Wednesday, April 16, 2014

Is An Ideal Entrepreneur Right Brain Or Left Brain?

EinsteinTraditionally, the majority of entrepreneurs have been logical thinkers, problem solvers, and pay attention to details. These are the stereotypical left-brain engineers. Yet I see a big shift from the knowledge age, with its left-brain foundation, to a critical focus today on visualization, creativity, relationships, and collaboration, which are more in the domain of right-brainers.

Of course, the best solution would be a new wave of so-called whole-brain thinkers, but this term is usually reserved for Einstein and Picasso, and no entrepreneurs that I can name. Even right- brain dominant adults are hard to find, according to many expert views. They say most children start out this way, but after their years in school, less than ten percent retain their high creativity.

That means we need all the help we can get to bring out the right-brain attributes we need to be the best entrepreneurs in this challenging new age. Fortunately, there are resources available to help, like the new book by right-brain entrepreneur Jennifer Lee, “Building Your Business The Right-Brain Way,” which teaches you to capitalize on these strengths, and still build a business.

Obviously, there are places for right-brain thinking as well as left-brain thinking, as it relates to starting and building a business. Lee offers the following guiding principles to right-brain thinkers who need to balance their focus, but I’m convinced that the same principles apply to every entrepreneur-minded person:

  1. Be uniquely you and embrace your creativity. Creativity is the key word here. Engineering creativity, like innovate low-cost solutions, needs to be combined with marketing creativity, like viral social media campaigns, to build a sustainable competitive advantage today. Be visual and imaginative, but don’t forget the business details.

  2. Dream big but start small. Don’t be seduced by the bigness of your right-brain vision and expect everyone to follow, based on the strength of your passion alone. Challenge your left-brain side to break things down into manageable pieces and structure a practical plan to unfold things over time. It doesn’t all have to happen at the same time.

  3. Keep it simple and focused. Opt for easy, broad strokes instead of detailed, complicated solutions. The advantage goes to right-brain thinking on this one. Too many entrepreneurs (engineers) I know define the ultimate system and processes that even a large company can’t afford, and no startup has the money or time to execute.

  4. Take action, make it real, and tweak as you go. Be willing to take action and put yourself out there, even when you don’t feel ready and even if your idea is not yet perfect. You’ll actually learn more and gain more clarity the more you interact with your idea and get feedback. Neither right-brain nor left-brain entrepreneurs will success without action.

  5. Look for the learning and repeat what works. Always have your eyes peeled for valuable new insights to help you continuously improve. Then, when you find something that works, keep doing it until it doesn’t work anymore. Don’t be afraid of using your intuition and feelings to guide you with customers, but don’t ignore real data.

  6. Consider where you are headed and don’t get ahead of yourself. Stay ahead of the curve but don’t advance so fast that you overwhelm yourself. Make sure you have a solid foundation first to support your future vision. Left-brain logical and sequential thinking usually has the edge on this one. Some creative people are always working in the future.

  7. Recognize where you’ve come from. Even as you move forward, also acknowledge how far you’ve come, and celebrate each step of the way. Recognizing past achievements and reflecting on your success helps keep your circuitous progress in perspective. Thomas Edison found his best learning was from his failures.

  8. Know thyself. Building a business is a journey accompanied by personal growth. Understand what makes you tick, and be willing to courageously move past your comfort zone. When you transform yourself, you transform your business. Success in business is often about knowing when and who to ask for help.

As you can see, it’s hard for most of us to be adequately right-brained and left-brained at the same time. Thus I always recommend that two heads are better than one, meaning seek a co-Founder who supplements your natural skills and tendencies. It’s hard to beat entrepreneur teams like Bill Gates (engineer) and Steve Ballmer (marketing) in the early days at Microsoft.

So my conclusion is that while the opportunities are growing for right-brain thinkers, the ideal entrepreneur is still a team that can work together to accomplish whole-brain thinking, and whole-team execution. Have you assessed the thinking-balance and the effectiveness of your team and yourself in your own business lately?

Marty Zwilling


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Monday, April 14, 2014

‘Do-It-Yourself’ Startups Have Never Been Easier

do-it-yourself-ecommerceSponsored by VISA Business

If you have a unique product or service, and you are not selling it around the world on the Internet, now is the time to start. The cost of entry has never been lower. Anyone can be an entrepreneur today, without a huge investment, bank loans, lawyers, venture capitalists, or Angels.

In the early days (20 years ago), most new e-commerce sites, for example, cost a million dollars to set up. Now the price is closer to $100 if you are willing to do the work yourself. Here are the key steps for a personal home-based business website selling your consulting service or a few products (as an alternative to eBay):

  1. Go online to reserve a website domain name. Be sure it matches your business, and get a hosting agreement from one of the popular providers like GoDaddy. The cost for the domain name is maybe $10/year, and the hosting starts around $50/year. Start simple.

  2. Download free website tools. Many hosting services offer free tools, or will build a default website for you. Other popular tools are available at low cost, with built-in e-commerce capabilities (pay via credit card), including this Top Ten list for 2014. Or, fall back to the old standby DreamWeaver by Adobe.

  3. Personalize a simple web site. Customize your website using one of the tools above, selecting one of the standard templates for design and layout. You probably want at least a home page, product page, order page, and contact page. The menu should include a link to your blog, separately set up on Blogger, Wordpress, or TypePad – all free.

  4. Publish the site and now you are in business. But, don’t be fooled into expecting people to flock to your site after you tell a few friends. Now the real work begins – promotion, marketing, blogging, and all types of search engine marketing. But even these can be done for almost no cost, if you are willing to learn and do the work yourself.

Obviously, commercial e-commerce sites handling thousands of products and back-office functions are more expensive, and usually require professional help to do the custom programming and special site navigation features. All this may cost a few thousand dollars, but don’t get talked into an Amazon.com replacement just yet.

The next step in complexity is building a software product that you can offer as a service to your customers, or a mobile smartphone app. A simple example might be a mortgage calculator to add to your real estate sales site. Any credible software developer should be willing to tackle this kind of tool for a couple of thousand dollars.

Then there are full-featured software sites like Facebook. The logic behind all these features is millions of lines of code, and cost millions of dollars to develop and maintain. Don’t expect that you can create a new social networking site in your garage, and steal all the users away from Facebook. Facebook is making big money today, but only after a $150 million investment.

Even Facebook started simple, and then developed more and more robust iterations as user interest caught on. I give this advice all the time – “launch fast and iterate.” You can’t get it all right the first time, and the market will be gone if you try to include every feature in the first version.

The net is that if I see a website business plan today with a projected development cost greater than $200K, I suspect the founder must be including some fancy perks, or they don’t understand the market dynamics of website applications today.

Budding entrepreneurs and home-based businesses should be writing business plans before they start, so they understand and can manage the tasks ahead, but no outside investor need ever see the plan. Fund-it-yourself (bootstrapping) and do-it-yourself entrepreneurs are the best kind, because they can focus on the business, rather than fundraising, and have full control of their destiny. Life is more fun that way.

Marty Zwilling

Disclosure: This blog entry sponsored by Visa Business and I received compensation for my time from Visa for sharing my views in this post, but the views expressed here are solely mine, not Visa's. Visit http://facebook.com/visasmallbiz to take a look at the reinvented Facebook Page: Well Sourced by Visa Business.

The Page serves as a space where small business owners can access educational resources, read success stories from other business owners, engage with peers, and find tips to help businesses run more efficiently.

Every month, the Page will introduce a new theme that will focus on a topic important to a small business owner's success. For additional tips and advice, and information about Visa's small business solutions, follow @VisaSmallBiz and visit http://visa.com/business.


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Sunday, April 13, 2014

Team Member Competency Is Critical To Your Startup

Peter-Principle-bookMost people think that the Peter Principle (employee rises to his level of incompetence) only applies to large organizations. Let me assure you that it is also alive and well within startups. I see startup founders and managers who are stalled transplants from large organizations, as well as highly-capable technologists trying to start and run a business for the first time.

Forty years ago, in a satiric book named “The Peter Principle”, Dr. Laurence J. Peter first defined this phenomenon. The principle asserts that in a hierarchy, members are promoted so long as they work competently. Sooner or later they are promoted to a position at which they are no longer competent, and there they remain, unless they start or join a startup to get the next level.

In all environments, the move to incompetence often occurs when competent technical people try to step into management or executive positions, for which they have no aptitude, interest, or training. How many technologists have tried to run startups and failed?

So what are the keys to avoiding this problem for yourself, and recognizing the signs and requirements in your own team, before the “level of incompetence” paralyzes your startup:

  1. Focus on communication skills. The ability to communicate effectively and often to your team and to the outside world becomes more and more critical as you move up the role ladder. Practice and training are critical. If communication to others is not your forte, then stick to a highly focused non-management role.

  2. Look for ability to direct, as well as act. Many people have trouble directing the task and not doing it themselves. Both are hard work, and both are valuable. Executives get paid for what they know, not for what they can do with their hands—for managing the job and not actually doing it.

  3. Comfortable with a spectrum of responsibilities. As a manager, there will be many new responsibilities, most of which are a little fuzzy. A tech promoted to manager must change his mindset from one of focusing on a problem and solving it, to multi-tasking a broad range of responsibilities, and keeping them all moving.

  4. Consistent demonstration of high-level competencies. You need ‘portable’ competencies—those that you can take with you to any level of the corporate ladder, and which you can tap into in a managerial capacity. For example: be solutions-oriented, able to balance both sides of an issue, and be a quick study.

  5. Provide mentoring and formal management training. If you are seriously looking at shifting someone to a management role, make it top priority to get them formal training, not only on business management itself, but especially on people management and interaction skills. Talent and good intentions are not sufficient.

  6. Evaluate passion and current position. A management position is not for everyone, and a specialist career may be much more exciting. Great technical gurus get paid very well, and have visible top positions like Chief Technical Officer (CTO) for prestige and respect. You can still be the founder, and bring in a CEO to run the business.

Another important point is to recognize and deal immediately with occurrences of the Peter Principle. If you are the CEO, and you tolerate ineffective people in important positions, they will suck the life out of your startup. The good people will fade away, and only the bad will remain. You will be tagged as the one with the Peter Principle.

It’s something that we all have to deal with, in our own career, and with other team members. In a small startup, everyone has to carry a maximum load for survival, and everyone sees the non-performers. If you are the last to see the problem, or the last to react, maybe it’s time to look in the mirror.

Marty Zwilling


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Saturday, April 12, 2014

How Stories Best Communicate Your Startup Value

chad-hurlyThe entrepreneur’s challenge is to effectively communicate their value proposition, not only to customers, but also to vendors, partners, investors, and their own team. Especially for technical founders, this is normally all about presenting impressive facts. But in reality facts only go so far. Stories often work better, because humans don’t always make rational decisions.

Most people care the most about the things that touch, move, and inspire them. They make decisions based on emotion, and then look for the facts that support these decisions. Thus it behooves every entrepreneur to learn how to craft stories from their personal experience and the world at large that make an emotional connection, as well as tie in the facts.

I like the point from the book “Tell to Win: Connect, Persuade, and Triumph with the Hidden Power of Story,“ by Peter Guber, a thought leader on this subject and long-time business executive. He asserts that everyone today, whether they know it or not, is in the emotional transportation business, and compelling stories are the best way for you to move your business forward.

More importantly, he provides the insights and guidance that we all need to do this effectively. I have extracted these ten basic principles for telling the right story, at the right time, and telling it right:

  • Select the right story for the right audience. The most successful story tellers are also attentive story listeners. They understand that it’s more important to be interested in their listener than to appear interesting. What does the audience want and need? Armed with this insight, you can tailor a story that will achieve both your goals.
  • Choose when the listener will be receptive. Getting to know your audience also means figuring out the place and time where they will be most receptive and least subject to interruption or distraction. They need to be able to give you your full attention, so you need to look, listen, and locate their optimal context.
  • Finding the source material for good stories. The key is not to expect to find a story fully born, perfectly framed, and read to be told, but to constantly stockpile fragments and metaphors that have the potential to become stories. The most effective story material comes from firsthand experience, infused with your personal feelings and emotions.
  • Make sure your call to action resonates. Every story needs something that will move the audience emotionally to hear your call to action. This may mean finding a hero or a villain in the story, showing your real passion and emotion, or describing the excitement and fear of others.
  • Get in the right state for your story. Getting in state isn’t just a mental, emotional, or physical process; it’s all three. This state is vital to telling a story because reading your intention is what signals listeners to pay attention to you. Intentions speak louder than words. Train both your body and your mind on your clear intention to succeed.
  • Tell the story with authentic contagious energy. Like intention, authenticity and energy cannot be faked. If you are telling a story you don’t believe in, your audience will sense it instantly. The good news is that they will pick up just as instantly on your genuine enthusiasm and conviction.
  • Demonstrate vulnerability and perseverance. Everyone has something in common with every other person, so open up and expose your fears and concerns, allowing others to do likewise. The trick to perseverance is not to eliminate fear, but to use it to ramp up your energy, heighten your passion, and intensify your sense of urgency.
  • Make the story experience interactive. You can make any business story more memorable, resonant, and actionable by asking for input or a response during the story, or getting an emotional interaction. Engage the audience physically or verbally, which makes them feel like part of your story, and that they have a stake in the outcome.
  • Engage the senses of your audience. Scientists tell us that words account for only the smallest part of human communication. The majority is nonverbal, more than half based on what people see and more than a third transmitted through tone of voice. The more the audience feels the story in their bodies, the more positive they will react to it.
  • Listen actively with all your senses. Even when you make the story a dialogue, rather than a monologue, how you listen as a teller is as important to your success as the actual words you speak. You must listen to gauge emotions, attention, and interest – moment to moment. More engaged listeners will be more likely to heed your call to action.

Examples of great storyteller entrepreneurs include Howard Schultz, founder of Starbucks, and Chad Hurley, founder of YouTube. Both demonstrated many times the ability to turn “me” into a “we,” by being able to tell a story that shined the light on an interest, goal, or problem that both the teller and the listener shared. That connection ignited empathy, secured trust, and gathered commitment to the call to action.

Stories have been used since the beginning of time to share knowledge, history, and ideas. Sure they contain facts, but often emotion is what makes them work. How often do you get beyond the facts in your pitch to customers and investors? If you want to kick your business up a level, maybe it’s time to add some stories to your message.

Marty Zwilling


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Friday, April 11, 2014

Hard Questions Spark Breakthrough Business Thinking

WarrenBergerQuestionsThe entrepreneurs I see are always talking about “disruptive innovation” ideas, but the plans I read are more often linear extensions of a current hot offering, like one more social network with the best of Facebook and Twitter, one more dating site dimension, or another “must-have” accessory for smartphones. Perhaps hard questions need to come before ideas, rather than after.

I just finished a provocative new book by Warren Berger, “A More Beautiful Question,” that makes a good case for the power of questions to spark breakthrough innovations. He argues and I agree that the most creative, successful business leaders tend to be expert questioners. They must master the art of inquiry, raise questions no one else is asking, and find powerful answers.

Berger suggests some base questions with a focus on existing companies that I have adapted for entrepreneurs and startups. Every smart entrepreneur needs to ask himself and his team these questions before charging down the road to meet the other ninety percent of his peers that fail:

  1. What business are we really entering? Many aspiring entrepreneurs, especially engineers, are focused on their invention or technology, and never consider the challenges of entering the business realm until too late. Hydrogen auto engines, for example, have tremendous advantages, but haven’t cracked the bureaucracy of government regulations, the power of existing energy companies, and big auto biases.

  2. Why have other smart people failed on a similar idea? All too often I hear the refrain that big existing players, like Microsoft or IBM, are too fat and slow to be real competitors. While these companies do have their challenges, they also have some of the smartest people out there. You need to question strongly why these failed on your innovation.

  3. What will happen if we build it and no one comes? The “unthinkable” questions need to get asked before the crisis. Customers always have alternatives, most notably continuing to do what they do today without you. Asking the hard questions early will force more thinking outside the box, and improve the potential for real breakthroughs.

  4. What if we could become a cause and not worry about profit? Every startup should start with a set of values that would fit the definition of a good cause. The new age of consumers, and the new age of young employees want to align themselves with good cause principles. Figure out what you are against, as well as what you are for.

  5. How can we create the best test, and assume the need for pivot? Your first offering will likely be a learning experience, rather than a run-away success. Plan to make it the best experiment that you can, with metrics to focus on the “why,” as much as “what.” Create a safe environment for your team to question every aspect of the offering.

  6. If we brainstorm in questions, will lightning strike? Collaborative thinking in problem solving and early planning is essential because it brings together multiple viewpoints and diverse backgrounds. Innovation flourishes when diverse ideas and thoughts are aired. Tackle the startup unknowns by generating questions instead of generating solutions.

  7. Will anyone follow if we initially embrace uncertainty? Entrepreneurs are normally all about giving answers, not admitting uncertainty. They are reluctant to take advantage of questioning input from outside advisors, investors, and even friendly customers. Business leaders from Google, Netflix, and others have uncertainty built into their DNA.

  8. Should our mission statement be a mission question? The declarative mission statement is usually seen by the team as non-questionable, thus limiting business thinking. In these dynamic times, it may be appropriate to take that static statement and transform it into more open-ended, fluid mission questions that can still be ambitious.

  9. How do we create a culture of continuous inquiry? The first mistake is not wanting a culture of inquiry, in today’s age of continuous change. Some leaders and entrepreneurs don’t want to continually explain and rationalize their actions. The challenge is to reward questioning by your actions, culture, hiring, and the way you treat customer feedback.

If you want more specifics as well as the theory behind it, I recommend Berger’s book as a practical system of inquiry that can guide you through the process of innovative questioning, helping you find imaginative, powerful answers and building the culture of continuous innovation.

Disruptive innovation is always hard, and takes a very special breed of entrepreneur who is willing to ask the hard questions, as well as listen to tough questions from advisors, team members, and customers. How effective are you and your business in asking more “beautiful questions” and sparking the breakthrough ideas you need to survive?

Marty Zwilling


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Monday, April 7, 2014

A Founder’s First Key Decision Is The Business Name

TBD-BUSINESS-PLANFirst things first – your startup needs a name! This may seem a silly and frivolous task, but it may be the most important decision you make. The name of your business has a tremendous impact on how customers and investors view you, and in today’s small world, it’s a world-wide decision.

Please don’t send me any more business plans with TBD or NewCo in the title position. Right or wrong, the name you choose, or don’t choose, speaks volumes about your business savvy and understanding of the world you are about to enter. Here are some key things I look for in the name, with some expert help from Alex Frankel and others:

  1. Unique and unforgettable. In the trade, this is called “stickiness.” But the issue of stickiness turns out to be kind of, well, sticky. Every company wants a name that stands out from the crowd, a catchy handle that will remain fresh and memorable over time. That’s a challenge because naming trends change, often year by year, making timeless names hard to find (remember the dot.coms).

  2. Avoid unusual spellings. When creating a name, stay with words that can easily be spelled by customers. Some startup founders try unusual word spellings to make their business stand out, but this can be trouble when customers ‘Google’ your business to find you, or try to refer you to others. Stay with traditional word spelling, and avoid those catchy words that you love to explain at cocktail parties.

  3. Easy to pronounce and remember. Forget made-up words and nonsense phrases. Make your business name one that customers can pronounce and remember easily. Skip the acronyms, which mean nothing to most people. When choosing an identity for a company or a product, simple and straightforward are back in style, and cost less to brand.

  4. Keep it simple. The shorter in length, the better. Limit it to two syllables. Avoid using hyphens and other special characters. Since certain algorithms and directory listings work alphabetically, pick a name closer to A than Z. These days, it even helps if the name can easily be turned into a verb, like Google me.

  5. Make some sense. Occasionally, business owners will choose names that are nonsense words. Quirky words (Yahoo, Google, Fogdog) or trademark-proof names concocted from scratch (Novartis, Aventis, Lycos) are a big risk. Always check the international implications. More than one company has been embarrassed by a new name that had negative and even obscene connotations in another language.

  6. Give a clue. Try to adopt a business name that provides some information about what your business does. Calling your landscaping business “Lawn and Order” is appropriate, but the same name would not do well for a handyman business. Your business name should match your business in order to remind customers what services you provide.

  7. Make sure the name is available. This may sound obvious, but a miss here will cost you dearly. Your company name and Internet domain name should probably be the same, so check out your preferred names with your State Incorporation site, Network Solutions for the domain name, and the U.S. Patent Office for Trademarks.

  8. Favor common suffixes. Everyone will assume that your company name is your domain name minus the suffix “.com” or the standard suffix for your country. If these suffixes are not available for the name you prefer, pick a new name rather than settling for an alternate suffix like “.net” or “.info.” Get all three suffixes if you can.

  9. Don't box yourself in. Avoid picking names that don't allow your business to move around or add to its product line. This means avoiding geographic locations or product categories to your business name. With these specifics, customers will be confused if you expand your business to different locations or add on to your product line.

  10. Sample potential customers. Come up with a few different name choices and try them out on potential customers, investors, and co-workers. Skip your family and friends who know too much. Ask questions about the names to see if they give off the impression you desire.

If you are still unsure of yourself, you should know that there are many dedicated firms, like Igor and A Hundred Monkeys, who can relieve you of $1 million of your hard-earned funds to come up with just the right appellation. Hmmm. I wonder how much they spent on their own names?

Marty Zwilling


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Sunday, April 6, 2014

Can Startups Surf The Huge Information Tidal Wave?

information-tidal-waveA tidal wave of valuable data is surging from the Internet and connected devices today, and the volume is growing exponentially each year. It’s enough to drown any business which tries to fight it or ignore it, and it’s an opportunity to ride higher and faster than even the successes of Google and Facebook, for those startups that use it as their driving force.

In a recent study by networking giant Cisco, the world’s yearly mobile data traffic grew 81% in 2013 and will reach 1.3 zettabytes by the year 2016. If stored on CDs, this would require a stack from here to the moon and back more than five times. According to a new book “Data Crush,” by Christopher Surdak, data will be the largest source of new opportunities for startups, or death.

According to what I see, as outlined by Surdak, this data surge is being driven by the following six technological and social trends:

  1. Mobility: smartphones, tablets, and the “Internet of things.” Smartphone penetration now exceeds 50%, and these generate far more data from their non-phone functions than voice. In addition, more people in the world now own traditional cell phones than tooth-brushes. All devices are fast becoming self-aware, user-aware, and Internet connected.

  2. Virtual living: the rise and growing dominance of social media. Facebook has created an environment where millions of people can hold billions of conversations with people and companies, transforming how people expect to interact with each other and the world. For startups, this is an engagement opportunity worth billions of dollars.

  3. Digital commerce: infinite options for buying goods and services online. Data-enabled shopping has completely changed our purchasing experience, has undermined some of the greatest brand names, and has created some new brands, like Amazon, that now dominate. There is still infinite room for new startup sales modes and models.

  4. Online entertainment: millions of channels, billions of actors. With the adoption of the Internet, digital entertainment has rocketed across the world, changing how people entertain themselves. YouTube is now the 800-pound gorilla of entertainment. Online gaming has moved from the geeks to the mainstream. The audience is now the actors.

  5. Cloud computing: the death of dedicated infrastructure. More and more company and personal services are being virtualized to the Cloud. Many companies are already seeing their computing costs drop by thirty percent as they move in this direction, providing new startup opportunities with the Everything as a Service (EaaS) trend.

  6. “Big data:” learning from the flood. Big data is mining the storage for knowledge. This gives rise to the personalization and customization that we all want. Analytics will soon drive nearly all business decisions for any company that wants to remain relevant to its customers. Startups are in the best position to provide the analytics, and use them first.

As an entrepreneur, what steps can you take to help your business not only survive the data hurricane, but to thrive under these new and challenging conditions? Surdak emphasizes that the goal is to either mitigate some of the pressure caused by data growth or to put that pressure to work for you in growing your startup and remaining competitive:

  • Focus: play to your strengths. Determine your core business strategy and resolve to remain true to it. Make strategic versus opportunistic decisions.
  • Accelerate: speed is life in this new world. Look for and reward quantum changes, like cutting cycle time in half, in your processes, products, and services.
  • Data enable: use metrics and measurements. Extend data metrics into non-traditional channels, such as email, internal social media, and customer collaboration platforms.
  • Quantification: big data, bigger results, and controls. Startups should seek to continually improve performance through statistical analysis and predictive monitoring.
  • Gamify: engagement to get what you pay for. Use internal collaboration platforms, then extend to online customers through your website, blogs, and social media.
  • Crowdsource: putting your audience to work beyond customers. Look beyond today’s requirements for entire new market opportunities.

You need to start now to understand the trends and specifics of the information tidal wave that is building up in front of us. Use the steps outlined here to stay ahead of it, and use its power to propel your startup into the future, ahead of your competition. The possibilities are endless, but the downside will be painful.

Marty Zwilling


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