Entrepreneurship can definitely become a way of life.  I should know.  I’ve been a life long entrepreneur,  just as my father was before me.

I don’t know if it’s an addiction,  the challenge, knowing you can bear the pain of the long climb, the exhilaration of success when, against long odds, you know you’ve created something  that didn’t exist before. Maybe it’s a hidden gene, waiting to be discovered.  Maybe it’s just that after entrepreneurship, nothing else seems so satisfying.  But whatever it is, and the x factor is, author Rajesh Setty gets it, to mind, just right in The Dance of Entrepreneurship:

Tags: business, entrepreneurship, money, Rajesh Setty, small business, start up

If you happen to be an entrepreneur on the web, like me, whether you’re
building your own blogs and websites or building them for others, you need to keep your eye on the web’s future. That’s where we’ll be competing for eyeballs, relevance and revenue.

Some distilled insight is offered by Richard MacManus in Understanding the New Web Era: Web 3.0, Linked Data, Semantic Web. He analyzes and sets out to distill “a fascinating 3-part series of posts this week by Greg Boutin, founder of Growthroute Ventures. The series aimed to tie together 3 big trends, all based around structured data: 1) the still nascent “Web 3.0″ concept, 2) the relatively new kid on the structured Web block, Linked Data, and 3) the long-running saga that is the Semantic Web.”

It might be a tall order to understand all of that in one gulp, but let’s look for a second at Web 3.0, then gently peek over the horizon to see a tiny preview of what lies ahead. ( Some of it might be a little techie, but for most of us it will work behind the scenes, and we will have simple tools which help us take advantage of the Net’s increasingly intelligent structural and linking dynamics.)

“Web 3.0: What Comes After 2.0 (!)

Last year Greg Boutin loosely defined web 3.0 as “the Web of Openness. A web that breaks the old siloes, links everyone everything everywhere, and makes the whole thing potentially smarter.”

There is a lot of debate about what Web 3.0 is and the term itself is open to derision. In my view Web 3.0 is an unoriginal name for the next evolution of the Web. What’s important to note though, is that there is a difference in the products we’re seeing in 2009 compared to the ones we saw at the height of ‘Web 2.0‘ (2005-08). If Web 2.0 was about user generated content and social applications such as YouTube and Wikipedia, then Web 3.0 is about open and more structured data – which essentially makes the Web more ‘intelligent’.

The smarter the data, the more things we can do with it. The current trends we’re seeing today – filtering content, real-time data, personalization – are evidence that ‘Web 3.0′ is upon us, if not well defined yet. We actually saw a great example of Web 3.0 this week, with Google’s release of Search Options and Rich Snippets. Those features added real-time search, structured data, and more to Google’s core search.”

Macmanus goes on to discus “linked data” which is interesting, if pretty techie.  There is a fascinating, if mind blowing, graphic of a Linking Open Data (LOD) project.  He also notes that Google will be a big player in all of this.

The bottom line is that, ultimately, we will have a more intelligent web and entreneurs would do well, to position themselves for the future by keeping an eye on linkages.  To  dive into the complexity of it all, go to Understanding the New Web Era: Web 3.0, Linked Data, Semantic Web – ReadWriteWeb.

Related articles by Zemanta

• Google’s Rich Snippets and the Semantic Web (radar.oreilly.com)
• Linked Data is not owl:sameAs Semantic Web (semantic-web.at)

Tags: Google, Greg Boutin, Linked Data, Linking Open Data, Semantic Web, Web 2.0, Web 3.0, YouTube

As competition heats up in this tough economy, one way to beat your online competitors is to go local. Even hyper-local.

Fortunately Twitter has the tools to let you do that.  Of course, you are using Twitter to build your brand and develop your relationships with other Tweeple, so you don’t want to overdo it.  But, if you have a product or service to sell, it’s helpful to remind your neighbors what it is.  For example, if you’re selling fresh baked bread, other Twitterers in your ‘hood are not likely to be getting that from Seattle or Chicago, unless they live there. So, your first step is to identify local Twitter users so you can reach out to them

Identifying Local Twitter Users

If you’re interested in local twitterers and happenings, 50 Useful Twitter Tools for Writers and Researchers lists these tools which will help connect you with nearby potential customers and you keep up to date with the local scene:

1. Nearby Tweets: Check out Nearby Tweets to seek out local Twitter users.
2. Atlas: Use Atlas to see tweets on a map.
3. GeoFollow: Using the GeoFollow directory, you’ll be able to find users in specific areas.
4. CityTweets: See real time Twitter activity for cities on CityTweets.
5. Twittervision: Check out Twittervision for real-time geographic tweets.
6. TwitterLocal: On TwitterLocal, you can find tweets in a designated location.
7. Localtweeps: Check out Localtweeps to find Twitter users near you.

These tools make it very simple to hone in on your nearest and possibly your best market.  Happy hunting!

Tags: Social network, technology, Twitter

Not sure what the hardest thing is in business is because so much of it is challenging.  But one of the hardest things to achieve has to be “insulation from competition”.  Even if you are great at doing whatever you do, someone can always come along and replicate it. Seth Godin, marketing guru, makes the point in Seth’s Blog: Thinking about business models

that building a “tribe”, insulates you from competition.  I can think of some examples of this.  Ben and Jerry’s Ice Cream. After all it’s only ice cream.  Volkswagon, when it brought out the Beetle.  After all it was only a car.  Apple when it introduced everything from the Mac to the Iphone.  After all, there were competing products, but for those who fell in love with the meticulous design, ease of use and the sheer enjoyment of using the product, there was only Apple.  Here’s how Seth makes that point when thinking about business models”

Tags: business, Business model, how to insulate your business from competition, Market, Marketing and Advertising, Price war, Seth Godin, Viral marketing, Virtual community

Business plan guru, Tim Berry, will be reading and evaluating 75 or so business plans in a single month so he should know something about how to create them and how to judget them.

As Berry says: “This is business plan season for me. I just finished reading half a dozen plans for Notre Dame’s annual business plan competition (we (Palo Alto Software) give a prize to the best one), and another half dozen plans for the Rice business plan competition (I’m a judge, and we have a best business plan prize for that one too). I still have to read five plans for the University of Oregon’s New Venture Competition next weekend (I’m a judge), and I’m supposed to produce a first-cut on 43 plans for the Willamette Angel Conference (I’m one of the angel investors) by the end of the workday today.:

Here’s his take on what sort of business plan you need:

Tags: Angel investor, Business plan, entrepreneur, Palo Alto, small business, Tim Berry

Dan Schawbel makes an  interesting point and one I think might be helpful to all of us about the value of starting your own page on Facebook. Schawbel in HOW TO: Build Your Personal Brand on Facebook notes that with over 200 million active users, Facebook has become a personal, product and corporate branding hub. He presents a very thorough  guide to building your personal brand on Facebook, but the most interesting point he makes, I think, is How To Start Your Own Page.

“Facebook pages are for brands, ranging from Coca Cola to Barack Obama and even you. These pages resemble your Facebook profiles, so only use one if you have a large number of Facebook friends. By having a Facebook page, your brand can go viral, holding a spot on other people’s profiles. The other main advantage is that your page will rank high for your name in Google () () and you can use it for your professional career, while keeping your personal profile private.”

The reason I think this is a really good idea is because I recently read a study showing the most likely prospect for getting new business is from someone you are already doing business with. The next most likely place is from someone who’s heard good things about you from someone you are doing business with.  In other words, credibility — being good at what you do—, attention to clients and colleagues and word of mouth or at the core of building your brand, your reputation and your business. Remember that when you are deciding where to invest your time.  Facebook is a more intimate platform where you can get some of those qualities across.

Since I’ve just come upon this truth myself I haven’t built my Facebook Page yet, but it is now on my priority to do list.  It will be a bit tricky because my Facebook friends come from many different personal camps or tribes, and my page will blend webbiz, social media and entrepreneurship.  The idea will be to gather a small community with interesting thoughts on these subjects. An interesting challenge.  I’ll keep you updated.  In the meantime, if you’ve built a Facebook page or are planning to, please share your thoughts and experience.

Tags: Build Your Personal Brand on Facebook, facebook

Can you start a business for under $20?  Scott Allen says yes in 10 Legitimate Businesses You Can Start for Under $20.  He also tells you exactly how to spend your 20 bucks in each case.

Some of these business, although a good idea,  might take a little longer to get money rolling in like Webpreneur.  I should know.

More promising for immediate cash flow:

eBay Seller

I have a cousin who haunts the garage and estate sales, specializes in silver, jewelry, old books and post cards and makes several thousand a month on eBay.  Of course it does take time to buy, photograph, price and upload.  Or you can let someone else do it for 30% of the take.

Or, as Scott says: “Yes, there really are people who make a decent living buying things at garage sales and flea markets and selling them on eBay. The big secrets? Stick to products you know (or learn before you start) extremely well, package your goods carefully, and provide impeccable customer service. It helps to have a digital camera or a scanner, but it’s not required.

Spend the $20 on: Your first inventory at a garage sale.

Other business I think are very doable and at a professional level you probably already have the necessary skills:

Consultant

As Scott says: “Getting into consulting is relatively simple. All you have to do is know how to do something better than most people do, and be able to either teach people how to do it or be willing to do it for them. Networking is the key to success in this business, so start by making a list of everyone you know and giving them all a call.

Spend the $20 on: $14 on a box of clean-edge laser or inkjet business cards and $6 buying your first prospect a cup of coffee one morning.”

Desktop Publishing

“It’s amazing how many people have a computer and still don’t know how to make a decent flyer! If you’ve got a good design sense, are extremely familiar with your word processor, and already have a laser or high-quality inkjet printer, you can get into desktop publishing. Create a really great-looking portfolio for yourself and go door-to-door.

Spend the $20 on: Some high-quality paper to create your samples on.”

Scott also mentions: Personal Services – Shopping & Errands and Tutoring, both of which you can get into and start making money immediately.

Others depend on your personal level of interest in them.  If you like selling, for instance, Avon might be for you.

• Housesitter / Petsitter
• Avon Independent Sales Representative
• Secretarial Service – Typing / Transcription / Proofreading

Others I think might take a little more skill and experience like

Professional Organizer

If you’re looking for extra income you might want to look over the details of all these possibilities at Legitimate Businesses You Can Start for Under $20

Hope this starts you thinking of all the ways you can start now, for very little and build a profitable business, one which will tide you over in tough times.

Tags: business, entrepreneur

Guy Kawasaki, marketing and Net guru, recommends this in his Tweet: The Top Five Innovation Killers

Although the article mentions 5 top innovation killers, there were 2 that really resonated with me:

1. An intolerance of failure. The #1 top tactic for innovation, according to expert innovators, is to ‘experiment fearlessly’. Nothing works first time, so you may as well get it wrong as soon as you can. If you cannot accept failure you are unlikely to see too much innovation, no matter how much money you throw at it.
2. A desire for a magic pill, not a daily exercise regime. This requires innovation as a way of life rather than as an isolated change programme.

I have always seen people looking for a magic pill or a silver bullet to solve all their problems in business.  In fact, in my 20’s, in a fuzzy, unformed way, I probably thought that as well.  But experience shows that success most often comes from putting one foot in front of the other every day. Wasn’t it Einstein who said genius is 1 part inspiration and 99 parts perspiraton?

Tags: business, innovation

My father, who rose from a hardscrabble life to become an extremely successful entrepreneur, used to tell me:

“Always have at least three businesses because there will never be a time when one of them isn’t doing badly.”

Was he right on that!  Particularly in the midst of a recession.

But even if you don’t have three entirely separate businesses, it is still possible to adjust your product mix so you have three or more entirely different offerings targeting different needs, possibly even from the same consumer. Look carefully at your business and learn to pivot.  I have.

I was reading recently that for a number of years Target, even though much smaller, had been beating the brains out of Walmart, in terms of growth.  Retail experts attributed this to it’s trendier clothes and name designers.  Then, lo and behold, the recession hit and the trend flipped.  Walmart is now beating the brains out of Target and the gurus tell us it all has to do with groceries.  Yep, mundane old cereal and peanut butter.

Because now vendors need to be selling more of what people need not what they want. As this article put it, why buy a new shirt when you can just reach in the closet and get one.  On the other hand you need to eat.  So you need to buy groceries and Walmart has more of them, although Target is scrambling to catch up.

Which brings up to the Web.  And to other businesses as well.  I was also reading about an entrepreneur who was burning through cash and man hours and scrimping to develop a new, hopefully game changing, software product.  When the recession hit, he put that on hold to offer a web design and development service.  Cash now for something businesses need to have not want to have.

The lesson here is that there is, no doubt, some way you can think through your offerings and, for the moment, move away from the big ideas and toward the practical, the everyday needs, the things you can execute efficiently in a shorter time frame for a customer.

Seth Godin wrote about this on on March 13, 2009

Pivots for change

Tags: business, entrepreneur, Recession, Seth Godin

You know how it is when you start reading one thing on the Web, become engaged, then, like following a trail of crumbs, it leads you into a whole different experience?

Well, that is what I did when I got intrigued reading about a new blog, Netsetter , about online entrepreneurs dubbed here  “the net setters”,  remniscent of the old,  jaded term, the jet setters.  I pretty much got hooked when I stumbled upon the author/creator’s bootstrapping experience. More on that in a minute.  First, let me tell  about my discovery of a site, which I plan to use and you may want to use as well ,which offers tools and resources for “net setters”. It’s Envato, a digital goods marketplace and from there you can find, FlashDen ,a  community of buyers and sellers of stock Adobe Flash components; FlashDen’s sister site AudioJungle, which has branched into music tracks, loops and sound effects.  And you can also find:

• ThemeForest – a marketplace for buying and selling site templates and CMS themes
• VideoHive – a marketplace for buying and selling stock footage, motion graphics and video project files.
• GraphicRiver – a marketplace for buying and selling layered photoshop, vectors, icons and add-ons.

Now, the back story. I am always drawn to stories of entrepreneurs who bootstrap their way to glory.  I’ve bootstrapped businesses many times and I also like to share these stories because I think they show the light at the end of the tunnel when you’re in the tough midst of a bootstrapping experience  yourself.  The founder of Envato and also Netsetter is a fellow named Collis.  He has the archetypal bootstrapping story.  I’ll let him tell it:

“..Having no money is pretty much the ultimate constraint a startup can be under, and for most bootstrappers that’s not far from how they have to operate.

Having nothing forces you to figure out a way to bring in some income – any income – and to do so fast. It forces you to work out how to do things in the cheapest way possible. It forces you to really, truly evaluate what is necessary in your business and what is simply deadweight.

When my wife and I cofounded Envato, we did so while working a freelance business where invoices always got paid late and cash flow was erratic. We started out with some modest savings in the bank but by the time our first site was up, we were thirty thousand in debt, I had worked for four months without a day off, lived for two of those months with my in-laws to save money and still there was no sign of a reprieve.

Because we spent everything we had, and then some, on building our website we were forced into a series of practices that made our business ultimately viable. We had no revenue, so none of the three founders could quit our jobs – we just started working one in the day, and one in the evening. We had no money so we couldn’t hire anyone beyond our one valiantly underpaid freelance developer, so every job had to be done by one of us – regardless of whether we knew how to do it. We had no advertising budget so we had to embark on a series of guerrilla marketing strategies trading time and ingenuity for money. We had no content on the site and no users, so we made a whole heap ourselves and invited, cajoled, persuaded and begged people to test it out.

In short we saved and scrimped, worked in odd hours and off hours, used our lack of income as a motivator to find revenue quickly and basically did it tough. Nobody saw a pay cheque for the first year, and even today after two and a half years when we have a staff of twenty something, I’m proud to say that all the management team and founders still get paid far less than the top authors on our sites.

Under the umbrella of Envato. we’ve build digital goods marketplaces like FlashDen and ThemeForest, a chain of successful tutorial blogs at Tuts+, a popular freelancing community at FreelanceSwitch, some successful ebooks at Rockable Press and lots of other projects!”

Well, there you have it.  That’s how bootstrapping is done.  And Collis has done all this since 2006.  Pretty impressive!  Congrats!

Tags: AudioJungle, business, Envato, FreelanceSwitch, Stock footage, web business, website resources