Big Picture:

I love the book Blink, Malcom Gladwell is a gifted man. I often think back to many of the insights that he has uncovered and forces me to take notice of on a daily basis. If you have not had a chance to read his work, do so. If you have ever wondered why you have an 'aha' moment in the strangest place, this will help you. Sometimes you have aha moments just where they are expected.

I had the fortune of spending some time with Phil Ressler recently. My friends and family know that I never have a problem with dreaming big. But, when I look at myself, I saw dreaming big as both an asset and a liability. Phil challenged me to embrace dreaming big as only an asset and more importantly justify the means to making it happen. It was an interesting 'aha' moment. Dreaming big was something that I had come to water down since financialaid.com's acquisition due to working inside a Fortune 500 business. It was time to let this bitch out and get the party started.

Anyway, I have said it before and will continue to yell it, go talk to some smart people about your business. At the very least, you will walk away with a better understanding of why you feel the way you do about your business. If you don't have any smart people to talk to, go buy some books, there is always nuggets.

Cheers,
Mike

The Elevator Pitch:

Whether you like it or not everyone you meet is going to ask what your business does. Explaining your business to your friends and family in concise terms helps in so many ways. It will help you hone your sales pitch to your potential customers as well.

The idea of the elevator pitch is to get your listener to understand it as quick and easy as possible. Here is a quick way to create yours!

1. Find a similar product or service and explain how you differ. Here is what we came up with for our pitch to partners and VC's.
   
• Climber.com is like eHarmony for jobs.
  
2. Follow that up with a definition of how and why you are similar.
   
• Using science we match a Climbers needs and values against an organizations best preforming employees. People go to Match.com to date, people go to eHarmony to get married. People come to Climber.com to create a long-term career relationship and work with people who share their values.
  
3. Pitch your friends: Ask your listener to restate what you have told them. If most people get it, you have a winner. If your have to explain more, go back to the drawing boards.

This works process works for marketing messaging as well!

Cheers,
Mike

Building a Business Case:

Prior to my last tour through Sand Hill Road, I met with a VC/Friend/Mentor. He laid out for me a simple business case process that he had created over his 20+ year career. I have simplified the process a bit which made makes it work in my business.

So here it is: Your business plan or mini-business plan should address!

1. The Problem: Clearly state the business problem.
   
2. The Solution: How do you solve this problem
   
3. The Team: Who is Involved and how does their experience solve the problem.
   
4. The Market Case: How big a problem is this? What is the overall market, addressable market (those who are your targets).
5. The Reach: How are you going to reach your targeted customers? How much should it cost to get to them?
6. The Upside: How will you charge? How does your business model work? How many clients will you need to justify the cost to develop and market?
7. The Exit: If you are raising dollars, everyone wants to know what the exit looks like. What is the value of a public company in your space? If you do 10% the sales of the public entity what should your valuation be?

That's it. This seems very simple but the questions and development of a business plan are mind numbing exercises. It always takes more time than you think!

Cheers,
Mike

iPhone Lessons and the 90% Rule:

I am so impressed with the iPhone. I am even more impressed with the business decisions that must of led up to the launch. The iPhone is clearly missing some simple functionality (no cut and paste, single recipient sms etc.), but, core to Apple's business strategy they pushed it out the door. Apple has consistently used this as a business strategy. They did it with iPod and many iterations of their operating system. There users become their willing and vocal beta testers (I realize that includes me here.) There is no better way to stay ahead of the competition than having your technology stay ahead by pushing it early.

I have always loved this strategy and use it in my business. People will forgive lack of perfection for substantial innovation! We operate on the 90% rule. When we get a product to 90% of completion we push it out the door. We want the 90% to be as error free as possible. The last 10% is the most difficult part to complete and can be the most frustrating.

Why 90%? We get user input, we get so see what functionality that users are using and we get it faster. Many times it leads us to change direction and focus on those areas that can deliver the best bang for you buck.

In the online world, I believe that we will only get to 100% when we run out of ideas.

Cheers,
Mike

How to buy a Domain Name:

I own north of 2,000 domain names. Some good, some not so good. Being a serial entrepreneur, I buy domains for businesses I might be interested in in the future. Dozens of times people have approached me with ideas for domains for their new or concept business idea. More so today than ever, your domain name is the starting point of your branding. Below are my thoughts...

1. Start with your idea: You want one or two words that can be tied to your business without mental stress. Even though climber.com is not a climbing website, within a split second people see how it is tied to a person's career. They may also think it's clever. You only have to ways to go with this; Be creative or be clever.
   
2. Spend the Dollars on the Domain: Domains are an asset, like real estate. They appreciate in value. So if your business fails you may still be able to get money out of the domain. Don't be afraid to spend thousands of dollars for a great domain.
3. Where to look first: Directly navigate to your list of url's. If there is a search/link farm or dead page there go to netsol.com whois and type in the url. This will give you the email address/phone number of the domain owner. Call and write them asking if it is for sale. This is the best way to buy. A lot of times you wont have to pay retail.
   
4. Where to look second: buydomains.com, greatdomains.com, tdnam.com, afternic.com. Negotiate with these people! You may pay 1/4 of what they are asking.
   
5. Don't get caught in the .net: Unless you are a marketing genius only buy .com!
   
6. Avoid the dashes------- need-I-say-more.com
7. Avoid the number confusion: cars4sale.com, carsfoursale.com, carsforsale.com
8. Multiple is ok: Buy a few and point them to the same address.

Ok: So there it is a play by play on getting the right domain name. Spend some time on step three it will pay off big in the long run!

Cheers,
Mike

When to Sell your Business?

Sometimes someone will say something to you that sticks around forever. They may be a friend or someone you randomly chatted with. I can remember having a conversation with a guy that I knew through a business relationship. We were chatting about what the right time is to sell your business and he said something that was so simple yet outlined when it was the right time. He said, "When someone wants to buy it."

Simply put, when there is a party that is interested in acquiring you business it is the right time to look at selling it. When there are multiple parties it is an even better time.

The first I sold because we had come to a point where we got as out of it as we could. The second I sold at a time when there was much interest and plenty of blue sky. I can tell you it is much easier selling a business with blue sky than without.

So if someone is sniffing around your business, it is a great time to figure out the value. If one company sees value in your business there are probably others who would also be interested and maybe sweeten the pot.

Cheers,
Mike

Entrepreneurial ADD: The entrepreneur's best friend and worst enemy

I have found that most of the entrepreneurs I have met have no shortage of great ideas. The problem becomes which one to work on. Whether it is for an existing business or a new start-up it is tough to prioritize them into a manner that makes sense. What's worse is that new great ideas are not always better than the ones you are working on, they are just a little fresher.

How do you evaluate your idea?

1. Write it down or file it away for a day, a week, a month. Share it with your team after you have chewed on it for a while.
   
2. Impact: value/velocity/buy-in. Clearly as you can articulate the value to the organization, how fast can it make what impact. Who do you have that agrees the idea is worthwhile? Should it displace something else that is being worked on.
   
3. Test Cases: Run scenarios, can you test it before committing fully? What would you expect if it were a home run? what about a single or a strikeout?
   
4. E-ADD: When was the last time you changed focus? How good is this idea compared to one you already executed? How confident were/are you?
   

It has taken me some years to recognize that staying on point is the best way to properly prove/disprove ideas. Remember, the day your best idea comes is not a great day, but rather a signal of a peak. I believe my best ideas lay ahead of me!

Cheers,
Mike

Check out our Alexa rank!

This is the Alexa rank for climber.com. We are breaking into the top 50,000 websites online. All the hard work is starting payoff. Yesterday, we registered 3,800 new members!

Cheers,
Mike

Meet Ascend!

We created a new pitch person on climber.com. Come by and check her out, her name is Ascend and she will be your personal job agent. She can help you understand what drives you in the work place and make recommendations as to the types of places you have a best chance of succeeding!

Drop by and say hi!

Cheers,
Mike

Climber.com launches new Fingerprint Assessment!

Well, sometimes you need to look outside your organization to move forward. We found some really smart PHD's to help us with our assessment! We launched it about a week ago and have had great success with it.

Come on back and take the new assessment, it helps us find companies that you would love to work for. Check it out at climber.com.

Cheers,
Mike

More than 1000 people a day are creating Climber.com profiles!

One of the toughest things about creating new ideas is wondering if what you are dreaming will actually translate to real life. Will there be a demand for it? How hard is it to explain? Online we have very little precious time to get our message across so the product must be easily and quickly understood. For Climber.com, we came up with "Dating for Jobs." and it works!

Hiring companies are also very excited. 100+ companies have applied to partner with Climber.com. We are currently interviewing these companies and only choosing those companies are committed to providing their employees a great place to work. Do you know a great company that would benefit from our service?

Cheers and thanks to those of you who have helped us so far!

Mike