Monday, December 22, 2008
This blog's content has been moved to Joreteg.com
I simply don't have enough time to maintain several different blogs. I have consolidated the content from this blog to my personal website: http://www.joreteg.com
Monday, April 7, 2008
Naming a Business
In the old days a business name wasn't considered so important. No overpaid creative geniuses were brought in to create a thrilling name like "General Motors."
But, I assure you that since then, GM has paid big money to consulting firms to create names for their brands and vehicles.
A Chicago-based consulting company called NameLab does nothing but come up with product and company names (www.namelab.com). A few of their more well known creations include: Olive Garden, Acura, CompUSA, LUXOR (LV casino), AutoZone.
So, what do they have to say about what makes a good name? They use all types of fancy language to describe their naming strategy. After sorting through it and adding a few thoughts of my own here are my "take-home" points:
1. Names derive much of their meaning from experiences with similar products or services. For example, if is started a website called schmoogle, you would doubtlessly begin forming associations with the search giant. Therefore, you'll want to ensure that similar sounding names/brands carry positive connotations. You'll also want to be careful with associating too closely with another brand, if they ruin their reputation, it could drag your brand down with it. I wouldn't recommend naming an accounting firm anything that starts with "EN" or ends in "RON".
2. Unlike advertising that describes attributes or adjectives of the product, the product name is much more definitive. The name is the "subject" of the sentence. It doesn't just tell us what the product does, it tells us what it is. Therefore, don't pick a name that "describes" your product or company. Instead, let your name be something that can stand on it's own merit. Be inventive, create a brand new word.
3. Function matters. NameLab analyzes a name for its "speech stream visibility", which is the probability that a word will be recognized in a normal spoken stream of English speech. Think "iPod" or "Google" or "Yahoo!" These names all contain distinctive sounds that make them POP in a normal conversation. The same is true for "Notational Visibility", which is the probability that a word will stand out from a typed text, such as a newspaper column. Again, think about the naming convention Apple has used in putting a small letter "i" in front of all their product names. They don't follow conventional capitalization rules. There's a reason it's written as iPod instead of Ipod. "iPod" is far more unusual, hence it's more noticeable and memorable.
But, I assure you that since then, GM has paid big money to consulting firms to create names for their brands and vehicles.
A Chicago-based consulting company called NameLab does nothing but come up with product and company names (www.namelab.com). A few of their more well known creations include: Olive Garden, Acura, CompUSA, LUXOR (LV casino), AutoZone.
So, what do they have to say about what makes a good name? They use all types of fancy language to describe their naming strategy. After sorting through it and adding a few thoughts of my own here are my "take-home" points:
1. Names derive much of their meaning from experiences with similar products or services. For example, if is started a website called schmoogle, you would doubtlessly begin forming associations with the search giant. Therefore, you'll want to ensure that similar sounding names/brands carry positive connotations. You'll also want to be careful with associating too closely with another brand, if they ruin their reputation, it could drag your brand down with it. I wouldn't recommend naming an accounting firm anything that starts with "EN" or ends in "RON".
2. Unlike advertising that describes attributes or adjectives of the product, the product name is much more definitive. The name is the "subject" of the sentence. It doesn't just tell us what the product does, it tells us what it is. Therefore, don't pick a name that "describes" your product or company. Instead, let your name be something that can stand on it's own merit. Be inventive, create a brand new word.
3. Function matters. NameLab analyzes a name for its "speech stream visibility", which is the probability that a word will be recognized in a normal spoken stream of English speech. Think "iPod" or "Google" or "Yahoo!" These names all contain distinctive sounds that make them POP in a normal conversation. The same is true for "Notational Visibility", which is the probability that a word will stand out from a typed text, such as a newspaper column. Again, think about the naming convention Apple has used in putting a small letter "i" in front of all their product names. They don't follow conventional capitalization rules. There's a reason it's written as iPod instead of Ipod. "iPod" is far more unusual, hence it's more noticeable and memorable.
Sunday, April 6, 2008
Mentors
Starting a business is tough. Many businesses can take 5 years to really get their footing. If you're going to commit several years of your life to building a business, you want to be sure that what you have is viable. Truth is, even if you have a viable model, there are going to be times when you won't believe that it is.
I learned a huge lesson this last week.
GET A MENTOR!
They say the number one reason businesses fail is undercapitalization. I disagree. If entrepreneurs sought qualified advice, they would know that they need more money to pull it off. The real reason for failure is that they think they don't need advice!
This week I contacted an acquaintance whom I didn't know so well. He goes to my church and he's friends with my wife's dad. I've spoken to him a few times and he knew that I was working on some "business related to real estate." All I knew about him was that he started a medical equipment business many years ago that has been very successful.
I wrote him an email. I expressed my frustration with the lack of qualified advice and just asked him if he'd be willing to sit down with me for a few minutes. I wanted to hear about his experiences with getting his business going and get some feedback on what I was doing with mine.
It was one of the most encouraging meetings of my life. He has been where I am. He worked hard and diligently on what seemed to be a worthwhile venture (like I'm doing), and he's now a very successful man with a 20-employee business. In our meeting he did a lot of listening and offered some great insights. He could also relate to the personal and family challenges that come along with making a commitment to starting a business.
We decided to stay in touch and we've been emailing since.
My only regret is that I didn't contact him sooner!
Entrepreneurs are by definition "do-it-your-selfers." However, I'm realizing, that this stubborn "I can do it all myself" attitude is often a hindrance to their own success.
Take the time to seek well-qualified advice. If you ask humbly and graciously many people who have been through it will be happy to help. It's well worth the effort.
I learned a huge lesson this last week.
GET A MENTOR!
They say the number one reason businesses fail is undercapitalization. I disagree. If entrepreneurs sought qualified advice, they would know that they need more money to pull it off. The real reason for failure is that they think they don't need advice!
This week I contacted an acquaintance whom I didn't know so well. He goes to my church and he's friends with my wife's dad. I've spoken to him a few times and he knew that I was working on some "business related to real estate." All I knew about him was that he started a medical equipment business many years ago that has been very successful.
I wrote him an email. I expressed my frustration with the lack of qualified advice and just asked him if he'd be willing to sit down with me for a few minutes. I wanted to hear about his experiences with getting his business going and get some feedback on what I was doing with mine.
It was one of the most encouraging meetings of my life. He has been where I am. He worked hard and diligently on what seemed to be a worthwhile venture (like I'm doing), and he's now a very successful man with a 20-employee business. In our meeting he did a lot of listening and offered some great insights. He could also relate to the personal and family challenges that come along with making a commitment to starting a business.
We decided to stay in touch and we've been emailing since.
My only regret is that I didn't contact him sooner!
Entrepreneurs are by definition "do-it-your-selfers." However, I'm realizing, that this stubborn "I can do it all myself" attitude is often a hindrance to their own success.
Take the time to seek well-qualified advice. If you ask humbly and graciously many people who have been through it will be happy to help. It's well worth the effort.
Monday, February 11, 2008
Make them see! Giving meaningful presentations.
Today will forever change how I approach giving a presentation.
This morning I had the most successful presentation of my life. It wasn't because it was a big audience or because I wowed them with my wit. It was a short, simple presentation about HouseFLIX to approximately 35 real estate agents at their office. No big deal. But, everybody followed along completely, they understood and connected with what I said, and Travis got a slew of new customers as a result.
I changed my normal presentation strategy in 2 ways. I hope I never forget them.
First, I stripped it down to the most simple message I could give and still be coherent. (My entire presentation took up 4 slides. There was 1 concept per slide.)
Second, was how I involved the audience, here's where I want to elaborate...
Presenting is about communication. It's not about what you say as the presenter, it's all about what the audience hears and understands.
It's possible to give a brilliant, eloquent and totally useless speech. People do it all the time. Those types of speeches may leave audience impressed with the presenter's intelligence. But, unless the audience understood his message and can still remember it 2 weeks later. HE FAILED.
Most presentations focus on facts. People simply go and rattle off a bunch of information and statistics. If presented well, it might be interesting at the time, but most people don't remember those stats 5 or 10 minutes later (Much less 5 or 10 days).
A better technique is to tell a story. Good stories create "knowledge gaps" where a few important pieces of information are missing and the audience stays focused to satisfy their curiosity. This improves recollection, but it's still not great.
The ultimate communication technique, even beyond story telling is when you can put your audience in the story. When you can get your audience to use their own imaginations to visualize a situation that you paint for them, it triggers all sorts of senses, emotions and responses in people's brains. Studies suggest that when people visualize a situation, their brain goes through nearly the same things it would if they actually experienced it! As you can imagine, this dramatically increases recollection.
I began the presentation with a slide of a young, wealthy, professional-looking couple staring at the audience with an intense, critical look on their faces. Then I painted a picture for the audience including names and occupations of the couple in the picture. I told them to imagine that they were in the middle of a listing presentation with this couple. Then "as the gentleman in the picture" I asked them a very difficult, probing question about how they would market their home on the Internet. I kept probing them and providing details to make sure they would feel the situation and the stress of being put on the spot. Then I offered an alternative answer and told them to imagine answering the question in that way. Once again, hoping they would feel the confidence of being able to provide such a positive, confident answer to the fictional character's tough question.
They were riveted. It was incredible. It was a situation they had all experienced. It played on fears that they could all relate to. Then it gave them the solution that resolved the situation. They were totally "there" in that situation.
We then reinforced the same message by having the picture of the same couple on the brochure that we handed them. Essentially, it was almost like an outline of the presentation. It was the best response we've ever received. The visualization technique seems to be really powerful.
This morning I had the most successful presentation of my life. It wasn't because it was a big audience or because I wowed them with my wit. It was a short, simple presentation about HouseFLIX to approximately 35 real estate agents at their office. No big deal. But, everybody followed along completely, they understood and connected with what I said, and Travis got a slew of new customers as a result.
I changed my normal presentation strategy in 2 ways. I hope I never forget them.
First, I stripped it down to the most simple message I could give and still be coherent. (My entire presentation took up 4 slides. There was 1 concept per slide.)
Second, was how I involved the audience, here's where I want to elaborate...
Presenting is about communication. It's not about what you say as the presenter, it's all about what the audience hears and understands.
It's possible to give a brilliant, eloquent and totally useless speech. People do it all the time. Those types of speeches may leave audience impressed with the presenter's intelligence. But, unless the audience understood his message and can still remember it 2 weeks later. HE FAILED.
Most presentations focus on facts. People simply go and rattle off a bunch of information and statistics. If presented well, it might be interesting at the time, but most people don't remember those stats 5 or 10 minutes later (Much less 5 or 10 days).
A better technique is to tell a story. Good stories create "knowledge gaps" where a few important pieces of information are missing and the audience stays focused to satisfy their curiosity. This improves recollection, but it's still not great.
The ultimate communication technique, even beyond story telling is when you can put your audience in the story. When you can get your audience to use their own imaginations to visualize a situation that you paint for them, it triggers all sorts of senses, emotions and responses in people's brains. Studies suggest that when people visualize a situation, their brain goes through nearly the same things it would if they actually experienced it! As you can imagine, this dramatically increases recollection.
I began the presentation with a slide of a young, wealthy, professional-looking couple staring at the audience with an intense, critical look on their faces. Then I painted a picture for the audience including names and occupations of the couple in the picture. I told them to imagine that they were in the middle of a listing presentation with this couple. Then "as the gentleman in the picture" I asked them a very difficult, probing question about how they would market their home on the Internet. I kept probing them and providing details to make sure they would feel the situation and the stress of being put on the spot. Then I offered an alternative answer and told them to imagine answering the question in that way. Once again, hoping they would feel the confidence of being able to provide such a positive, confident answer to the fictional character's tough question.
They were riveted. It was incredible. It was a situation they had all experienced. It played on fears that they could all relate to. Then it gave them the solution that resolved the situation. They were totally "there" in that situation.
We then reinforced the same message by having the picture of the same couple on the brochure that we handed them. Essentially, it was almost like an outline of the presentation. It was the best response we've ever received. The visualization technique seems to be really powerful.
Thursday, February 7, 2008
Competition
How do you handle competition in a new industry? If you're one of the first in a new and appealing market, you're doubtlessly going to experience imitators. It shouldn't be discouraging. If anything, it's a compliment. We're experiencing that at HouseFLIX.
It means we're doing something right and something worth copying and that's a good thing.
We don't feel immediately threatened by any of our competitors, but a problem occurs if enough new emergents appear and there are no clear leaders. Because, then it becomes a proven and attractive new market for a bigger company with far greater resources. If there are no clear leaders, then they'll design their own system and cherry-pick the best strategy rather than buy anyone out. That's no good for any of the smaller players.
The big companies experience similar situations all the time. Look at Microsoft's offer to buy Yahoo. They decided that they have to merge resources in order to give Google a worthy competitor in the online advertising industry.
Perhaps smaller companies have to learn to do the same.
It means we're doing something right and something worth copying and that's a good thing.
We don't feel immediately threatened by any of our competitors, but a problem occurs if enough new emergents appear and there are no clear leaders. Because, then it becomes a proven and attractive new market for a bigger company with far greater resources. If there are no clear leaders, then they'll design their own system and cherry-pick the best strategy rather than buy anyone out. That's no good for any of the smaller players.
The big companies experience similar situations all the time. Look at Microsoft's offer to buy Yahoo. They decided that they have to merge resources in order to give Google a worthy competitor in the online advertising industry.
Perhaps smaller companies have to learn to do the same.
Monday, January 14, 2008
Expected Outcomes
Despite calculated actions and contingency plans it's amazing how often the outcome of our efforts differs from how we imagine it. We're by no means consistent, no matter what lengths we go to to produce consistent results.
That can be de-motivating for some, but on further exploration you realize it's not a big deal. In fact, if you stop to think about the number of contingencies involved in a given effort, it's amazing that we can produce any semblance of consistency.
Imagine a basketball player taking a shot during an NBA game. Even a super star like Kobe Bryant will miss his shot 56% of the time. Typically a 56% failing rate is nothing to get very excited about. If you fail more than half the times you try something that's anything but consistent.
What goes into those odds? How was Kobe being guarded, was he wide open, was he doing a layup or a 3 pointer, was he fresh off the bench, was he tired, did he have any nagging injuries, were his hands too sweaty, did he have a clear view of the hoop, was he squared up, did he get enough sleep the night before, did he eat his wheaties... you get my point.
If you think about it there are always going to be lots contingencies that affect the consistency of the outcomes. The only think worth sweating about is the consistency of your efforts. I believe that if you can manage a consistent focused effort in the direction you want to go, eventually, you'll get the outcome you're looking for.
Thoreau said it best:
That can be de-motivating for some, but on further exploration you realize it's not a big deal. In fact, if you stop to think about the number of contingencies involved in a given effort, it's amazing that we can produce any semblance of consistency.
Imagine a basketball player taking a shot during an NBA game. Even a super star like Kobe Bryant will miss his shot 56% of the time. Typically a 56% failing rate is nothing to get very excited about. If you fail more than half the times you try something that's anything but consistent.
What goes into those odds? How was Kobe being guarded, was he wide open, was he doing a layup or a 3 pointer, was he fresh off the bench, was he tired, did he have any nagging injuries, were his hands too sweaty, did he have a clear view of the hoop, was he squared up, did he get enough sleep the night before, did he eat his wheaties... you get my point.
If you think about it there are always going to be lots contingencies that affect the consistency of the outcomes. The only think worth sweating about is the consistency of your efforts. I believe that if you can manage a consistent focused effort in the direction you want to go, eventually, you'll get the outcome you're looking for.
Thoreau said it best:
If one advances confidently in the direction of his dreams, and endeavors to live the life which he has imagined, he will meet with a success unexpected in common hours.
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