Embrace Your Ideas, Even If They May Sound Ridiculous

I’m the inventor of ESPN. At least, that’s how I tell it when I regale the story of a college assignment in 1967. I was in Professor Ripley’s radio and television programming course at the University of Wisconsin when the door to an idea was opened.

Each of us was to select two broadcast markets, detect an under-served community need and fill the gap. For my assignment, I chose to research and recommend an all-sports independent television station.

Now the reality today is that I am not the billionaire creator of ESPN, but I had an idea I loved that was ahead of its time and clearly think about it more than 40 years later.

Undoubtedly, you have had an idea at some point that has struck you so fully that it lives with you day in and day out. It follows you to breakfast, creeps up in conversations and dances in your mind before you fall asleep. But you haven’t acted on it.

In a short list of reasons why you aren’t taking your idea to the next step, the most likely that can occur are “I’m too young,” “I’m too old,” “I don’t have the money,” “I don’t have the time” and “It’s too out there.”

The reasons feel valid, and to an extent they are. I could check most of those off the list of reasons I left my idea for an all-sports station in the classroom.

Whether you’ve left an idea behind or you’re currently letting it stew, there are a few things I have found that need constant reminding to ensure your ideas move forward.

1. Everything starts as an idea.

Some ideas are better than others. But to determine good from bad it takes time and patience and many times a test or two out in the marketplace. But for sure, even the best idea is criticized by those who didn’t think it up.

For instance, Professor Ripley was clear in his early skepticism surrounding elements of "all-sports television," making me more determined than ever to squeeze an A from the course.

2. Ideas develop from the heart.

To find what you truly love, let your instincts be your guide. Seize that crazy idea, the one that wakes you up in the middle of the night or comes to you while washing the car. Those are the ideas more likely to succeed.

In crafting my first novel, Bodies on the Potomac, I was constantly drawn to the keyboard. I’d be lost for hours with no awareness of time. When you love an idea, you can’t stay away from it. Let it move beyond the “idea stage” and witness how quickly an idea can form into a tangible endeavor.

3. Ideas are yours alone.

It’s easy for others to laugh at an idea and to ridicule its inventor. I knew the risk I ran with my own personal ESPN. But the professor came around, his skepticism eased and I ended up with the A.

It takes some nerve to go out there with an idea. It takes even more to plunge into a project when you have no idea about the outcome. Take the critique, the sideways glances and the mocking tone and push pass it. The idea belongs to you and approval by others is not required.

4. Ideas you ignore will haunt you.

I ignored the pursuit of an all-sports television station or network back in 1967. I wasn’t bright enough to know that somewhere out there in this economic wonderland called America there were investors who would have backed me. So while today I may not own a sports network, I can say with pride that because of another great idea I’m a published author.

If you’ve let an idea pass you by, don’t bury the next one in a closet of would-be dreams. Take your idea out there. It doesn’t guarantee you’ll be a seven-figure success, but you never know. At a minimum it could lead you to a career you love or maybe a healthy hobby.

Ideas by themselves offer very little beyond the rush of excitement you get when you think about it. Seize an idea when you have it or risk losing something amazing.

From Entrepreneur

How a First-Time Entrepreneur Went Global With One Simple Idea

Through a combination of venturing and licensing, Nancy Tedeschi got her product, the SnapIt Screw, into big box stores everywhere.

When Nancy Tedeschi was struck by the idea to reinvent the screw by adding a long snap-off piece--thereby enabling glasses-wearers the world over to quickly fix their eyewear--she was absolutely sure she wanted to bring the product to market herself.

"I thought, this can't be that difficult. And if I do it myself, I won't have to share the profits," Tedeschi said. Her innovation, the SnapIt Screw, has been remarkably successful by any measure. After investing $250,000 of her own money to get the business off the ground, her repair kits are now sold by Walmart, Office Depot, and Ace Hardware, as well as many online retailers. But these days, Tedeschi is a little less excited about going it alone. "You couldn't pay me to do what I did!" she exclaimed during our interview. Why? "Because it was excruciatingly painful. I was a rookie; I knew nothing. And I had to know everything about everything, make all of the right decisions at the right time, and that resulted in a lot of pressure and stress."

Three and half years after she began the process of bringing the SnapIt Screw to life, Tedeschi decided to license the idea to her distributor. And she's been breathing a lot easier ever since. A royalty rate that didn't sound very high when she started out makes a lot more sense to her now, she explained. Yes, the licensor is making most of the profits. It's also doing all the work.

Tedeschi's story illustrates some of the differences between licensing and venturing. Before you begin investing in a business, stop and ask yourself: Is this idea more suited for licensing or venturing? Neither approach is better than the other, although I would argue that licensing is a faster, easier, and cheaper route to market for most ideas developed by entrepreneurs and independent inventors.

If you choose to venture an idea and start a business, you assume all of the responsibilities and risks. For people who love to wear multiple hats and thrive on being in control, this route makes sense. Some ideas are also too complicated, too new, or too expensive for a licensor to want to take on, leaving an entrepreneur no choice but to go it alone. When I came up with the idea to change the shape of the guitar pick, I knew I couldn't license it. For one, there was no way to prevent someone from ripping me off. So I started a business with my friend Rob. I learned a lot and then I got out, because ultimately, I wasn't enjoying the day-to-day tasks of running a small business--like managing cash flow and doing inventory control. I wanted to be innovating.

Licensing a product requires significantly less time and money than venturing. To be successful at licensing, an entrepreneur must be creative and resourceful, understand manufacturing, and function as a salesman. If you focus on licensing your ideas, you will have the freedom to live and work anywhere. However, Tedeschi was right: The potential payoff is also much smaller. She's quick to acknowledge that her product ended up fetching a much higher-than-normal royalty rate because she had already done the legwork. Eight months ago, she began selling the SnapIt Screw in European markets, and plans to eventually license the idea there as well. In the end, doing both has worked out pretty wonderfully for her.

Which path is your skill set geared toward? Which path is more likely to guarantee your idea's success?

From Inc. Magazine

5 Ways to Lead by Example at Work

As a leader of your business, you should send the right message to your employees, business partners, customers and colleagues. Your staff members and the people at your workplace are expecting that you will lead by example.

You may think that your work can speak for itself, but your professional image and everyday demeanor may not project the impression that you ultimately want.

Just as you make snap judgments every day about others, the people you come into contact with make assumptions about you based on each interaction. Use these five tips to ensure that your intentions are reflected by your actions:

1. Arrive to work early.

If you regularly show up late, your employees might assume it’s acceptable for them to do the same. In leadership, it’s important to eliminate the mentality of “Do as I say, not as I do.” Instead, exemplify the ideals and characteristics you’d like your employees to demonstrate when they come to work each day.

If you require members of your staff to arrive at a specific time, your duty as their leader is to arrive on time or earlier. The work ethic of your employees can be heavily influenced by your actions. If they see you hard at work bright and early every morning, they’re much more likely to mirror your behavior.

2. Embody your company’s brand.

Is your online image congruent with your personal brand? Set aside time to regularly update your blog, website and social-media profiles to be sure they accurately and positively reflect what your business is all about. Then make sure you and your employees continue to deliver on the promise of your company's brand.

3. Dress the part.

What you wear is your personalized method of nonverbally presenting yourself to the world. How you dress and carry yourself can communicate to others that you are competent, knowledgeable, conscientious and powerful, among other things.

To dress the part, make classic wardrobe choices. Invest in quality clothing, create a consistent personal style and opt for an appearance that appropriately matches your business and industry.

4. Share the credit.

An entrepreneur cannot succeed by working solo forever. Collaboration is the key to success. You will quickly lose respect with your colleagues and co-workers if you tune them out and refuse to share the spotlight with them.

When you distribute the credit and shower people with praise, you’re much more likely to inspire and motivate them to do their best. Surround yourself with people who complement your strengths not just the ones who compliment you.

5. Fine-tune your listening skills.

Entrepreneurs need to listen to learn. Strive to become a better listener. If you’re tempted to glance at your smartphone each time it pings or vibrates, turn it off or leave it in your office. Practice patience and try to not interrupt when someone is talking. Be attentive, make eye contact, nod and ask pertinent questions. Insist that your employees follow your example. After all, courtesy and good manners never go out of style. 

From Entrepreneur

Sales Call Tip: Use the 100 Calls Method Eliminate Fear of Rejection

Are you having trouble cold calling potential clients or prospects in your sales career? This fear of failure can sabotage your sales.

To help you get over your fears of rejection and become a more confident salesperson follow this method for making sales on the phone.

Eliminate the Fear of Rejection on Your Sales Calls

There is a simple formula that you can use to eliminate the fear of rejection from sales calls called the “100 Calls Method.” Over the years, I moved from company to company, selling different products and services in different markets.

At the beginning of each new sales job, I was always nervous and uneasy. My fears of rejection and call reluctance surged to the front of my mind and held me back from calling on new people.

Cold Calling Tip: The 100 Calls Method

I developed the phone sales cold calling technique, the 100 calls method. It changed my career. This method is simple. Wherever you are in your sales career, at whatever stage, you simply make a resolution to go out and make sales calls on 100 prospects as fast as you can.

You combine this resolution with a decision not to care at all whether the people end up buying. As far as you are concerned, you don’t care whether they respond in a positive or negative manner. Your goal is simply to make 100 calls as quickly as you possibly can.

If you make ten calls per day, you can accomplish your goal within two weeks. If you make 20 calls a day, you can achieve your goal of 100 calls in one five-day workweek.

Getting Better Results and Lead Generation

Now, here’s what happens. When you don’t care whether or not you make a sale, most of your fear disappears. In fact, you begin to see it as a game. How many people can you get through to and talk to, and how fast can you do it? What I’ve found is that the very best lead generation comes when you both care and don’t care.

Of course you care about getting a positive result from your prospecting efforts. But if simultaneously you don’t care if the person likes you or not, is willing to see you or not, or wants to buy your product or service or not, you maintain a sense of emotional detachment that allows you to remain calm and positive, no matter what anyone says.

Here is the most remarkable discovery. If you make 100 calls as fast as you can with no concern about whether or not people are interested, you will actually start to uncover good potential prospects. You will start to make appointments. You will actually start to make sales. By caring yet not caring, you can break out of any sales slump and step on the accelerator of your sales career.

Conclusion

This one simple method will supercharge your sales, unlock your energy, and give you a “fast start” on sales success for the year or for the quarter. Try it yourself and see.

Written by Brian Tracy

The Incredible Way Your Brain 'Sees' a Logo (Infographic)

There's a lot more going on in your brain than meets the eye when you spot McDonald's golden arches or Nike's signature swoosh.

In 400 milliseconds, a logo can trigger emotional responses and even behavioral change. Neuroscience tells us that logos -- and the brands behind them -- can activate parts of your brain in a much deeper manner than you may think.

In fact, well-liked brands trigger responses in the same areas of the brain that process human relationships. So, if you love your iPhone, seeing the Apple logo can actually kindle the warm and fuzzy feelings that seeing the face of an old friend inspires.

Check out the infographic below, compiled by logo design tool LogoMaker, to find out more about how your brain breaks down a logo, and how the process can affect your actions.  

From Entrepreneur

Kathryn Shaw: Entrepreneurship Requires Practice, Practice, Practice

A scholar finds that repeat entrepreneurs are more likely to succeed.

Are entrepreneurs born or made? New research by Stanford Graduate School of Business Professor Kathryn Shaw adds to the evidence on the “made’’ side of the column.

The research, which examined records of 2.8 million small retailers in Texas, found that entrepreneurs were more likely to succeed the more times they had run businesses in the past. Entrepreneurship appears to be more of a craft than an aptitude.

Practically speaking, an entrepreneur could also focus on the lessons and takeaways from that failed business, lowering the risk of failure in his or her new ventures. And an entrepreneur can view a business that didn't work out as a sign that he or she is not a failed entrepreneur but rather an experienced one.

“If you are an entrepreneur, you want to continue to gain experience as an entrepreneur,” Shaw said. “It's really a long-term commitment. Learning from that experience can shape your future.”

Shaw, along with Francine Lafontaine of the University of Michigan, examined the successes and failures of retail entrepreneurs over a 22-year period, when 2.5 million retail businesses opened and 2.2 million closed. They found that, overall, the odds are overwhelmingly stacked against small retailers. The median length of time the businesses stayed open was only 24 months; the average was 40 months.

“Failure is very, very common,” Shaw said. “It remains common even for those businesses that are led by serial entrepreneurs.”

Still, there are ways to increase a retailer’s chances of success. Of the retail outlets studied, first-time business owners founded three out of every four, meaning only about a quarter of the retailers opened a second business.

Failure is very, very common. It remains common even for those businesses that are led by serial entrepreneurs.

Kathryn Shaw

It was those more experienced entrepreneurs who increased their odds of success, adding to their business longevity with each new venture. They experienced better success their second, third or fourth time around, remaining open longer in each case. Shaw said the research's message that it is possible to learn to be an entrepreneur probably transfers to classroom experience as well as to on-the-job experience.

Previous research found that serial entrepreneurs were more likely to succeed than first-time business owners. However, because much of the prior research has focused on tech entrepreneurs — a world in which outside capital plays a huge role in the success or failure of a business — it's been difficult to tell the extent to which the experience of serial entrepreneurship itself contributed to the success or failure of second or third companies.

This new research showed that there is learning. The researchers developed an equation that controlled for innate talent. An innately talented entrepreneur would have the same success rate in the past, present and future. The evidence for the learning emerged when the researchers looked at all persistent entrepreneurs — and found that their success rate grew in the future.

The researchers also found that the serial entrepreneurship increased the success rate across types of experience — in other words, the owner of repair shop who then opened a hair salon was more likely to succeed with that line of business even though his or her past experience was unrelated to hairstyling.

The counterintuitive result of the research was the degree to which entrepreneurship is thriving, even in the face of chain stores and even as the odds are clearly stacked against small business owners.

When they traveled to Texas, Shaw and Lafontaine found a surprisingly flourishing entrepreneurial scene in the suburbs. They saw independently owned shops and restaurants in small strip malls on their informal tour of the state. This is evident in their ongoing research: Communities that have a Walmart or a Starbucks also tend to have a greater number of mom-and-pop stores than chain stores.

“We concluded that entrepreneurship is really flourishing,” Shaw said. “Even as chain stores grow, the community is supporting more mom-and-pop stores.”

And, if the story of small retail entrepreneurs is one of a constant ebb and flow, the people who try and try again have a better chance of rising above the tide.

From Stanford Business

Mastermind It to Accelerate Your Success

“Being an entrepreneur can be lonely,” says Traci Bild, owner of Tampa-based health care consulting firm Bild & Co. For years Bild rarely talked shop with anyone but her employees. Her friends didn’t relate, so she didn’t discuss her business with them; in fact, many would be surprised to learn she owns a multimillion-dollar company. When facing a business challenge, Bild hired consultants and coaches for advice.

But her company’s growth took off—hitting records in 2011—when she joined the 7-Figure Club mastermind group, part of the women’s entrepreneur network Savor the Success. In 2013, Bild & Co. was named one of the nation’s fastest-growing health care consulting firms. And after the group’s input in January 2014, Bild replaced herself with a new CEO who added marketing and recruiting services to the company’s training division.

“I’ve had my company 15 years, and this was a major breakthrough,” Bild says. “Joining a mastermind gets you out of your box and helps you find answers faster than you would on your own. Anyone who owns a business should be in one.”

From Thomas Edison and Henry Ford to Bill Gates and Warren Buffett, many of the world’s most prolific entrepreneurs have participated in mastermind groups. These thought leaders have found power in the idea that two or more heads are better than one.

“Masterminds move you from great to mastery, from being tactical to being strategic,” says Peter H. Thomas, co-founder of the Entrepreneurs’ Organization (EO), a global network of more than 9,500 business owners. “It’s a group of people who are on the same journey—some of them are hopefully a bit ahead of you, and some of the best advice you’ll get is on what not to do rather than what you should do.”

Finding Your Group

Finding a mastermind, whether you join an existing organization or form your own, should be on every entrepreneur’s to-do list, says Thomas, whose EO sets up eight to 12 like-minded people in its online mastermind forums. “These people become very valuable to each other,” he says. “It becomes a place where you can bounce ideas. If you have a problem, usually somebody else has had that problem before. The wisdom of the group is incredible.”

Angela Jia Kim agrees. As co-founder of Savor the Success and its 7-Figure Club mastermind, she assembles groups of entrepreneurs like Bild who want to take their businesses to the next level. Kim organized masterminds for help with her own business, Om Aroma, an organic skincare line. “Entrepreneurs can be passionate, and they can also be overwhelmed,” she says. “Through the masterminds, we give and take advice. But there has to be chemistry among the members, or it won’t work.”

Bill Hibbler, co-author of Meet and Grow Rich: How to Easily Create and Operate Your Own "Mastermind" Group for Health, Wealth, and More, shares a proven technique for starting a group if you can’t find an existing one. He suggests assembling groups of five to six people. Fewer than that, and the knowledge base suffers; more than that, and meetings last too long. Start your group by building a relationship with one person, Hibbler advises. If you two click, bring in a third person temporarily. If this person is a good match, look for a fourth; add one at a time until you find the right mix.

Groups can be assembled with people from the same or different industries, with pros and cons to each approach. By gathering from different industries, the parties feel comfortable discussing product ideas because they aren’t competitors, Hibbler says. They also can glean an idea from another industry and apply it to their businesses in a fresh way. When members are in the same industry (but different markets, so they’re not sharing secrets with a competitor), rapport is often better. He has seen the power of the mastermind kick in and grow a simple idea for a new product into an entire line because the whole group is on the same page.

Powerful Results

Mastermind groups offer members valuable benefits, including accountability. “If I’m working on a new book or project, I will tell my group that I’ll have a rough draft of two chapters done by next week,” Hibbler says. “I won’t want to come to the next meeting not having done my homework.”

An additional advantage is the power of simply stating your goals aloud. For years, Hibbler was in a mastermind group with self-help author Joe Vitale (Hibbler’s co-author on Meet and Grow Rich). “During one meeting, Joe shared his list of goals,” Hibbler recalls. “Before he finished his turn, he said, ‘One more thing: I want to be in a movie with a speaking part. I have no idea how it’s going to happen, but I’m putting it out there.”

A week later, Hibbler says, Vitale got a call from a woman in Australia who was working on a movie with Chicken Soup for the Soul co-author Jack Canfield. The movie was The Secret, and Vitale became one of its featured experts.

Another perk is enjoying an expanded network. When Hibbler had an idea for writing about mastermind groups, he got a book deal, thanks to Vitale’s connections. Bild found an agent for her 2015 book, Get Your Girl Back—about pursuing your passions and creating an extraordinary life for yourself and your family—through her group.

You’ll discover less-tangible benefits, too. Says Dan Heuertz, president and CEO of the business management and consulting firm The Preferred Group and an EO forum member for 13 years: “I joined to learn more about running my businesses, but my biggest takeaway is that I learned more about myself as a businessperson. I know what I want out of my business from listening to the experiences of my forum mates. Mastermind groups help you clarify your thinking.”

Conducting the Meetings

You should structure your mastermind group based on the following considerations:

Frequency. Groups can meet once a week, every other week or monthly, and members’ commitment is key. “The No. 1 enemy of the mastermind is the group’s individual schedules,” says Kim. “You need people who will sign an agreement that says they’re not going to miss.”

Location. Hibbler says in-person sessions are best. If you can’t meet face to face, do conference calls or, better yet, Skype.

Time. Allow each member a set amount of time (Hibbler suggests 10 to 20 minutes) to talk about his or her business and receive feedback. When a person’s time is up, move on to the next person, even if all ideas haven’t been shared. “If you don’t, the meeting will take too long. You can always follow up after the meeting.”

Rules. Every group will come with its own ethos, Kim says. “It’s going to be a lot like a family dinner. You’ll have Uncle Jerry who talks way too much and Aunt Nelly who will be defensive. Come up with ground rules on what happens when there is a conflict.”

From Success Magazine