Posts Tagged ‘business’

The Entrepreneurship Track

June 10th, 2009 by Gretchen Glasscock | No Comments | Filed in Business At The Speed Of Thought, Entrepreneur

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:

“There are broadly three phases of entrepreneurship

1. The Beginning

2. The Journey

3. The New Beginning ( Yes, It’s Not the Destination )

rubber_meets_the_road

Now, the quick outline of the elements in each phase:

1. The Beginning

The five elements for the beginning phase are:

1. Purpose: Knowing why you are in this will help you keep going when the going gets tough

2. Passion
: Doing what you love will make it feel like you are not working

3. People: Building together with the right people will make it look easy

4. Problem: Solving a real problem will help as people will pay to solve a real problem.

5. Plan: Having a plan even when you know that it’s going to change along the way

2. The Journey

The five elements of the journey

1. Patience: Everything takes longer and costs more. Patience is a MUST

2. Persistence: Sticking to the course of action even in the face of difficulty

3. Perseverance: Sticking to your beliefs even in the face of no successful outcome

4. Pain: Ability to handle the “pains” of entrepreneurship along the way

5. Politics: Knowing how to navigate in the sea of politics. You may not want to play politics but surely you should know how to survive and thrive in the politics that already exists

Last phase is what I call the “New Beginning.” I purposely did not call it the destination because rarely I see entrepreneurship “ends” with something – it’s usually a stepping stone to begin something new.

3. The New Beginning

So, here are the five elements of the new beginning

1. Pride: The satisfaction that comes with taking a concept to a completion

2. Profits: If executed well, there is money to be made. There are also profits in terms of personal growth and fulfillment.

3. Power: Since nine out of ten companies go out of business, if you are part of the one that succeeds, you automatically have more power.

4. Possibilities: New possibilities open up as you have more credibility

5. Philanthropy: You can make a bigger difference to the world as you have “extra” capacity

For those of you who are starting on this wonderful journey, wish you the very best.

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How To Gain Insulation From Competition: Foster A Tribe

May 7th, 2009 by Gretchen Glasscock | No Comments | Filed in Business At The Speed Of Thought, Entrepreneur, blogs, marketing
Web2.0 Business Model Check (for dummies ;-)
Image by Alex Osterwalder via Flickr

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”

“A business model is the architecture of a business or project. It has four elements:

  1. What compelling reason exists for people to give you money? (or votes or donations)
  2. How do you acquire what you’re selling for less than it costs to sell it?
  3. What structural insulation do you have from relentless commoditization and a price war?
  4. How will strangers find out about the business and decide to become customers?

The internet 1.0 was a fascinating place because business models were in flux. Suddenly, it was possible to have costless transactions, which meant that doing something at a huge scale was very cheap. That means that #2 was really cheap, so #1 didn’t have to be very big at all.

Some people got way out of hand and decided that costs were so low, they didn’t have to worry about revenue at all. There are still some internet hotshot companies that are operating under this scenario, which means that it’s fair to say that they don’t actually have a business model.

The idea of connecting people, of building tribes, of the natural monopoly provided by online communities means that the internet is the best friend of people focusing on the third element, insulation from competition. Once you build a network, it’s extremely difficult for someone else to disrupt it.

As the internet has spread into all aspects of our culture, it is affecting business models offline as well. Your t-shirt shop or consulting firm or political campaign has a different business model than it did ten years ago, largely because viral marketing and the growth of cash-free marketing means that you can spread an idea farther and faster than ever before. It also makes it far cheaper for a competitor to enter the market (#3) putting existing players under significant pressure from newcomers.

This business model revolution is just getting started. It’s’ not too late to invent a better one.”

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Essential For Marketers: A Facebook Page To Market Your Brand

April 13th, 2009 by Gretchen Glasscock | No Comments | Filed in Social media, branding, facebook, marketing

We’ve already talked a few weeks ago about Why You Should Start Your Own Page On Facebook and given some details on how you might want to go about executing it. Now we thought a few examples from major and savvy marketers might be very helpful for you…and for me also as I navigate making my facebook page for my brand. Adam Ostrow in Facebook Shares Tips and Case Studies for Brand Marketers describes how the big boys and gals are using this resource to market their brands:

    With its recent redesign and a slew of new features, Facebook has been moving to make Pages a focal point of the site. Personally, I recently described these changes as “the business model that moves [the company] from a successful social network to a highly profitable business.”Thus, it’s not surprising that Facebook is starting to do more to reach out to brands that might benefit from using revamped Pages. The latest example is (fittingly) a Facebook Page that the company has setup to promote “Facebook Marketing Solutions,” complete with case studies from a number of large brands using the tool, tips and how-tos, and discussion with marketers.

    The brands that Facebook is featuring include household names like Adobe, Lionsgate, and Ben & Jerry’s, but there are still some useful tidbits for those with slightly smaller budgets. For example, Ben & Jerry’s implementation of Facebook Connect is something that any website could deploy with a bit of coding work and zero marketing spend.

  • facebook ben & jerrysIt lets visitors to Ben & Jerry’s website select their favorite flavor and share it on Facebook. Then, that user’s friends see the flavor selection on their homepage, and also get a link to Ben & Jerry’s Facebook Page where they too can become a fan.

    facebook news feedMeanwhile, for brands looking to spend money on Facebook (Facebook reviews), namely by promoting their Page, the Marketing Solutions group shares a number of different types of campaigns. For example, Adobe’s “Real or Fake” campaign includes a game on the company’s Page, where users guessed whether an image was real or Photoshoped.

    Adobe describes its results: “About 10% of our page visitors played the game and, of those who played, 6% clicked the “Share” button at the end of the game, and 6% clicked “Buy Now” at the end of the game. Due to this game and media placement, our page received over 6,000 new fans too.”

    For Facebook, sharing this type of information using a Page is a great example of a company eating its own dog food so to speak. It’s also good to see that they’re both sharing tips that anyone can do – without spending significant money on Facebook – as well as case studies clearly designed to get big brands to spend big dollars on marketing their Pages.


    Additional Facebook Resources for Brands


    - New Facebook Pages: A Guide for Social Media Marketers

    - 5 Elements of a Successful Facebook Fan Page

    - 5 Tips for Optimizing Your Brand’s Facebook Presence

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Can You Start A Legit & Profitable Business For Under $20?

April 2nd, 2009 by Gretchen Glasscock | 1 Comment | Filed in Business At The Speed Of Thought, Entrepreneur, Jobs, Employment, Career Strategies
eBay Inc.
Image via Wikipedia

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.

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How to Avoid Killing Innovation

April 1st, 2009 by Gretchen Glasscock | 1 Comment | Filed in Business At The Speed Of Thought, Entrepreneur
Innovation
Image via Wikipedia

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?

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How To Survive: Diversify Your Offerings, Move From “Want” To “Need”, Pivot To Change

March 17th, 2009 by Gretchen Glasscock | 1 Comment | Filed in Business At The Speed Of Thought, Entrepreneur

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

Pivots for change

“When industry norms start to die, people panic. It’s difficult to change when you think that you must change everything in order to succeed. Changing everything is too difficult.

Consider for a minute the pivot points available to you:

  • Keep the machines in your factory, but change what they make.
  • Keep your customers, but change what you sell to them.
  • Keep your providers, but change the profit structure.
  • Keep your industry but change where the money comes from.
  • Keep your staff, but change what you do.
  • Keep your mission, but change your scale.
  • Keep your products, but change the way you market them.
  • Keep your customers, but change how much you sell each one.
  • Keep your technology, but use it to do something else.
  • Keep your reputation, but apply it to a different industry or problem.

Simple examples:

  • Keep the musicians, but change how you make money (sell concerts, not CDs).
  • Keep making guitars, but make bespoke expensive ones, not the mass market ones that overseas competition has made obsolete.
  • Keep the punch press and the lathe, but make large scale art installations, not car parts.
  • Keep your wealthy travel clients, but sell them personal services instead of trips to Europe.
  • Keep the factory that makes missiles, but figure out how to make high-efficiency turbines instead.”

There you have it.  If you like this post, Tweet me.  Thanks.

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Spiffy Digital Goods To Enhance Your Blog Or Website – For Net Setters

March 12th, 2009 by Gretchen Glasscock | 1 Comment | Filed in Entrepreneur, Tech Edge, bootstrap

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!

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12 “Green Biz” Trends for Eco-Entrepreneurs

March 12th, 2009 by Gretchen Glasscock | No Comments | Filed in Business At The Speed Of Thought, Entrepreneur

Scott Allen, one of my favorite entrepreneur watchers, reports on some news from his favorite business trend newsletter, Trendwatching, which has a huge edition this month on green business trends they’re calling “ECO-BOUNTY”.

As I’ve mentioned, I’m launching a site or two on “green biz”, so I’m trying to keep up with what’s out there.  In 12 Green Consumer Trends Mean Business Opportunity for Eco-Entrepreneurs,  Scott tells us:

ECO-BOUNTY refers to the numerous opportunities, both short and long term, for brands that participate in the epic quest for a sustainable society. Some of these opportunities exist despite the current recession, others are fueled by it, not in the least because of new rules and regulations. Downturn-obsessed brands who lose their eco-focus will find themselves left out in the cold when the global economy starts recovering.

The opportunities abound, and it’s not all being done by big companies. Innovative entrepreneurs are developing a wide range of green products and services, including: solar-panel shading systems, eco-friendly supercars, handbags made from old gym equipment and airplane seats, green education and tips for homes and businesses, bicycle and car sharing, eco-friendly marketing and even adult toys.

You can download a PDF of the briefing or browse the trends online:

  1. ECO-FRUGAL
  2. ECO-STATUS
    • ECO-ICONIC
    • ECO-STORIES
  3. ECO-INTEL
    • ECO-METERING
    • ECO-MAPMANIA
    • ECONCIERGES
    • ECO-TIPS
    • ECO-MATCHING
    • ECO-NAKED
  4. ECO-STURDY
  5. ECO-FEEDERS
  6. ECO-GENEROSITY
    • ECO-PERKS
    • ECO-FREE
    • ECO-REWARDS
    • ECO-BOOSTERS
  7. ECO-SUPERIOR
  8. ECO-EMBEDDED
  9. ECO-EDU
  10. ECO-TRANSIENT
  11. ECO-VERTISING
  12. ECO-EXPECTATIONS
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The Delegation Or Outsourcing Imperative

March 2nd, 2009 by Gretchen Glasscock | 3 Comments | Filed in Business At The Speed Of Thought, Entrepreneur, Jobs, Employment, Career Strategies, Women's Activism, bootstrap
Outsourced
Image via Wikipedia

I’ve written before on the critical importance of delegating or outsourcing to give you time to focus on the big picture and develop the right strategic direction so your business can grow.

It’s not easy.  Some people have an extraordinarily difficult time doing it.  I have a friend who’s a very successful but rather harried and definitely overworked leader of a national organization.  She often says:  “I can do it myself in the time it takes to show someone else how to do it.”  I respond: “Yes.  When I teach someone how to do something it takes about as much time as it would take for me to do it myself.  Maybe a bit longer. But that person is now able to do it forever.” Do the math. It’s an investment of time that will bring you a great return on your investment.

To succeed, without working yourself to death, we all must learn to delegate or outsource.  Finding and training people to delegate or outsource to will give you a support system which will facilitate your success:

First – decide what to delegate: the point of delegating is to free yourself, first, from routine, low level or mechanical tasks which someone else can do, perhaps better and more efficiently than you.

Delegate anything low priority or which doesn’t require your personal attention to achieve your primary goals.

Select the most capable person for the task: you may not like to file, but there’s someone, somewhere, who does.  Let them do it.

Give clear direction and reach an agreement on expected results: You should be willing to take the time, up front, to review your expectations and reach an agreement on what the end result should be. Communication is a key component of this process.

Be available for questions and mid course decisions

Set a clear deadline with accomplishment milestones along the way

Finally, give credit to your assistant, volunteer or support staff

The only way to develop a support system for yourself is to let the people you delegate to have the responsibility to do what you’ve asked of them; let them do it their own way; let them make their own mistakes and learn from them. Praise them when they complete their assignment. Point out that the completed task contributes to the success of the company as a whole. Give them credit within the company.

Here’s an example from Chaitanya Sagar on how learning to delegate: ,Delegate or Outsource – If You Want Your Business To Grow

“…In the initial days of my company, I did everything myself. I spoke to customers; I interacted with investors; and wrote business plans. At the same time, I cleaned my office and went long distances just to deliver legal documents somewhere. I spent a lot of time on those tasks which were not strategic or something that contributed to my customers. I did everything because I had nothing better to do. If I hired someone else, I would pay them and I’d have to sit idle!

As a small business grows, and as the scale at which a task is done increases, you have to find ways to get the time to focus on the bigger picture. If you don’t, you will get caught up in myriad routine activities, and can’t progress on strategic areas of your business. You have to make time to steer your business in the right direction. And you can do that by delegating work to others, by outsourcing, and at times, it’s as simple as asking the other party to visit your office instead of you visiting them!

My startup has been growing gradually. And some of the rules I had learned in the initial days are obsolete already. Though I saved precious dollars in the initial days doing all the routine work, time and again, I found myself asking myself, “Why am I doing this? How does my customer benefit from it? Should I not be working on something that enhances value to my customer?”

So now I do what is strategic and outsource many activities like coding for my website, marketing material work, accounting, graphic design, etc. In areas I do outsource, I am glad I do because it led to a lot of progress. Inn hindsight, the decision to outsource my work to others has greatly paid off in the following ways:

1. Where it was not my core competency, I rode on other’s competency and made wonderful progress.

2. When the project (such as product development) was over, I had the ability to scale down the activity reducing the “burn rate” without having to fire employees (had I hired them).

3. I was able to save time and could focus on the strategic aspects of the business.”

What about you?  Do you have any delegating or outsourcing examples or experiences to share?  We would like to hear from you.

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Evolution Of A Website – Birth Of A Business

February 25th, 2009 by Gretchen Glasscock | 2 Comments | Filed in Business At The Speed Of Thought, Entrepreneur, Tech Edge, blogs

Some time back, I wrote about Business On The Net: The Morphing Imperative and that set me to thinking about my own morphing on the Net . There is a saying “you make the path by walking on it.” Perhaps on the Net, you make the path by morphing on it. And I have certainly done that. For those of you who are interested, this is my story, so far, on the Net:

The Gold Rush To The Net

It was in December of 1994, that Netscape introduced the browser and the Net opened up the rush beyond the engineers, scientists and government workers who were on the Net before. Now the pioneers who saw the possibilities came, the entrepreneurs and techies and just plain people in remote places who longed for communication with the rest of the world.

At the same time,  in December of 1994, my inspiration for a website was a study I was asked to do for the University of Texas at San Antonio business department.  They had a lot of very rough, raw material ( like clippings or tear outs from newspapers) which suggested men make more money than women, even when women own their own business. The term “glass ceiling” had only recently become part of America’s vocabulary, when The Wall Street Journal’s “Corporate Woman” column identified “a puzzling new phenomenon. There seemed to be an invisible—but impenetrable—barrier between women and the executive suite, preventing them from reaching the highest levels of the business world regardless of their accomplishments and merits.”The Federal government’s Report on the Glass Ceiling Initiative in 1991 was still somewhat virgin territory for the public at large.  It certainly came as somewhat of a shock to me. I thought, Wow, this is pretty interesting stuff, I bet more people would like to know about it.

I spent 1995 learning more about the Glass Ceiling and the Net, as the two converged in my mind as an interesting topic and a new technology platform to present it. I had to learn HTML coding, as in those early days there was no “What you see is what you get ” software, much less content  management systems. It was challenging for many reasons and on many levels ( see Match Your Entrepreneur Story about one of the early Internet conferences in 1995 where I was one of 5 women and about 5,000 men).  When AdvancingWomen.com finally launched, we got about a million and a half page views in a month, melting down our server 3 times. ( But that’s another story).  Remember, back then, the Net was relatively small with little competition.  There were no large corporations.  No Hearst, no iVillage, although I later worked with both of them.

So, I got in on the ground floor with my niche, the first women’s website to focus on leveling the playing field for women, although we’ve continued to evolve and, as we’ve increased our offerings on business and technology we’ve also increased our male audience. Our concept morphed as well.  In the vein of “it’s better to light a candle than curse the darkness”, we decided, years ago, it was more effective to give both women and men the tools and strategies to succeed with pocket book and voting booth issues, the pivotal levers, than to keep noting the gap between genders. Consequently, as well as connecting with professional women and business owners, we are one of the leading websites among business men in China and Saudi Arabia, and business and technology experts in the U.S. and globally .We have built a diverse community of both women and businessmen on the web.  And we have moved on to produce other websites and  other business models.  But, back to the beginning:

First Revenue – From Advertising

The first revenue I remember having came from Doubleclick, which invented the targeted ad system. DoubleClick was founded in 1996.  My site, AdvancingWomen.com was selected for the initial women’s demographic and I went to their opening launch party in New York. It was a heady, champagne toasting  moment. I learned a lot about targeting my demographics and managing my website from DoubleClick until we went our separate ways. For one thing, despite the hype and the potential which always seemed just out of reach,  I never really made that much revenue from DoubleClick.  So , trading glamour and glory for actual revenue, I struck out on my own. In the beginning, without large competitive corporate websites, I would typically make $5,000 per month from each large corporation which wanted to advertise site wide with AdvancingWomen.com. This was when web sites were rising like hot air balloons.

About that time I was courted by a New York Stock Exchange company, led by a  rather ideosyncratic mogul, who wanted to create a web portal by pulling together about a dozen sites in different niches. He boasted he could beat Yahoo, the giant du jour, because they were doing everything wrong.  AdvancingWomen.com was selected as the women’s niche and it looked like we were headed for a very big pay day, while getting all the money we would ever need to operate and maintaining a lot of control on top of it.  For a moment or two it appeared Utopia was on the horizon.

Or, as the Cole Porter song goes, was it merely Asbury Park? Despite the mogul’s billions that vision evaporated in the dot com crash, as did the money I was making from syndicating AdvancingWomen’s content. Remember IsyndicateOne month I was at a huge, plush and glamorous ISyndiate bash in Hollywood, mingling with tech celebs, sipping champagne and sorting through the lavish giveaways.  A month or so later they were toast. ( There’s a lesson in there someplace about applying the bootstrapping wisdom of using ingenuity and elbow grease instead of cash. Fortunately, I have always been into using elbow grease instead of cash so I survived, with the sure knowledge that we were still in the very beginning of the infancy of the Internet.  DoubleClick also survived the dot com crash, perhaps because of its market leading technology and constant adaptation to ever changing market conditions. It was formally acquired by Google in March 2008. )

The next big uptick came from the advent of Google adsense.

I can’t begin to tell you how many things I’ve tested.  I’ve tested travel, which I thought might be convenient for business customers: zero.  I’ve tested business ebooks: nothing ( although this could be the time for that tide to turn with the Kindle and ebooks apps on mobile devices).  I’ve tested many, many products, all of which came to nada, nothing. Even in  the two core revenue producers on the AdvancingWomen.com site, advertising and employment recruiting, I’ve been through a dozen morphing and transfiguration experiments, starting with Doubleclick Ads, from the day they were born, to some new European ad company that sweet talked me into believing they were going to take the Net by storm, but all they did was produce truly anemic revenues and give me one more learning experience.  All this was before I morphed my way into a successful combination of Google ads and ads sold from my site. I also made a decision to increasingly lessen dependence on ad revenue because of its extreme volatility. As hard as it may be to believe, I’ve had 2000% swings in ad revenue.  And that was not ok with me, even on the high side.  I’m a risk taker not a kamikaze pilot.  I needed to put a little dramamine into my site to calm the effects of the choppy waters in advertising.

One product which helped me do that was  a Job Board or the employment recruiting facet of our site at Careers.AdvancingWomen.com. From day one, recognizing job boards were an “evergreen” in the business, not subject to the cardiac arrest of a fad, I determined to have a job board.  I was a part of every one of what seemed like a half dozen permutations of what eventually became CareerBuilder.com. That was ok for pocket change. What I began to realize was that big job boards who wanted you as an affiliate wanted the demographic you had captured but in no way wanted to promote your site. Why should they, as they would be creating their own competition?  Basically they were getting the benefit of your traffic and assuring that you didn’t compete with them or join another competing job board like Monster.com. It worked pretty well  for them, but not necessarily so well for you. Ultimately, I was able to start Careers.AdvancingWomen.com , our own job board which guaranteed a.) I would be building my own brand and therefore an asset I could invest in and  b.) I would not be giving up 50% of the revenue up front.

It just took a lot of testing to arrive at a successful combination of revenue streams to support the business.

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Time To Ramp Up and Scale Up: Next Step – GGwebGroup

Less than a year after I started I began helping other sites set up and ramp up on the Net.

Today I operate AdvancingWomen.com, Careers.AdvancingWomen.com, AW Career & Biz Blog, Advancing Women in Leadership Journal,
NewEnergyResearch.net, the first of several planned “green business” websites, and a number of diverse websites for clients.

I have recently formalized what I have been doing for some time now: consulting about, creating and overseeing websites for clients, particularly from a web business perspective.

Tina Forsyth crystalized this concept in her book, Becoming an Online Business Manager.

Tina describes a situation in which business owners “already have teams of virtual assistants, webmasters, designers and other contractors, but what they really need is someone to manage all of this; to play a bigger role in their business so that they can grow to the next level.”
Now, as online businesses have grown and increased in complexity, with more sophisticated online tools available, Tina says she is “seeing more business owners who are ready to hire at the management level.”

When I started reading Tina’s writing, it was with a mild shock of recognition I realized I had been doing what she described for a number of clients for some time. Since I had operated a major website since 1996, I had ample experience on the web, so a number of businesses and organizations I had come into the same orbit with had asked for me to help them set up shop online.  What happened, in every case, was that I was not just setting up or overseeing the set up of a website and collaborative and marketing tools, but helping them think through the business processes they would need to succeed and grow their businesses. It was a collaboration where I implemented their vision, more like a doctor collaborating with a patient, to diagnose the state of his or her health, determine the level he or she really aspired to reach, then prescribing a regimen for increased fitness to ultimately reach that goal.  The actual construction of the website was more like being the pharmacist dispensing the medicine. But, in every case, we’ve worked together to reach the right diagnosis, and we’ve constructed websites which support clients in reaching their goals.  Often I not only implement them, I continue to oversee them, so clients can focus on building their business or organization. As we’ve formalized this process we’ve given it it’s own website GGwebGroup and also formalized a team with differing specialties so we can help businesses not only focus, but ramp up fast to seize opportunities.

This is where we are today but the Net continues to morph and I’m sure we will too so………to be continued.  Sometime in the future.

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