If you’re really intent on building your brand, your business, your reputation; you should be blogging.
But blogging…and blogging well, are two different things.
I’m going to point you to what I think is one of the most important posts on blogging that I have seen.
Brian Clark of CopyBlogger outlines his “Blueprint for a Brilliant Blog Launch” in one of his latest posts. Read it! And be sure and link through to his previous, associated posts.
Brian provides, in my opinion, the most reliable and effective tools for successful blogging and copywriting that you’ll find out there. There’s no lack of great information from many sources, but if you start on CopyBlogger, you can’t go wrong.
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When I raised my first significant round of venture capital financing, the firm I worked with was quite reasonable. We were very lucky in that regard.
They allowed me and another founder to sell of some of our stock and get a little financial reprieve from the sacrifices we had made over the previous three years. It wasn’t a massive sell-off, but it helped.
Most investors, especially venture capital firms don’t go along with that. They believe that it’s better to keep the founding executives “hungry”. They believe that if a founder gets a little cash, they’ll lose their drive and commitment. I think that’s an interesting position for a VC to take, considering the hefty management fees they pocket after institutional investors give them their capital. It doesn’t seem to diminish their hunger so why will it dimish the hunger of their portfolio founders?
It certainly didn’t diminish my hunger. In fact, having some financial relief eased our stresses and helped us work more effectively.
If you decide to look for funding and you have something that interests investors, be sure to take the time to look for an investment team that will keep your needs, your interests, and your input as a founder, in mind.
The Founders Fund is a venture firm that seems to be doing just that. Specifically, they are taking a unique and refreshing approach by allowing their entrepreneurs to sell stock to future investors through their Series FF preferred stock.
Take a look at this recent article about The Founders Fund in Inc. Magazine, “Putting Founders First”. It’s a refreshing “pro-entrepreneur” angle that other VC’s will be wise to consider.
Check out these great blogs for more information on this topic:
Well, our big brother Greg made quite a compelling pitch to the investors on American Inventor last night.
We sure are proud of him!
He really did a few simple things very well that so many entrepreneurs fail to get right. Usually, an eager entrepreneur will take far too long to get to the point and fail to paint a crystal clear picture of the value of their idea.
I think Greg did a great job of getting straight to the point, and made a compelling case.
Here are three things he did well, that anyone seeking investors can learn from:
1. Explain your concept quickly and clearly. Greg didn’t mess around with a long preamble, he got right to it and explained, “My invention is a fire protection system for your Christmas tree.” Simple, clear.
2. Quickly identify the problem you are addressing and the solution you provide. Greg hit this immediately with a powerful video clip and some quick stats.
3. Show passion and create emotion. Greg hit it out of the park on this one, sharing a genuinely heart-felt example of why this product is so important.
In case you missed the episode, here you go:
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I didn’t watch American Inventor last year. This year, I have a really good reason to watch.
My oldest brother, Greg Chavez, took his invention to the San Francisco audition…and well, all I can reveal is that…they really, really liked him. They saw great potential in his invention and I have a feeling this is one guy that America will feel inclined to root for.
He’s got a great entrepreneurial story and a great personal story. He’s a firefighter and father of six great kids. He’s worked on a fire safety invention for the last 10 years. It’s something he’s extremely passionate about. It’s a great story and I don’t think you’ll be disappointed…
That’s why you should watch American Inventor.
You’ll find this year’s first episode tonight on ABC, 8pm CST.
When an entrepreneur complains that they aren’t making enough money, I offer them the fastest solution to their problem:
“Raise your prices. Double them, if possible.”
As a consumer, you might bristle at that blunt advice. But as an entrepreneur, you need to really think about this. It’s a beautiful solution to cash flow problems, but it takes a smart marketing strategy and great fulfillment to pull it off.
Sure, many companies are already at or very near their pricing cap. But most companies are not.
(For those, who’ve “bristled”…trust me there will never be a shortage of high-quality, lower cost providers of everything and anything you need.)
So, how do you pull your product up from being just an average, standard priced product or service, into the premium-price category?
And what if your product or service is just another low priced commodity in a highly competitive market? That makes this strategy impossible, right?
Not at all.
There are several examples of low-cost “commodities” who have mastered the methods of premium pricing. And there’s a wide range of examples of mid-level and high-level products and services who demand premium pricing as well. Consider these:
You can get music online for free, but millions choose to pay for it on iTunes.
You can buy perfectly presentable clothes at Target, but millions insist on Abercrombie & Fitch.
You can make great coffee at home, but millions demand Starbuck’s.
You can purchase a Saturn, but millions indulge in a BMW.
There are several tactics that can be used to move your pricing into the premium category. I came across a good example of how Starbucks pulls it off…
Bryant Simon of Temple University presents an entertaining look at the techniques used by Starbucks. He explains (In the first 9 minutes) that there are three key elements at work that drive Starbuck’s premium pricing. I think these can be implemented on some level, to any product or service:
1. Functional–Starbucks is basically a caffeine delivery service…
2. Emotional–Starbucks creates a sense of “belonging”…
3. Expressive–Starbucks lets you say, “I can afford luxury”…
Take a look at his presentation. I found what I needed in the first 9 minutes, but the whole presentation is worthwhile.
I’d encourage you to consider how you can implement the same strategies used by companies like Starbucks to effect your pricing strategy.
I mean it when I offer this advice:
“Raise your prices. Double them, if possible.”
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