 tag
Change in Direction
Its been a fun and very engaging 11 weeks. I think enrolling in the New Venture Lab and being forced to think about my business everyday of the course of the quarter has been very valuable. However, I think it is time for a change in direction in regards to Sportycus (or should I say, gameFigrs).
I feel like as the quarter progressed and as we discussed the customer value concept, my passion...
Featured on DailyMile Community Blog →
My other project, the Geeks in Running Shoes podcast, got a lift this week as I (and the show) was featured on the popular athletic social site (DailyMile) community blog.
Check out the post (http://www.dailymile.com/blog/uncategorized/featured-dailymiler-running-podcaster-raymond-king)
2 tags
Another week, another milestone
This week, I wanted to look into the different ways a business such as Sportycus could get funded. As I have said before, I believe that such a business does not really need outside funding to get off the ground. However, I found it to be an interesting exercise to look in what is out there.
First of all, I am always impressed by the amount of resources that are available for tech start ups. Just...
1 tag
Week 8 - Another Week has Passed...
Its week 8 already…the New Venture Lab course is quickly coming to an end. This week was good. I was able to work on my milestone of completing a working prototype of Sportycus. I however was not able to get all the features and scenarios that I had initially planned on at the time of writing this milestone 8 weeks ago, but I made progress. Users can now login, create a team, and start...
October 2010
9 posts
1 tag
Week 7 - Fail!
This was one of those weeks that define why it is sometimes hard to be a part-time entrepreneur. Balancing work, life, and Sportycus was tough this week. I guess, life happened, so I should not complain. I had to split a majority of my time between weird work hours and being held up by other life obligations. Both of which at this point take precedent over Sportycus. I wonder when (or if)...
1 tag
Week 6 - A Look Back
It’s already been six weeks! This is going really fast. This week I set the milestone of signing up beta users for Sportycus. This was an exciting milestone because it was a truly customer related milestone. The question of course was how would I accomplish this.
Well, I already had two individuals who already agreed to be beta users from the start. So I went into this week knowing that I...
2 tags
Interesting Dilemma
Earlier this week, I was faced with an interesting dilemma that provided some very good experience in prioritizing.
As I mentioned in a post last week, my other project - the Geeks in Running Shoes podcast - is beginning to gain some level of success as I am STILL working through the prototype phase of Sportycus. So I was faced with an interesting dilemma - which of the two projects should I put...
2 tags
Net"Working"
I bet you have heard the saying over and over again…
“It’s not always what you know, it’s who you know.”
Nothing reasserts my belief in this saying more than when I actually see it working.
Over the past few weeks, I have made some connections through the New Venture Lab at DePaul. I have received feedback from people in my network that are more than willing to...
1 tag
Week 5 in Review
Its review time! This week, I set a milestone to really structure the development of Sportycus. I wanted to review the technical requirements of the application. Technical requirements detail out all the specifications of an application. This includes wireframes of each major section of the site to detailed use cases from the end user and administrative user point of view. This then makes it...
3 tags
Week 4 in review
As another week comes to an end, its time to review how it went. This week, I set the a milestone that was along the lines of finalizing a prospective customer pitch, which can also be referred to as a value proposition pitch.
I started working on this milestone early in the week. I was lucky enough to get some feedback on Monday from fellow classmates. Here is the pitch that I presented in...
4 tags
Meet Corey!
I want to introduce you all to Corey Butler. Corey is the co-founder of Ecor Group Consulting. I met Corey back in 2004 at Bradley University while working on my undergraduate degree. From the day I met him, he has been the definition of an entrepreneur. I like to think that I get some of my motivation from seeing what he has accomplished over the years through hard work and dedication. So you can...
3 tags
Buy vs. Build
Ok, I admit it - I am getting stuck. Not enough time in a week to work on the business and develop the site. I am contemplating outsourcing the development of the site while I focus on consumer centric activities such as pitching the idea to potential users. However, I feel that I will be missing out on the entrepreneurial journey by not building this site myself BUT on the other hand, the reason...
3 tags
A Website for your Business
In talking with other aspiring entrepreneurs over the past couple of weeks, it has become apparent to me that creating a web presence (especially a website) for a new startup is somewhat of a pain to such people - especially those that claim to be non tech savvy. However, it should not be. These days, with tools such as Squarespace.com the focus on creating a website for your business should be...
September 2010
2 posts
3 tags
Creating a Business, not a Product.
Another week has gone by and I am chugging along with Sportycus. I got some more scenarios coded up this week although I am still behind schedule on delivering a working prototype. However, as I take the time to reflect on the idea of game data hosting, I cannot stop but think - am I creating a product or business? Good and Bad businesses provide great products. However only the good businesses...
1 tag
On to the next one?
This fall, I am excited yet intimidated to have my final course at the DePaul University MBA program with Dr. Chadha, the Executive Director of the Coleman Center for Entrepeneurship. Excited because I get to work with other like-minded individuals under Dr. Chadha’s watch while getting the extra motivation I need to successfully start a venture. However, kind of intimidated because I am...
May 2010
2 posts
2 tags
My thoughts on quitting Facebook
As early as six months ago, Internet juggernauts such as Jason Calacanis and Leo Laporte have been calling for a mass exodus of Facebook due to the questionable security policies and unethical business practices by it’s founder Mark Zuckerberg. Well it looks like all that talk has finally grown to be something big. May 31st has been designated as ‘Quit Facebook Day’ where, more for protest rather...
“I am one of these people who does not really care about being right, I just care...”
– Steve Jobs, Co-founder of Apple
April 2010
2 posts
“Inorder to gain revenue, you need traffic. To gain traffic, you need to generate...”
– Merlin Mann on Macbreak Weekly from the TWIT network.
7 tags
Features and Benefits - A mint.com mini-case
Last week, I logged onto Mint.com (as I do every morning) to get a snapshot of my finances. While reviewing posted transactions, I noticed a new icon on the top right corner of the transaction summary page - “+ Add a Transaction.” Mint - the free online personal finance service - now offers account reconciliation. You can now manually enter transactions as they occur and Mint will...
March 2010
4 posts
...Not for Sale by David Heinemeier Hansson →
A different take on the serial entrepreneur bubble?
…the new world of “sell it and do it again” belongs to the serial entrepreneur. The too-cool-to-stick-around nouveau rich of the 21st century. Staying for the long term is now seen as old-fashioned and uncool, a handknit sweater from your grandfather’s closet.
Fuck that.
Read the full blog post...
Signs that you may want to reThink your idea
As usual, I came up with an idea - well more of a product idea - that I was confident would be a successful business if implemented. Recently however, I began to realize that maybe it was not as solid as I had initially thought. You see, there are signs that show up for each of us that indicate it may be time to re-think our business ideas. Some of the signs are:
Finding it hard to plan the...
6 tags
How (well) do you utilize social media?
Facebook, Twitter, Foursquare, Gowalla, Buzz….the list goes on. Social interaction using online media is here to stay. Think about it… it was only a couple of years ago when such social sites were predominantly used by technology early adopters(technorattis). Now it appears that almost all segments along the technology adoption curve have signed onto using such media, yes even the...
4 tags
Fight the urge to develop!
Getting all your ducks in a row before you start to develop a product is really important. It is something that we, who are developing new ventures, should certainly pay attention to. We must realize that even if we build a better product, we are not guaranteed customers or riches. As I mentioned in a previous post, those of us in the technology and engineering fields tend to get caught up in the...
February 2010
8 posts
3 tags
Expanding ideas through BIAS
A couple of months ago, I wrote about the WIBNI ideation technique. As I mentioned, it is by far one of the easiest techniques to implement. I am continually amazed as to how effective it is when it comes to generating ideas. Last week, a classmate of mine asked me how I came up ideas. The answer is, I am just a curious person, always have been and (hopefully) always will be. I have found that...
“Success was never a goal of mine, I just like doing things!”
– Andrew Mason, CEO and Founder - Groupon.com
2 tags
Good Pitch?
Contrary to the professional arena where the league provides scorekeepers and statisticians, amateur social softball leagues around the Chicago-land area do not officially keep and track game data - such as statistics. It is up to the individual teams to capture and record their own statistics, then update their fans either through their website or blog. This has therefore led a lot of teams to...
3 tags
The right approach to starting is ...
Reading just the first chapter of The Art of The Start by Guy Kawasaki has got me rethinking some of what I have learned about entrepreneurship over the course of the MBA program at DePaul. In particular, I find myself asking the question - What is the right approach to entrepreneurship, especially as it relates to starting a new venture?
With a little bit more than 4 months of course work left,...
5 tags
Square - My thoughts
This is a new feature of this blog where I highlight new startups that I find interesting along with their products. Square Inc. gets the honors of being the first startup I highlight on this feature.
Square Inc. is a San Francisco-based technology company that is releasing a revolutionary mobile technology that will vastly improve the world of payments. This innovation, while can thought of as...
3 tags
“Who is your customer and how can I get MY money out of his/her pocket”
– Guy Kawasaki
4 tags
My product is...My Business!
If I was to ask you - what is your product, what would you say? Would you tell me about the product or service that your business provides? I would say that my product is my business itself. I would also say that the customers for my product are not the consumers who buy the services or product that my business provides rather they are the other businesses out there that I could sell my business...
2 tags
So what if others know about your idea?
Do you hold ideas close to your chest - afraid that if you tell someone about the idea they will in turn steal it? Well you are not the only one. Sitting in class last night, I noticed that people around me had the same concern. How can I guarantee that the person that I am talking to will not steal my idea?
The discussion that followed stuck with me because it pointed out the following -...
January 2010
12 posts
4 tags
2 tags
Don't get carried away by technology
As young entrepreneurs - especially those of us with technology or engineering backgrounds - we tend to get carried away with the technology that is running the business rather than creating a business that continues to meet the customers need. This became apparent to me as I was discussing some venture ideas with an old friend of mine. I caught myself talking on and on about the technology that...
2 tags
Business planning made easier?
If you are like me - you have quite a few business ideas that you plan on launching but you are frightened by the thought of writing out a business plan. Even though you do not mind doing market and industry research, you find yourself suffering from information overload and the hundreds of thoughts that go through your mind as you read about what other businesses in the industry are doing. This...
1 tag
Smart-phone application market research
Please click here to take a quick survey on the smart-phone industry.
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4 tags
Pay attention to those Threats!
Take a look at most failed start-ups, what do they all have in common? Some might say poor management and others, poor delivery. However, I am with the camp that many start-ups fail because the founders did not pay enough attention to the threats towards the business idea.
Depending on who you surround yourself with, you are likely to get a lot of yes-men (and women) who will build you up and...
“…knowledge workers believe they are paid to be effective, not to work 9 to 5.”
– Eric Schmidt, Chairman/CEO - Google Inc.
2 tags
What kind of innovation are you thinking of?
Last night, I was part of an interesting discussion. A discussion based on innovation within any industry. Clayton Christensen in his book - The Innovator’s Dilemma - introduces two scenarios that can happen when it comes to innovation - innovation through sustaining technologies and innovation through disruptive technologies.
Sustaining Technologies
Innovations through sustaining...
2 tags
Does getting a MBA make you a better entrepreneur?
This is one of those questions that I have heard asked in so many different ways by all sorts of people. I think the phrase “…getting a MBA…” is the catch all phrase for education, training, and mentoring as it relates to entrepreneurship. My answer to this question is contingent on the understanding that when people refer to getting a MBA, they are including the formal...
The failure rate is so high because ...
According to the U.S. Small Business Administration (SBA), a third of all start-up fail within the first two years, and almost 60% are doomed to fail by their fourth year. These numbers probably are not a shock to you as the failure rate of new businesses is widely publicized. I think, to intimidate first time entrepreneurs.
Anyway, why is the failure rate so high?
I know! There are too many...
The biggest risk to your start-up is ... YOU!
I was reading this article on Forbes magazine - How Entrepreneurs Identify New Opportunities - and the guest on the article [Raffi Amit] brought the following to my attention.
While there are many risks for any new business ventures the biggest sources of risk are the founders. Do they have the wherewithal not just to start the company, but also grow the company?
So of course this got me...
“If your mind is always open, it never finishes anything. If it is always closed,...”
– Scott Berkun, Author - The Myths of Innovation.
2 tags
Goals for 2010
It’s January 1st, that means it’s time for age-old tradition of putting our goals for the year out there. I am not a fan of making new years resolutions so you will not be getting any of those from me. Every year I put up goals for my personal and professional life. I figure setting goals at the beginning of each period - in this case a year - gives me something to work toward and yes...
December 2009
6 posts
4 tags
What is your NAICS Code?
If you have been involved in any kind of business, you should then be familiar with the business planning process. Part of this planning involves understanding the industry that your business is going to be part of. This includes knowing:
how the US Federal government and other reporting agencies define the industry.
what stage the industry is in as well as the yearly financials of such an...
“Businesses are not built by extraordinary people but by ordinary people doing...”
– Michael E. Gerber
2 tags
Ideation Techniques - WIBNI
Wouldn’t It Be Nice If…(WIBNI) is one the many ideation techniques that I learned about during last summer’s course in business creativity. It is by far one of the easiest techniques to implement and it is quite surprisingly very effective. WIBNI is a technique that can be used to brainstorm for all sorts of ideas and it is not just limited to new business ideation. For example -...
Hearing but not Listening
As 2009 draws to an end, like everyone else - I think that it is time to reflect on it. A lot happened this past year: a new president was sworn in; we still live in a slow economy; the Chicago Bears (and Cubs) did what they do best - kept us hoping for next year. However, as we reflect over the past 12 months we will of course notice that a lot of other things happened - guess what? These events...