We figure that given most of our audience are local why not get together, share some ideas, have a Q&A and a cheeky beer or two. We’ve already managed to pump out 7 episodes – my personal fav is the Business Horror Stories, which I did not participate it, but happened to have a personal horror story shared within the cast.
Here’s a more thorough list of what we’ve covered so far:
Listen to BBB right now
Prufrock coffee who created the worlds first disloyalty card.
The card to encourages their clients to sample the wares of quality coffee shops around their local region in London. Which is completely counter intuitive to sound business practice.
How does it work?
If a disloyalty member tries all 8 coffees on the above card , it will earn you a free coffee at your next visit to Prufrock Coffee. The interesting part is that it was conceived to keep ‘coffee customers’ out of the four walls of the ever encroaching Starbucks behemoth. The disloyalty card created a community of coffee lovers that could compete the ‘way of an artisan’. Something Starbucks could never do. It might just help keep them out. In this instance the community matters more than the trader. This is the new collaborative world we are in transition towards. A community who vest their interests in each other.
What can your startup do to flip the rules and do what a bigger competitor never could?
Blogger, thinker and all round nice guy Ben Rowe recently wrote a blog entry just for me. There was nothing in it for him, he just thought it would be nice to share his intellectual prowess for my benefit.
How it came about was pretty simple really. Ben wrote a great blog post on the importance of gaming and how it is starting to transcend currency. Within my comments on his post I spoke of how great it would be to think of a good gaming mechanic for rentoid. A few days later Ben wrote this blog post with some ideas on how to do exactly that. It’s the kind of commercial world I want to live in. An ethic where people do cool stuff for others without asking, and not expecting anything in return. The corollary is that a a return does invariably happen.
Firstly, an emotional return from doing good. Secondly, a collective return from building community. And sometimes a financial one from those who return the favour.
The question for startup entrepreneurs is this:
What are you doing to build your industry community help and promote others?
Guest Post – Young Melbourne Entrepreneur Josh Moore has shared the thoughts from his young untainted mind!
Here is a list of lessons I have learned from two years in the entrepreneurial community:
1. Networks are everything: The most important thing in entrepreneurship is the people you meet. You will learn more by being willing to listen to others, which compounds your experiences without having to make the mistakes yourself. They can also help you to get jobs more easily, and can recommend you to potential clients. Don’t underestimate the people you meet.
2. Save: Entrepreneurial ventures are high risk. Having a buffer of cash will help cover you when income is bad. I’m in the process of stepping out of an active role in one of my investments as it drained my savings account by $6,500 in twelve months, as it was not paying me enough income and I had to fund the gap with something. Better to have savings to draw upon than to go back into debt.
3: Ignore the bells and whistles: You don’t need a fancy website. Steve’s blog is simple but gets the core message out. Find the core of your business and ignore the rest. If you don’t you may spend too much time and money on things that don’t matter. Don’t spend money on costly legal structures and don’t risk your money on untested markets. Spend time instead and invest money when you know you’re likely to succeed.
4: Have a timeline to failure: If you start doing something, have a timeline for it not to work. If you want to start a little side business on the side to make $1,000 in the next six months, then use that as your KPI. If you can’t reach at least 80% of that milestone then walk away before you invest more time and money into something that is not working.
5: Read: Reading is the only real way to gain an information advantage in your area. An information advantage helps you to be seen as a leader in your industry, and also allows you to make better investment decisions. Never invest in anything you don’t know better than the back of your hand.
6: Personal development: Continue to work on yourself every day. Practice, be willing to try things and don’t be afraid of failing. I wanted to learn about NLP and couldn’t swim, so I took courses on both earlier this year. I write in my spare time to clarify my thoughts and to reflect on what I’ve learned.
What lessons have you learned from your entrepreneurial endeavours? Leave a comment and help the community gain from your experiences.
We all want to build a web and or brand community. But we forget the most important fact. We need individuals first.
Only we please one individual can we please two. Only when we please two, can we please three….
There will never be a community unless we love our orginal individuals unconditionally. It’s the love we give someone that makes what we do worth talking about. There is never a community unless love is shared at the most personal level. One to one. It’s something we should remember in startup land.