365QOD- Day1418

Dead on Arrival

"Too easy to kill."- my thought

I was reading an article about a company called Jet.com.  It is an idea that a successful entrepreneur came up with to challange Amazon.

So what is the idea?  Well, if you are going to buy online you usually have to pay shipping.  What if you could get a great price and save on shipping by delaying it or sourcing it locally.  You could combine items you purchase and save on shipping.

These ideas at first seem great except they are too easy to kill.  Amazon could always match the price that this company offers and even undercut it.  Amazon who has many shipping centers could automatically bundle the purchase and offer a pleasant surprise by reducing the price when it can do it.  So the idea is good but can be quickly emulated by existing players and it is not a gamechanger.

Today's question is:
"How do you know when your ideas can be killed by others quickly?"

365QOD- Day1390

Pivoting to a New Idea

"Do something until you are successful for 10 years, then extract a sub-component of your success"- paraphrase of  Langdon St. Ives words on Eventual Millionaire

I listened to this podcast as I ran the other day.  The words immediately made me think about how we had become a culture that wants overnight success.  Who wants to wait 10 years to buid a boring business?

Well, the reality is that most businesses if they survive the initial startup phase become routine and thrive by executing consistently.  There is no sexiness but just brute management.

The lesson that the presenter offered was how he developed a system for his company that he could have bought.  But he believed that this was something that he needed and teh licensing fees would be more over time than developing it in-house.  So they did.

After 10 years of running his business he decided to spin off the system as a seperate business.  Notice that he did not rush it and try to be in two different business.  He developed the software and over time improved it to the point that now it can become a new "sexy" business.

Today's question is:
"Could you wait ten years before extracting a sub-business?"

365QOD- Day1384

Apportunity

"Definition: an app opportunity"- source unknown

I recently heard this word used.  Catchy?  I think it is catchy.

I believe that right now we live in a world that is ripe for executing an idea quickly.   If the idea can be envisioned and created in software then an app can be designed.

What app are missing that I would create?  I believe that we are overwhelmed with data and an app that helps people manage all data inputs into their life better would be wonderful.

Today's question is:
"What type of an app would you create an opportunity to help many people?"

365QOD- Day1381

Crickets and Maggots

"The food source of the future will be very different than today."- my conclusion

Recently I have read and seen some interesting stories.  In one of the stories the farmer farms maggots and then they are used to create animal feed.  Many companies are watching this start up because it is believed that in the future we will have food shortages due to the ever increasing number of people on the planet. 

So maggots for animal feed.

The second story I watched was another company that grows crickets and then uses them to create a flour.  This slightly earthy tasting flour can then be used instead of regular flour.  This is not uncommon in many cultures that insects are a part of the diet.  

So crickets for people.

Today's question is:
"If you were not told that there is cricket flour in your cookies would you eat them?"

365QOD- Day1380

Purchase vs. Subscription Based Revenue Model

"A $12 fitness band? Yep and it looks good"- USA Today October 28, 2014 story

I am in the market for a fitness band so this story caught my eye.  Most fitness bands are $100+ and  this story talked about how Pivotal Living is taking the subscription model to this new problem.

I believe in the near future we will be self-monitoring more and more.  Daily will be given a review of the sensors that will be embedded in our clothes, part of our watch, shoes, etc.  We will be drowning in our data.

So this story is telling me that there is someone out there that is realizing this and approaching the problem as a $1 per month subscription model instead of the purchase the device model.  Kind of like my phone post yesterday, Day1379.

By the way I am looking forward to the release of fitbit.com Surge tracking device.  I believe that it will be what most of us will use.  

Today's question is:
"What else in the future will adopt this subscription model?"

365QOD- Day1342

Your Message

“…Your message has to be super tight and easy to transmit in as few words as possible. ‘1,000 songs in your pocket’ is the answer to ‘what is an iPod?’ Before that, the Macintosh was introduced as ‘The computer for the rest of us.’ If you can boil your message down to just its syrupy goodness, you can achieve lift

—the irresistible force of millions of customers selling your product for you.”-David Meerman Scott

In the last couple of days I read an ebook by David on Viral Marketing.  It was a great short book that gave me a lot of ideas.  The book was written several years ago and it is amazing how the rules he lays out still hold true.

What I liked about this quote is the idea that you must be able.  to reduce your message down to as few words as possible.  The examples he gives reduce it down to 6-7 words at most. This is tough.

Suppose you are an entrepreneur that wants to offer an ebook on time management.  How would you make it syrupy?  Maybe...
The time management book for the overwhelmed people with no time to manage.  

Would this work?   Maybe it needs to be shorter?   
The time management book for the overwhelmed.

Maybe it needs to include a reference to the digital world we are drowning in.
The time management book for the digitally overwhelmed.

Today's question is:
"Can you simplify your message down to just its syrupy goodness?"

365QOD- Day1341

Making Hot Things Hotter

"I figured that what was inside the pepper was hotter than the pepper.  So if you can take what is inside and use just that you can make a much hotter sauce"- David Hirshkop 

I was walking the other day when I heard this quote.  It was one of those realizations that makes you stop and immediately think about how to apply it.

The lesson I got out it was that in order to be more successful at doing something you need to drill down and understand what makes that niche a niche.  He took hot sauce and realized that the inside of a pepper has to be hotter than the outside of the pepper.  In other words be understood the inside before he could improve the outside of the product.

Suppose you are an author.  You realize that vampire books are very successful.  You want to make the ultimate vampire book.  In order to do so you need to understand what it is about the vampires that makes the books success.  What is it about them that makes them hot and then take that to an extreme.

Today's question is:
"How do you make your niche hotter?"

365QOD- Day1331

Finding and Naming Your Ideal Customer

"My target customer's name is James."- Carissa Reiniger

Lately I have been reading many books and attending many webinars on the topic of hosting webinars.  It is a very interesting area to study.  The most surprising part is how well they are scripted.

Before starting a business one of the first things that one has to figure out is who is their customer or target audience.  Unfortunately this topic is the first one brought up but few tools exist on how to determine it.  So what does an entrepreneur do?  Calleen Rush offers great advise in her webinar training.  What follows is my interpretation and addition to Calleen and Carissa's ideas

An entrepreneur says,"Well, I know how to do X so the world must need X."  But just because you know how to do X and are exceptional at doing X does not mean that there is a customer willing to pay for what you are offering.  Great examples are my books.  I wrote them but only a few people bought them.

From what I have learned, determining your ideal customer involves identifying who you want to work with in detail.  For example, suppose I am developing a product that would appeal to crazy busy professionals.  That is my target audience.  

Once you can identify the audience, as Carissa advise, you should give it a name.  Suppose my customer's name is Carrie and she is a crazy busy professional.  I now need to sit down and completely describe Carrie up to the point that Carrie becomes real to me as a person.  I need to imagine the challenges that she is going through and how she deals with them.  Naming also helps you to ask personal questions whether something would be beneficial to her.  Or even better if she will attend the webinar.

After naming her and describing her I need to drill down and ask myself what is her "top of the mind" problem and how does that make her feel.  For example, suppose I believe that Carrie is often very very tired.  Even though she exercises she has a hectic life and is always trying to squeeze 48 hours in a 24 hour day.  What one word describes her?  Frustrated. Fanatic. Overwhelmed.

I need to chose a single word that best describes her.  Suppose I choose Overwhelmed.  Now I have to ask myself does she identify with that word.  I might feel that it describes her but it does not mean that she would use it to describe herself.  If it is not then I need to go back until I get that one word.

Only after I have the problem identified that is the audience, her top of the mind problem, named her problem am I ready to ask, "What is the solution that Carrie needs to help her solve her top of the mind problem?"

Today's question is:
"Have you named your customer?"

365QOD- Day1300

$3000 Per Day

"333 Days of work, 32 days off"- a great formula

What does it take to make a million dollars per year?  
For 250 working days, 50 weeks of work, weekends off
1M/250= $4000/ day

For 365 working days and no time
1M/365= $2740/day

For 333 working days, and about a month off
1M/333= $3000/day

Why am I showing this?  Do I make $3000 per day?  Not yet!  It is my goal to have residual income coming in that equals that amount.  

Notice that I did say residual.  The formulas above are based on working your tail off to get to those amounts.  What I am talking about is developing products that people need that earns the same level of income continuously whether you are working on not.

So what do I believe it takes?  

In my study of others who are successful at that level, I believe that 
1.  Identify the need that you see in others
2.  Create a pipeline of products OR find a pipeline of products. 
3.  Once the pipeline has been determined, you have to put out a minimum product that satisfies the need quickly.  
4.  The product has to be sold and sold and sold.  Selling is the bloodline of any business.   
5.  Learn from customer feedback.  
6.  Modify your offers and improve and put it back on the market.  

Today's question is:
"How will you make your $3000 per day?"

365QOD- Day1289

Video Money

"Who is making money on YouTube?"- My question 

Lately I have read several stories about YouTube.  The one I read today was about the top 20 earners on YouTube.  It peaked my curiosity.

As I read the article I tried to understand how each earner was making money.  It was obvious very quickly.  I would have never guessed it before reading the article.

Majority of the top 20 earned their money by reviewing video games, reviewing toys, and a couple performing comedy.  Reviewing games? Yup, people are clicking on ads and following other people playing and reviewing games.

To me, maybe I am old, makes no sense.  Maybe it does?

I remember when I was in high school.  Video game arcades were very popular and pretty new.  I can not remember ever beating a game.  I got better as I put more quarters in but I can not claim that I ever completed a game by being the top scorer.

So why would anyone want to want someone else playing and giving them insight into how to beat the game?  Well, they want the shortcut to beat the game.  But they are not beating the game but simply mimicking the play of another person.  It is cheating and based on the millions of subscribers people want the solution and do not enjoy the journey to discover the solution for themselves.

Today's question is:
"What would people pay to get a shortcut?"

365QOD- Day1265

Clean Desk is a Sign of?

“If you do not know what to do with many of the papers piled on your desk, stick a dozen colleagues’ initials on them and pass them along.  When in doubt, route.” Malcolm Forbes 

Whitmore’s fifteenth entrepreneurship observation is: Clear Your Desk.

This quote cracked me up.  But it does offer some serious wisdom.  What should a desk look like? Albert Einstein had a very messy desk.  I am sure there a numerous famous examples who kept very neat desks.

So what does a desk full of paper signify?

A pile of papers signals inactivity or too much activity.  With either conclusion, when someone walks in your office and they see a pile they immediately know that you are not organized.  You might think that you know where everything is but you are fooling yourself.

I find that when my desk is clean and I come in the morning my mood is one of ready to go.  If I see a pile I feel like I am already behind in my work.  At different times I vacillate between both extremes. But I can tell you that for me a clean desk is the preferred option that makes me more productive. 

Today’s question is:

“How clean is your desk?”

365QOD- Day1264

Zen Lunch

“Eat breakfast like a kind, lunch like a prince, and dinner like a pauper”- Eating advice often given to manage amounts 

Whitmore’s fourteenth entrepreneurship observation is: Take a Lunch Break.

Most busy people wait too long before taking a lunch break.  If they do take lunch, most often lunch is a way of meeting with someone or a group.  It is in a sense a continuation of work except now food gets shoved in the mouth.

Taking a lunch break means actually taking a break during lunch.  It means to completely disconnect from work and responsibilities.  Another reason for lunch is to actually taste the food.  This might seem like the obvious reason but it is often the least understood.

By pausing and actually chewing the food we allow our system to slow down and process the food differently.  By talking while eating we tend to engulf a lot of air with the food.  It is my believe, not based on any research, that this is often the reason why we get hiccups.   

I at times will put my fork or spoon down after each byte.  This forces me to slow down.  And by putting the fork or spoon down I allow myself time to chew the food.

My biggest issue that I have with lunch is reading.  I am very guilty of trying to catch up on my reading materials during lunch.  This is bad since I forget to put the fork or spoon down and do not taste the food.  So my solution is to get up and go sit somewhere where there is no computer or papers in front of me.

Today’s question is:

“How do you focus on your food instead of other things during lunch?”

365QOD- Day1263

Breathing Patterns

“What is the optimal sequence of breathe, hold, release, hold?”- Often asked question

Whitmore’s thirteenth entrepreneurship observation is: Breathe Deeply.

In a recent post, Day 1220, I talked about what I believe is the ‘optimal’ amount for the breathing sequence.  The sequence I proposed was 15-15-15-15. But that is my belief!

I believe that it is a great starting point.  If you test it and you feel out of breath then reduce the times.  Test it at 10-10-10-10 and compare.  Maybe even try 5-5-5-5?  So once you have come to sequence that makes you feel relaxed then tweak it slightly by adjusting each number independently.  

I believe that like the reminder to stand up every hour for ten minutes, this is another area we need to set our smart phones to remind us to do.  It could be as short as 5 minutes or as long as 20 minutes.  Start with 5 and see how it feels. Maybe just try to get 10 deep breaths.  You will feel better and most likely will be more productive.

Today’s question is:

“What reminders do you use to practice breathing?”

365QOD- Day1262

Standing for Health

“Sitting down all day is killing you slowly.”- My conclusion

Whitmore’s twelfth entrepreneurship observation is: Stand Up and Move Around.

I believe that one day office chairs will come with a warning, ”Sitting most of the day has been shown to lead to disability, diabetes, heart disease, cancer, and obesity.”  Wow!

I do not think that we would be able to sue because our work requires us to sit and work but there is overwhelming evidence that sitting all day does cause damage to us over time.  It is a “slow” killer.  

But most of us can not change the nature of our jobs.  We can however invest in our health.  One of my former colleagues went out and bought a device that sits on his desk.  The desk top is made by Versadesk and it fits two monitors and a keyboard.  He is able to stand at his desk and work for a few hours before he needs to sit down.  When I last spoke with him he was very happy with it and would recommend it.

My point is that by buying a $300 dollar adder he completely changed his sitting into standing desk.  He is now in control of how much he is standing.  He probably improved the quality of his health and length of life for a small investment.

Another way to do this is to set a timer that goes off every hour and reminds you to stand up and go for a walk for ten minutes.  This might improve your work relationships by getting to engage with your co-workers.

Today’s question is:

“What reminders do you use to stand up and walk around?”

365QOD- Day1261

Truly Saying THANKS

“Gratitude is the healthiest of all human emotions.  The more you express gratitude for what you have, the more likely you will have even more to express gratitude for.” Zig Ziglar

Whitmore’s eleventh entrepreneurship  observation is: Show Gratitude.

The ending to most of my notes is THANKS followed by name.  Why?  I use it as a reminder that I should be thankful for this person and this opportunity.

I believe that most often we tend to ignore and at times not appreciate the things that others do for us.  It is interesting that often initially in a relationship we do not forget this.  But over time we let our guard down and say it less often.

Relationships are difficult to start, maintain, and nurture.  So why after taking the effort to start the relationship do we need to stop the momentum?  It could be that our lives are too busy or we are just focused on the next thing.

The pause to stop and truly say THANKS is worth gold.  If not used the relationship will tarnish and the link will eventually be non-existent.

Today’s question is:

“How do you force yourself to truly say THANKS?

365QOD- Day1260

Quieting the Noise Maker Inside

“But…”- and interruption starter

Whitmore’s tenth observation is: Listen.

The other day I went to dinner with a friend. Usually my friend is the center of attention.  He loves to engage, talk and comment.   This time he sat quietly and listened.

This was so different for him that I just could not stop thinking about it.  In my eyes he was way more effective that he listened actively.  Yes he did chime in a couple of time BUT that was over a two hour dinner with two other people. 

I believe the true benefit of being quiet is that you get to understand what the other person is saying and hopefully “full understand” their needs.  It seems to me that interruption is another way of showing how smart we are.  But as this example showed me, by being quiet and asking better questions we are more likely to be seen as “intelligent”.

Interrupting is easy.  Hell we do not even have to let the other person finish their thoughts before we impose our thoughts on them.  By giving them space to speak we set us up to better understand them and minimize the need to clarify later.

Today’s question is:

“How do you force yourself to listen until you fully understand?

365QOD- Day1259

Can You Please Do This For Me?

“You can delegate authority, but you cannot delegate responsibility.”- Bryon Dorgan

Whitmore’s ninth observation is: Delegate.

The other day I spend some time looking through fiverr.com.  It blew me away.  The services people were willing to provide for $5 was incredible.  Immediately I thought to myself that I need to start using the services of others more.

I can create many products but I am no different than others.  My life is 247365.  In it I get 168 hours per week.  40 hours are spent working. Driving 8 hours per week. 72 are spent sleeping.  Running uses 2 hours. Walking consumes about 10 hours per week. I would estimate another 7 are spent eating.  Reading probably another 5 hours.  So my total is 144.  What is left is 24 hours that I cannot account for easily. 

So what if I used those hours to formulate my projects in a format that I can delegate to others to complete for me? 

I believe that I would get at least a four fold return.  In other words, what would take me four hours to do I believe some of these specialists could get it done in one hour.  That would give me four time 24 hours or 96 hours of productivity.  Impressive!

I believe the key is to make the work in small enough chunks that they can be easily be done by someone else without much direction.  Give them the authority to complete the work to their best ability.  But as the quote teaches, I still retain the responsibility for the quality of the work.  Cool!

Today’s question is:

“How do you break up work so that pieces can be delegated to others to accomplish?”

365QOD- Day1258

Value of Your Time

“People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying "no" to 1,000 things.”- Steve Jobs

Jacqueline Whitmore’s eight observation is: Value Your Time.

For this observation I want to take on a different path.  I want to focus on saying no to oneself. 

I used to struggle with taking on too many projects.  At times it seemed as if I just did not know how to say no.  Over time I realized that too many projects lingered on and something needed to change.

I now work on focusing on one project at a time.  If I get a new idea I take the time to scribble it down in my moleskin notebook.  I force myself to stop there.  I do not touch it until its; priority rises to the most important project on my list.  Yes I do lose momentum but I sacrifice momentum for executing.

Today’s question is:

“How do you say no to yourself?”

365QOD- Day1257

Absolutely NO!

“People think focus means saying yes to the thing you've got to focus on. But that's not what it means at all. It means saying no to the hundred other good ideas that there are. You have to pick carefully. I'm actually as proud of the things we haven't done as the things I have done. Innovation is saying "no" to 1,000 things.”- Steve Jobs

Jacqueline Whitmore’s seventh observation is: Say No.

For this observation I want to take on a different path.  I want to focus on saying no to oneself. 

I used to struggle with taking on too many projects.  At times it seemed as if I just did not know how to say no.  Over time I realized that too many projects lingered on and something needed to change.

I now work on focusing on one project at a time.  If I get a new idea I take the time to scribble it down in my moleskin notebook.  I force myself to stop there.  I do not touch it until its; priority rises to the most important project on my list.  Yes I do lose momentum but I sacrifice momentum for executing.

Today’s question is:

“How do you say no to yourself?”

365QOD- Day1256

Visualizing Success

“The journey from A to Z is best planned in the direction Z to A.”- my observation

Jacqueline Whitmore’s sixth observation is: Visualize.

It is my belief that being able to see the end goal is critical.  Seeing yourself running that race at a certain rate is a must.  You need to be able to see the end goal with your eyes open as well as when they are closed(dream state).

Human beings are mostly visual and being able to see the end is very important.  If the mind can visualize it then the brain can process what needs to be done in order to get to that end state.  This is where the reverse engineering the steps that will have to be accomplished in the forward direction by going backwards step by step.

After you have visualize the steps, you need to speak the steps aloud so that you can hear yourself understanding and knowing what is next in the sequence.  This will forge a connection between the visual and auditory portions in the brain.

Today’s question is:

“How do you visualize from Z to A?”