Tips for Promotion

A way to attract attention to our venture is to choose an advertising or promotional medium that is unusual for our industry. Here are some ideas ...

Advertorials ... attention getters ... balloons ... billboards ... blog marketing ... brochures and pamphlets ... bulletin board signs ... bumper stickers ... bus and taxi ads ... bus bench/shelter signs ..
business breakfasts/lunches ... business cards ... business networking ... buttons ... calendars ... charitable contributions ... high profile ... charitable volunteerism ... city/regional magazine advertising ... classified advertising ... community involvement ... computer bulletin board ... computer data service ... consumer magazines ... contests ... co-op advertising ... customer newsletters ... decals ... demonstrations ... developing a sales slogan ... direct mail and sales letters ... direct mail with co-op advertising ... discount coupons ... discount premium books ... door hangers ... door-to-door canvassing ... drive-time radio ... employee events ... endorsements or promotion by famous personalities ... enthusiast magazines ... envelope stuffers ... envelope advertisement ... event sponsorship ... exterior building signs ... fliers and circulars ... folders and binders ... format radio ... free information ... free trials ... general business magazines ... gifts and premiums ... grand opening/anniversary celebrations ... greeting cards ... grocery store cart signs ... home parties ... hot air balloon ... Internet ... letterhead ... local business magazines ... local cable ... local newspapers ... local TV ... loudspeaker announcements ... magazine ... mailing labels ... major network TV ... membership in organizations ... messages pulled by airplane ... moving billboards on trucks ... mugs ... magnetic holders ... etc. ... multiple purchase offers ... national cable ... national newspapers ... news releases ... newsletters ... newspaper ad ... newspaper insert ... offer a reward for referrals ... on-line computer services ... package inserts ... packaging ... per-order/per-inquiry ads ... personal letters ... personal sales ... picket your establishment ... place mats ... point-of-purchase signs ... postcards ... price specials ... print advertising ... print on the box/container ... product exhibitions ... programs and yearbooks ... promotional plan chart ... proposals ... public relations and publicity ... radio advertising ... radio spots ... rebates ... referral incentives ... reminder advertising ... sales calls ... sales incentives ... sales tools ... samples of product ... search lights ... seminars ... free or low-cost ... send a thank you note after a new purchase ... share costs with event sponsors ... shopper classified newspapers ... sidewalk signs ... signs at sporting events ... signs on your building ... signs towed by airplanes ... skywriters ... special events ... special sales ... specialty items ... spokesperson ... sponsorship of charitable events sponsorships ... statement stuffers ... stickers ... symbols ... take-one racks ... talks and presentations ... tape or ribbon ... telemarketing ... telephone hold messages ... telephone pole signs ... television advertising ... television spots ... thank-you letters ... tie-ins with other products ... tours ... trade and technical magazines and newspapers ... trade fairs ... trade journal advertising ... t-shirts ... two-for-one offers ... vehicle signs ... video commercials in stores ... video tapes ... walking signs ... window signs ... and yellow page advertising ...

Bloom's Taxonomy

In 1956, Benjamin Bloom headed a group of educational psychologists who developed a classification of levels of intellectual behavior important in learning. Bloom found that over 95 % of the test questions students encounter require them to think only at the lowest possible level ... the recall of information.

Bloom identified six levels within the cognitive domain, from the simple recall or recognition of facts, as the lowest level, through increasingly more complex and abstract mental levels, to the highest order which is classified as evaluation. Verb examples that represent intellectual activity on each level are listed here ...

1. Knowledge: arrange, define, duplicate, label, list, memorize, name, order, recognize, relate, recall, repeat, reproduce state.
2. Comprehension: classify, describe, discuss, explain, express, identify, indicate, locate, recognize, report, restate, review, select, translate,
3. Application: apply, choose, demonstrate, dramatize, employ, illustrate, interpret, operate, practice, schedule, sketch, solve, use, write.
4. Analysis: analyze, appraise, calculate, categorize, compare, contrast, criticize, differentiate, discriminate, distinguish, examine, experiment, question, test.
5. Synthesis: arrange, assemble, collect, compose, construct, create, design, develop, formulate, manage, organize, plan, prepare, propose, set up, write.
6. Evaluation: appraise, argue, assess, attach, choose compare, defend estimate, judge, predict, rate, core, select, support, value, evaluate.

Why Ventures Fail

Addressed stagnant or decaying markets ... bad idea ... bad location ... bad luck ... bad management ... devaluation of assets ... disaster ... dishonesty ... dishonesty with self or partners ... excessive bad-debt losses ... excessive overhead expenses ... excessive use of credit ... excessive waste ... fraud ...
high interest payments ... improper balance between major company functions ... improper control systems ... improper market segmentation ... improper market testing ... improper price setting ... inability of spouse to accept the entrepreneur's drives and values ... inadequate financial analysis ... inadequate marketing analysis ... incompetence ... incomplete homework of the venture capital avenues ... incorrect sales forecasting ... ineffective control procedures ... ineffective customer interface ... ineffective direction ... ineffective planning ... lack of experience in the business area ... lack of fiscal responsibilities ... lack of leadership ... lack of managerial experience ... lack of organization ... lack of realization of the necessity to turn cash immediately ... lack of understanding of venture capitalist's goals ... management weaknesses and gaps ... neglect ... operational over-complexity ... over-inflated organizational structures ... over-staffing ... personal and domestic problems ... personal specifications in conflict with start-up's goals and objectives ... poor communications ... poor financial projections ... poor market gap analysis ... poor psychological work environment ... poor retail locations ... poor self-discipline ... poor venture capital appetite-whetting techniques ... premature approach of venture capital avenues ... premature incorporation ... premature patents ... premature product releases ... security indiscretions ... speculative losses ... superior competition ... technical problems ... the lack of zest for life which sustains a start-up ... too many details ... too rapid expansion ... trading area changes ... unable to solve customer's problems ... unbalanced experience ... under-capitalization ... under-staffing ... unfavorable economic conditions ... weak business plans ... weak incentive systems ... weak key employees ... weak marketing tactics ... weak money-leveraging methods ... weak motivation ...

Traits of a Good Target Market

A business cannot efficiently and effectively solve every prospective customer problem. Rather, successful business ventures begin by serving a particular niche market segment really well, better than the competition.

Walt Disney's Tips for Building a Good Corporate Culture

1. Give every member of your organization a chance to dream, and tap into the creativity those dreams embody.
2. Stand firm on your beliefs and principles.
3. Treat your customers like guests.
4. Support, empower, and reward employees.
5. Build long-term relationships with key suppliers and partners.
6. Dare to take calculated risks in order to bring innovative ideas to fruition.
7. Train extensively and constantly reinforce the company's culture.
8. Align long-term vision with short-term execution.
9. Use the storyboarding technique to solve planning and communication problems.
10. Pay close attention to detail.

[Thank you, Walt Disney]

Operations Planning Checklist

1. Key operational objectives and strategies
2. Location and facilities
3. Equipment and technology
4. Labor requirements
5. Inventory management
6. Supply channels
7. Distribution channels
8. Research and development
9. Legal Requirements
10. Order fulfillment and customer service
11. Capacity utilization
12. Critical processes
13. Quality control
14. Safety, health, and environmental concerns
15. Management information systems
16. Other operational concerns
17. Start-up budget
18. Operating budget

How to Write a Resume

Here is a link to the slide deck from a seminar I did at the University of Arizona for grad students transitioning to positions in industry. In particular, it addresses the process of creating a good industry-focused resume. -Jim

Tips for Picking the Right Opportunity

1. You and your team are passionate and persistent ...
2. Your team has or can learn the skills needed ...
3. Your team can collaborate and cooperate ...
4. The problem is clear ...
5. The customers are readily identified ...
6. The market is significant ...
7. You have a feasible solution ...
8. The competition is identifiable ...
9. Your solution has better and sustainable benefits ...
10. Your solution can generate a sustainable profit ...
11. Your venture is timely, important, legal ...
12. Your venture can build barriers to entry ...
13. Your concept is scalable ...
14. You'll invest less time, money, and effort in the venture than it will be worth in a couple of years ...
15. If the opportunity turns out to be less than favorable, you can exit with minor losses ...
16. Risks can be mitigated ...
17. The upside potential is significant and timely ...
18. Your team has a clear plan for success ...
19. Your team can find the resources needed ...
20. You and your team are committed to success ...
21. The opportunity has a potential for long-term success ...

Competitive Creativity Mindmap

For 20+ years, I taught in a University of Arizona entrepreneurship program.  This Innovation Impact Mindmap started on the whiteboard in my office, a graphic schematic of the course syllabus.  

A syllabus is sequential, but innovation and entrepreneurship usually is not.  They bounce around a bit, from here to there and round again. 

The whiteboard version was fairly simple, but useful.  Students and colleagues took pictures of it for reference.  So, I thought, why not elaborate it just a little bit?  

[OK, OK, so maybe a little bit more than just a little bit!]  

I've added elements that I thought would be most useful, but certainly not all apply to every new venture! The "main highway" is the mission statement, highlighted in yellow.

Think of this Mindmap as a checklist of the elements you might want to visit as you travel around on your new venture adventure! 

High resolution versions are available HERE.

--Jim

Technology Readiness Levels

Thanks to NASA and the European Commission for this succinct guide to the readiness of technology ideas and concepts for commercial application.