Managing a Team Across Continents and Time Zones

A long time ago, in a company far, far away, teams were always co-located and if you needed to talk to one or more of your teammates, you just walked to their desk or called a meeting in a conference room. We live in a different universe now.  With the advent of the internet, e-mail, videoconferencing and instant messaging, managing a team began to require new skills, and teams began to acquire new faces.

Today’s project team is just as likely to be comprised of members living on different continents as it is to be co-located. Teams frequently span cultures and time zones, challenging managers. While you don’t need to bind the galaxy together, you do need to bind your virtual team together, which can be just as challenging according to “Managing a Geographically Dispersed Team” at Mind Tools. Define your team purpose using a team charter or roadmap to help your team unite around common goals. State your mission, everyone’s roles and responsibilities, goals, and objectives, and make this document available to everyone involved.

There is a great disturbance when you notice reduced output or reduced communication among team members. Teams take time to unite, following a forming, storming, norming, performing process as members learn to trust each other and work together, and it’s difficult to identify problems when you can’t see facial expressions or body language. Establishing good communication routines and task-related team processes (to generate ideas, identify problems and alternative solutions, make quality decisions and take effective action) help increase performance. Keep things clear and keep people talking.

The dark side feeds off emotions like anger, jealousy, fear and hate. Promoting team bonding and a “global team culture” can help you fight the dark side. Informal interactions can be just as important as formal interactions when uniting a team, so set up a virtual team lounge or team page to allow members to interact and socialize.  Establish ground rules around humor and language use, as a lot of misunderstandings happen when you mix cultures and communication.

Communication is the key to successfully managing a virtual team. But how exactly can an international team across continents and time zones effectively communicate and get things done? 

We will be covering the topic of international team management starting in February. Simon Specka, who conducted a study on the topic based on UFOstart's practices, will be our guest blogger. Stay tuned to learn more about virtual team management! 

Happy Holidays from the entire UFOstart Team, we look forward to working with you in the upcoming year!

To Fail and to Succeed

"Success comes through rapidly fixing our mistakes rather than getting things right first time." Tim Harford (Adapt: Why Success Always Starts With Failure)

Small business owners, dreamers, and future entrepreneurs usually want to follow a straight and beaten path to success. Only few people with a vision realize the importance of failure, and that failure is a natural part of the development process. According to the U.S. Small Business Administration, over half of small businesses fail within the first five years of their launch. 

Despite society's inclination to completely avoid failure, the truth is that no business owner, dreamer or entrepreneur has truly succeeded until they have failed; it’s only after a failure that we truly move forward and make our businesses live to its full potential. 

Failure is a part of self-discovery. After the Olympics earlier this year, TheGuardian.co.uk ran an article discussing how athletes often handle failure better than students in classrooms worrying about getting straight A+s. Why? Because athletes “have a greater understanding of their own personal psychology, which in turn leads to greater mental strength (to add to their obvious physical strength) and a higher level of psychological resilience.” In other words: knowing ourselves lets us push ourselves more effectively towards success; this applies to people with business ideas just as much as it does to students or athletes.  Failure allows small business owners and entrepreneurs to gain insight into their own psychology, helping them build a stronger idea of what they personally want and where they want to go with their idea in their future.

Failure teaches us what works and what doesn’t. There is always something new to learn or a new trend developing in the business world, whether you’re just beginning your own business or you’re an experienced entrepreneur. Failure is simply a way to find out what does not work and why it does not work in a modern day market. It’s a chance to adjust one’s mindset, goals, or company policies, which ultimately leads to a better plan for future business endeavors. In other words, failure is simply a social experiment or survey that plays into your thought-process when you begin designing the blueprint for your next idea.

Failure pushes us to improve and drives change. Failure can act as the ultimate drive to improve a business model. Not only does failure teach us what not to do when a problem arises – it pushes us to think outside of the box and find the solution that does work. Failure is what helps us realize what needs to change and be improved on, and it’s one more step down the road to success. Ask or read the biography of any inventor, from Thomas Edison to Bill Gates, and you’ll find this to be true.

"Startups don't only succeed because of their surroundings, they suceed because of their failures. It is all about their ability to deal with mistakes - their agility, flexibility and speed of pivoting." Thomas Hessler, CEO of UFOstart

The short rounds on UFOstart, usually three months in length, increase the awareness of failure, provide immediate feedback and give startups the freedom to pivot. Looking back at the lessons learned and experiences gained every quarter is the essence of a dynamic startup process -and the idea behind our Global Crowd Network.

-bmt

Join our first "Global Crowd Network" for Lean Startup funding! Connect with facebook on www.ufostart.com and calculate your Startup Value. Interested in how you can leverage the power of the crowd for your startup? Like us on facebook and follow us on twitter!

How To: Crowdsource Logo Creation

Creating and maintaining your corporate identity can easily be done through crowdsourcing, especially if you're on a limited marketing budget. It is a great compromise between over-paying for a professional agency and trying to do it yourself. Creating an appealing logo is the first step in establishing your CI - here are some tips to help you run an effective crowdsourcing contest for your logo:

Company, Know Thyself. First understand your brand voice, your audience, your business goals and how you want to use your logo. Knowing what you want, then articulating that clearly in the contest rules and process will get you a lot closer to a well-designed logo. 

Research your options.
Fortunately, you have a lot of options when it comes to crowdsourcing sites focusing on logo design. Sites like Crowdspring and 99Designs guarantee more than 100 submissions, sites like Prova will deliver at least 40. However, you might prefer to limit the number of submissions for simplicity’s sake.

Offer a good price and a clear design brief. Carefully think through and be as specific as possible on the site’s form so you make a clearer request to the design community. Use reference images and add language that clearly talks about what you want -- and don’t want (here's How To Create a Marketing Brief: http://ow.ly/fRto8). And if it’s in your budget, offer winning prize amount that’s in the higher range or at least above the minimum prize to make your contest stand out.

Choose your winner Consider putting out the call to your friends and colleagues to vote on the final design. They know you and your company, and could add some valuable input. Once you have a winning design, provide the winner with exactly the file formats you need (if you didn’t cover this in the design brief) so you won’t have to fool with Illustrator or Photoshop files after the fact.

On average, a crowdsourced logo costs between $250 and $350, -- that’s less than half what you’d pay for a professional agency to design your logo. By spending your budget wisely and by leveraging the power of the crowd, you will be able to design and redesign whenever needed. 

Redesign of UFOstart
We took some feedback into account and redesigned the following features on our platform: 

• cleaner layout for needs
• ability to apply on need item directly
• overview of involved people and the progress of each one
• improved social media integration (comment and share buttons)
• Invitations now include the whole context of a project or need

Join our first "Global Crowd Network" for Lean Startup funding! Connect with facebook on www.ufostart.com and calculate your Startup Value. Interested in how you can leverage the power of the crowd for your startup? Like us on facebook and follow us on twitter!

International CES will shine spotlight on startups

Between January 8th - 11th of 2013, the Intl' CES trade show will take place in Las Vegas, NV. And while CES is an industry standard, this year's focus will prove to be exciting: it is spotlighting startups and successful entrepreneurs in partnership with Startup America.

Why is this important for us at UFOstart? Because it shows that startups are not just companies that start small and make it big. They're ventures that have a plan for investors and customers alike, and that can make a good case for their success.

“Innovation defines the International CES and we are thrilled ... to bring programming that highlights the young start-ups and entrepreneurs who will shape the future of technology,” said Gary Shapiro, president and CEO of the  Consumer Electronics Association. 

What happens, though, if you have an idea but aren't sure where to find investors, or if you want to bring your resources to an innovative idea but don't know where to look?

That's where we at UFOstart come in. We look for innovation and smart entrepreneurs who have fresh ideas, and we partner them with investors and experts who determine if their plans are feasible. By allowing the crowd to determine what plans are the most worthy of funding, we simultaneously provide a platform for new businesses to find funding, for investors to choose their next target, and for field experts to leverage their experience. 

Entrepreneurs and creative businesses provide the spark that will ignite the technologies and services of the future. But they can't start that burn without fuel and guidance from investors and experts. UFOstart takes those pieces and puts them together.

And who knows? Maybe the partnership you forge through us will carry you on to the next CES, or even farther beyond.

If you have questions about how UFOstart can help you to crowdsource your funding and needs, please contact us so we can put our services to work for you.

How to: Create a Marketing Brief

As more and more companies are using Social Media as part of their marketing strategy, its outsourcing and crowdsourcing is growing. Clear expectations, objectives and target groups are vital in the success of your campaign.

No matter if you're crowdsourcing your blog content via blogmutt.com, working with a MarCom specialist such as CapSEO or if you're managing your own campaign: You should draw up a briefing to outline your mission. Take a look at the structure of our briefing for CapSEO, a great crowdsourcing service we're using for search engine and social media marketing: 

1) What’s the marketing PROBLEM you’re facing? 

Dealing with the chicken-egg problem of a 3-side marketplace


2) What’s the OBJECTIVE of your MarCom campaign? 

To address all three target groups (Experts, Investors, Startups) with a different value proposition, marketing strategy and probably different traffic sources.
Our MarCom objectives:

• Express our views on startup practices and the significance of crowdsourcing

• Educate community on relevant topics for budding entrepreneurs

• Generate relevant content for SEO

• Convince people to embrace a lean startup model and to work with the Power of the Crowd

3) Who’s your core TARGET for the campaign? Who are the influencers? 

UFOstart targets three groups, which all act as influencers for our campaign: Experts, Startups and Investors. With CapSEO we're focusing on targeting our Expert group:

1) Moonlighter - people currently employed by large corporations, dreaming about their own startup or diving in the startup industry to learn how it works. Want to be involved in hot stories and are seeking equity.

Influencers: not job portals since they are not for hire, startup blogs, incubators
2) Students - daily income is covered from home / regular life on campus
Influencers: job portals, startup blogs, incubators

3) Top Talents - financially independent, top experts in their fields, working only on projects they are passionate about.
Influencers:  job portals, startup blogs


4) What’s the proposed DOMAIN of your MarCom campaign? 

Focus on online and social media:
- startup directories
- blogs
- twitter
- facebook, linkedin, xing
- startup services, incubators

5) What’s the RESULT you’re expecting after the campaign is over? 

We are looking for 1000 experts with skills relevant to software and internet startups, especially ones focused on crowdsourcing. Should be completed in a time frame of 3 month after campaign launch.

Effective marketing can determine the success of your brand building efforts. Social Media, especially when combined with crowdsourcing, helps in getting your idea out there, building a community and creating interaction. However,

"If you’re planning to invest in a campaign, without having a clear knowledge of the above factors, your investments stand to be ineffectively utilized or lost" - Shantanu Sengupta on http://bit.ly/oF89n6

By following the basic five steps outlined above, you can narrow down your objectives and create a powerful brief for any marketing service. We at UFOstart use the power of the crowd for our online marketing because of its efficiency and great returns. Besides the ones mentioned above, we have created a list of ways to crowdsource your startup: http://gsfn.us/t/335mq.

What do you think of our online marketing approach? What blog topics should UFOstart cover in the future? Looking forward to your comments and tweets.

UFOstart wishes everyone a Happy Thanksgiving and a good start to the holiday season!

"It's all about execution, not ideas"

Creating a crowdfunding campaign looks easy — but requires serious homework. The truth is, you need to seriously develop your idea before trying to crowdfund your start-up. And that means creating a strong brand and cultivating an engaged community. Why the strong brand first? Because you can’t crowdsource the soul of your business. You have to know who you are, what you’re about, and how you’re differentiated before seeking financial support.

Crowdsourcing your funding in early stage confronts you with the dilemma: profiting from community inputs and fearing that someone might steal your idea. Thomas Hessler, CEO and Founder of UFOstart, says "sharing as much as possible to get feedback and validation is crucial for launching a successful product. You have to work with your community's ideas and need to develop accordingly. Provisional patents offer a way to protect your concept. However, it is all about execution - not ideas." You can't start a crowdsourcing campaign without a convincing and detailed description of your project. Plus, stealth mode can scare off potential investors and contributors. 

Building your community is a essential to a successful crowdsourcing campaign. While crowdsourcing can expand your community, you need at least a committed core group in order to gain traction. Call these people what you will — evangelists, raging fans, true believers — they serve as an initial network for you to leverage.

As Forbes.com contributor Suw Charman-Anderson explains: "You and your fellow creators must develop personal networks before you start fundraising. You should understand which communities your project will appeal to and how you’ll reach those communities.." Connect with them wherever they hang out: on social media, specialized online forums, even (gasp) face-to-face events at brick-and-mortar venues. Understand them. Respect them. Find ways to support and serve them in mutually beneficial, value-added ways. And be up front: let them know your vision, your hopes, your needs. Share your insights and concerns — and invite theirs in meaningful ways.

Being open about your idea and building a core group of supporters - two important factors in establishing a crowdsourcing campaign that has a chance to succeed. Our innovative platform "UFOstart" offers a way to leverage the power of the crowd. By bringing together startups, investors and experts, we are creating the first "Global Crowd Network" for Lean Startup funding. Contact us if you're interested in starting a round on UFOstart!

-bmt

itembase now on UFOstart

UFOstart is pleased to announce the addition of another great startup to the community: itembase.

visit itembase.com for further details

In order to build on the current traction (+300 shops, +25k users), itembase is launching a round on UFOstart to gather all advisors, supporters and investors on one platform in order to create a community for collaborative growth of the idea. 

The objective is to secure a strong position in the post-purchase e-commerce segment by bringing in experts on the topic, who can contribute to the growth. After having won the GSVA in October, itembase will have access to office space and mentorship in Silicon Valley from Q1 2012. The combination of a local presence and the strong network of professionals on UFOstart will act as a solid foundation for successfully establishing a foothold in Silicon Valley in 2013.

itembase is a social web service that helps online shoppers organize and manage their consumer products. This is done by providing users with a dedicated shopping email address that enables automated tracking and storing of all their purchase data (incl. receipts, warranties, manuals etc.) and management of their items (support, FAQs and facilitated reselling). The vision is to become the online inventory for everyone and everything.

Contact us if you are looking for ways to leverage the power of the crowd - UFOstart brings together startups, experts and investors to create an ideal crowdsourcing environment.

Are you leaner than the government?

Who knew Uncle Sam was a modern entrepreneur at heart? In light of the Presidential Election today, we would like to bring back to mind that even an American institution as well-established as the federal government is lining up with the lean-startup movement.

The trend started back when President Barack Obama took office in 2008 and immediately challenged federal agencies to streamline services and improve customer experiences. As the president’s initiative widened, it began to parallel many of the principles Silicon Valley business guru Eric Ries had outlined in his 2011 book, “The Lean Startup.” Even before the book’s publication, he’d been encouraging entrepreneurs to fast-track prototypes to get real-time market feedback, then modify on the fly.

So when the feds agreed to start up the Consumer Financial Protection Bureau in 2010, the White House’s then-Chief Technology Officer, Aneesh Chopra, gave Ries a call, according to a Public CIO article.

“I was surprised at first to hear of the interest,” Ries says in the article. “Yet here was the federal government talking about using some of these ideas, and they were quite serious about getting some value out of them.”

Ries hadn’t thought of governments using his approach, but as he and Chopra began applying lean-startup principles to the new bureau, the value of his ideas took hold.

The Public CIO article goes on to detail Chopra and Ries’ role in getting the bureau on its feet, and how Ries’ philosophy helped the federal healthcare.gov website get up and running in just 90 days — blazing fast, by federal timeframes.

Since then, other government agencies — including the municipalities of Palo Alto, Calif., and Los Angeles — have joined the lean-startup movement. The basic applications seem as limitless as they are logical: Move quickly, listen to crowd feedback and be ready to change in a heartbeat. We are embracing this concept and are building a community of lean-minded, innovative startups with crowdsourcing interests. Since we are always ready to pivot we held a UX Review Session with selected community members today. The feedback and inputs can be found on our getsatisfaction.com/globumbus page as well as on youtube. 

Always remember Ries' wise words: “Think big, start small, scale fast and be flexible. Life’s too short to have no impact.”

Contact us and we'll show you how it could work for your startup.

-bmt

Listen To Your Customer. We're all ears!

As Forbes recently reported (http://onforb.es/RU7n6l), a lean-startup that begins with a great idea is off to a good start; but the sooner you shift your focus to the customer, the better.

In early October, the Entrepreneurs Challenge was happening at the Stern School of Business.  70 teams were on the receiving end of priceless advice from experienced coaches.  This year, the program was focused on the customer. The "customer is king" - to be successful you have to find ways to incorporate their feedback, ideas and critique into your product development. 

“Concentrating on the costumers and the market is probably the only way to be successful,” said Gilbert Sabater, who has been a mentor for ten years.

“I want to see them examine their ideas in depth,” said Lloyd Newman, who has extensive experience in sales and marketing. “I want them to get the facts and come back with hard data.”

That kind of discovery can be hard to manifest. Bad research won’t yield good data. Most customers can’t express exactly what they want, and won’t tell you exactly how they’ll respond to hypothetical situations. Placing an unyielding focus on customer experience is the only way to overcome common obstacles faced by lean start-ups. At some point, most start-ups experience frustration over stalled deals and customers that won’t make a decision.

It’s important to be in a position to examine the effectiveness of your product, which is a different process than examining the effectiveness of your marketing. Your experiments should be conducted with customer feedback in mind, and the results should be measureable. The most reliable way to find out what your customers are thinking is to simply ask them. You need to gather first-hand knowledge of your product through their eyes.

Ask yourself these questions:

• What value am I creating?
• How can I best deliver that value to my target customer?

Conscious experimentation and planning causes you to pay attention to the noise that your potential customers are making, and start treating it like the data it is. You need to be able to diagnose the problems in your sales process. Those little complaints that lead to hard truths are a great place to start. When your business processes sync up with your customers’ needs, your start-up will rise to a new level of success.  

We are working on improving the UX  of our platform. We are trying to build a relevant, attractive and effective product and would love to hear your thoughts! Join us in an UX feedback session to help shape for our product development. Please refer to our facebook event for further information!

-bmt

How did you empower your team today?

Being a leader in the age of the lean start up requires a different mind-set, and the willingness to engage in a more scientific way of thinking about growing your idea from conception to implementation. Empowering your employees is a crucial practice that can not only influence your work climate but can shape the success of your business immensely.

There is a new kind of entrepreneur on the lean start up scene, and they aren’t projecting the traditional image of false confidence, inflated ego, and bravado like many business leaders of past eras.  The importance of a collective team has resulted in the entrepreneurs' readiness to get their hands dirty pursuing the truth about how their ideas are going to come to life  

As CEO of a lean start up, you must be willing to empower your employees to conduct experiments that will lead your business to the answers to fundamental questions about how you will get from point A to point B. Proving to your team that you have confidence in their ability to create the path as you move ahead is crucial, as highlighted in this article (http://on-msn.com/SeAT6W). 

Unfortunately, empowerment — encouraging employees to make decisions on their own and see themselves as vibrant, valuable elements in a business — is often more a matter of mere conversation than tangible reality.

Your employees believe in your vision, and because they might be closest to your customers or development, they are the ones who can bring the right answers to the table the fastest.

Inspiring the other people on your team to come up with those answers can be tricky. Having a destination in mind and heading in that general direction can actually be enough in the beginning. If leadership is about inspiring people to take the right action, then you need to believe in their ability to evaluate the information they receive on the front lines. Reward evidence that you are on the right track with positive reinforcement and humility. It isn’t a traditional way to “be the boss” but it works in the world of the lean-startup.

A vision and a strong team are the backbone to a startup and, together with funding, mentors and a valuable community, determine your success. UFOstart is built to connect your drive, energy, and idea to talented experts and willing investors, as well as helping you reach a critical customer base to jumpstart your company. Feel free to contact us to find out how our Global Crowd Network for lean startup funding can help your team excel!

-bmt

Crowdsourcing Creativity

UFOstart is the first “Crowd Investor Network” - crowdsourcing lean startups investors, experts and customers through our belief in the power of the crowd. There are many ways to crowdsource your startup nowadays - crowdsourcing your marketing and branding projects allows you to tap into the collective creativity of the crowd for better results and more succes. 

Marketing is an essential part of every business. You might have a groundbreaking idea for a startup. The concept is brilliant, has great potential and could be the next big thing. What breaks the back of many entrepreneurs is the inability to market their idea, though. The right branding and marketing are game changers in your startup’s development and are an obstacle in the paths of many.

Attention, vertical thinkers: Crowdsourcing allows you to put an end to dry taglines and dubious brand names. Sites such as Squadhelp (http://squadhelp.com/) enable you to outsource your marketing and branding projects to a talented and passionate community. Squadhelp is one of the leading platforms which connect creative individuals from across the globe with savvy clients who need creativity assistance for their businesses. Clients can simply start a contest to post what they need, when they need it and how much they want to pay. Once posted, contestants start competing and delivering high quality results. The contest holder selects one winner at the end of contest, who is awarded the prize. The result: innovative ideas and creative solutions – without those long nights of brainstorming sessions.

The To Dos when opening up a new business or when refining your marketing strategy seem endless. In the past you would have gone to a local marketing expert for help with your brand positioning projects. Often the steep rates and poor speed of  traditional marketing firms led to dissatisfaction. You can now tap into the collective wisdom of the crowd and get help with your company name, taglines, viral videos, usability testing, SEO Analysis or site design in no time – and at small price.

Crowdsourcing creativity can be highly rewarding and an easy solution to your creativity block. Sites such as Squadhelp, Prova or Crowdspring allow you to leverage the power of the crowd – a process we strongly believe in. For 26 great ways of crowdsourcing your startup check outhttp://gsfn.us/t/335mq. Contact us to learn more about the benefits that come from crowdsourcing and the ways UFOstart can help you with it!  

Three Things Every Entrepreneur Should Integrate into their Business Plan

Writing a business plan is difficult. Communicating your vision for your new venture in a way that tells the story of your passion, excitement, and potential to the world can seem nearly impossible at times. Once you have the basic plan in place and on paper, it’s easy to declare it “done” and walk away.

Before you move on to your next business building task, take another look at your business plan and make sure these three things are covered.

Is your roadmap as specific as possible?

It’s important to plan milestones that indicate your progress and success. But can the person reading your plan clearly see how you plan to get from one step to the next? Explain your plans to reach your goals. Take potential investors and clients on a journey through your vision that gets them as excited as you are. According to Kevin Hiser, author of this article recently published in Young Entrepreneur.

in almost every case, the entrepreneurs I meet have a business plan. But very few have a roadmap of how to achieve their goals or to monitor their progress along the way. That’s what I call the ‘missing link’ among most startups.

Address competition and risk

It’s important to communicate your enthusiasm and optimism, but a business plan that pretends you have no competition won’t come off as viable. Spend time researching risk and competition and then paint a realistic picture of how your business will overcome those challenges.

Focus on how you’ll minimize risk. Address risk quickly and honestly and then move on to how you plan to compete in the marketplace. How do you see the market changing as you achieve the success you are projecting? How do you plan to overcome future challenges?

Keep your assumptions realistic and well researched

The essence of a business plan is hope. It requires assumptions at every turn. Search your completed business plan for assumptions and add another layer to your story by backing them up with research.  Make it clear that your assumptions are rooted in fact by noting your research findings.

If your business is viable, your business plan needs to reflect that clearly. By reviewing it with these three ideas in mind, you’ll move yourself and your business closer to success.

UFOstart is now inviting startups with a focus on crowd-sourced business models into the private beta. Contact us for further information!

- bmt

From Moonlighting to Full Time: Move Your Business Forward

There is something that every small business owner, dreamer, and future successful entrepreneur wants and needs more than anything. If you are moonlighting as CEO of your small business, you know that unless you are willing to stop sleeping, take a leave of absence from your day job, or subject yourself to risky multi-tasking at your day job it’s hard to make your business grow. Time is not on your side when you are trying to balance your career and your dream. The transition can be brutal, but it’s worth the extra work.

Make a list of things you wish you had time to do for your business.

If you know that setting up a Facebook page for your business is essential to taking your sales to the next level, or you’ve been meaning to attend a networking dinner but haven’t had the time, just put it on the list. Really wring out all of your ideas and write everything down. Don’t get intimidated by the size of the list, and don’t get caught up in going into great detail. Just get the ideas down on paper.

Give yourself 15 minutes.

Numerous studies show that giving a task your undivided attention increases your productivity. If you are trying to balance your new business with your day job, you are used to constant interruption and may be developing a short attention span. Choose something on your list, and set a timer for 15 minutes. Begin the task. When the timer goes off, stop. Note how much you did, or did not get done. Ask yourself, “Do I need to ask for help with this task? Is it going to turn into a huge time-suck?” If you think you are making good progress, think about your schedule and carve out another 15 minutes to work on it some more. Can you get up 15 minutes earlier in the morning? If you are used to taking a lunch break, could you use the first 15 minutes to further your cause?

Learn to give a speech.

It’s true that fear of public speaking is nearly epidemic among even the most successful business owners. But there’s no need to get short of breath over this assignment. If you can’t answer the question, “So, what do you do?” in less than 30 seconds, you’ll miss out on dozens of networking opportunities. This speech is your Elevator Pitch, and if it isn’t at the top of your “to do” list, please put it there. Equally important is the two minute pitch you’ll prepare for potential investors. Be prepared to give it at any time. According to Kay Koplovitz, author of “The Elevator Pitch that Rises to Success”

The elevator pitch can be the most important, not to mention the most nerve racking, most rewarding, and possibly most devastating presentation of an entrepreneur's life.

You can bring your business from part time to full time, and take yourself from moonlighting entrepreneur to full time business owner. With a bit of organization, and fifteen minutes here and there, you’ll see the kind of progress that will fuel your desire to succeed.

For more information about how to make your business a success, please contact us - we are currently inviting startups with crowd-sourced business models into our private Beta.

-bmt

How a smart entrepreneur achieves economic success in the first year

 If you are considering starting a new business before the big ball drops on the year 2012, you aren’t alone. New businesses are popping up all over the US as the entrepreneurial spirit spreads like wildfire. To give your idea the best possible chance of becoming a real money making, full time endeavor, you’ll need to have your finances in order. Here’s how to get started.

Equity is key. It is not only an optimal solution if your short on cash, but a great source of motivation for hard working employees. Offer a talented crowd an attractive yet reasonable bit of equity. Get to know them during a probation period, give them an incentive to stay and motivate them to help make your startup a success. 

Plan to run your business with the word lean in mind. Vendors might agree to let you pay for goods over time, or you may be able to trade services with another start up. Think creatively and frugally. You may be able to squeak by in the beginning by bartering for equipment, computers, and even furniture. Have a clear idea of what you need to get started, and leave the “wants” for later.

Take care of your personal financial life. Smart entrepreneurs take risks, but they aren’t putting it all on the line. It’s important to be willing to invest your own time, resources, and money in your new venture. Just don’t put yourself in a situation where you could lose your home, car, relationships, and good health all in one swoop. Keep a cool head and move forward one calculated risk at a time.

Transitioning from working full time for someone else to being your own boss is a rocky road. But if you can keep your expectations realistic, control your spending, and bet on yourself in a smart way, you’ll see the kind of economic success that every new business owner dreams of.

For more information on how to UFOstart your startup and how to experience economic success in the first year feel free to contact us.

-bmt

Crowdsource your Bootstraps

Doing everything yourself may be a rewarding experience for some and an entirely frustrating one for others. By learning from best practices and by leveraging the right ressources, you can find a way to balance bootstrapping with crowdsourcing - without losing control of your startup. 

                                                  

“5 Ways to Bootstrap Your Startup,” (http://www.readwriteweb.com/start/2012/05/5-ways-to-bootstrap-your-startup.php) gives a good overview of how to start up with minimal cash burn. These tips, coming from the serial entrepreneur Rachel Blankstein, demonstrate how you can "build something incredible with next to no cash, and to retain significant ownership of your company". Here is a summary of her suggestions:

1. Pay with Equity:  Put the checkbook away and fine-tune your recruiting pitch. Work for Equity creates loyalty, motivation and interest in your startup. Make sure you choose the beneficiaries wisely, work with a probation period and tie it into a vesting schedule to reward them for staying the course. Get the right people to join the fun of startup and move forward without expending cash! 

2.  Leverage the skilled Unemployed: Call it out-of-work or just between employment, but think about tapping this potential talent pool. This sector, including aspiring entrepreneurs who are still students, need to keep their resume looking fresh and relevant and can be eager to contribute. Many will be grateful for the lessons learned and the glimpse into the starup world.  Again, you’re not burning through cash to bring them onboard. Important: Check unemployment laws to do this the right way.

3. Good at Bartering? Put on your street-sense hat and think of all the ways you can network to get services you might need. If it is expert advice, exposure or someone to test your product, come up with ideas of how you can pay them back - without using cash but rather through returning favors. Don't forget about the IRS while doing this!

4. “Snowball” your Relationships: If you haven’t nurtured your relationships with “key influencers” in your industry, do so as you develop your business. This helps to enhance your Brand to all those very-important “right people.” Exposure is key and offers you insight into the industry you wish to conquer. By bringing together experts and startups, UFOstart sees the importance of connecting within the industry.

5. “Outsourcing:” Here’s where it’s really crucial to know creditable people in your industry, as their recommendations of consultants can go miles. For sure, most everyone has worked, or called themselves, an “independent consultant.” Take advantage of the expertise you need for your organization by working with your network - and without actually hiring them full time.

Complete Bootstrapping might not be the easiest or fastest way of starting up. It requires discipline, fortitude and ingenuity. UFOstart brings together experts, startups and investors to help you on that road by finding the necessary balance of working hands on, but with the support of the Crowd. Contact us to learn more about the benefits that come from crowdsourcing ideas as you plan your startup!

- bmt