If you’re an e
ntrepreneur–or are thinking like one–bootstrapping ideas that work for startups (how to market, launch a new business or how to create partnerships) are also great for all small business owners, no matter how long you’ve been around. So on Thursday, June 10 I spent an insightful afternoon at the Digital Media Center in Santa Ana, here in Southern California to scoop up some fresh insights.
Since I am a marketer/ social media enthusiast—I’ve translated the speakers’ recommendations into marketing ideas. (Apologies in advance to the experts.)
This is part 1 of my posts from ideas shared at the DMC’s “Orange County Business Growth Forum.”
Steve Mednick, Plenum Revenue Group: Steve Mednick is a professor at the Grief Center for Entrepreneurial Studies at USC and a serial entrepreneur. He shared his own bootstrapping stories and those of students of the Greif Center program.
One of the graduates of this USC program is Mark Benioff, founder of Salesforce.
• The start point. When launching a new startup (or for that matter, a new product, service or marketing project) just get to the start point. What is the idea that will get you started? What is the idea that will get you your first customers? We’re in business to get customers.
• On market research. Don’t worry about needing a budget to do research. The only opinion that counts is the customer’s. Ask your (potential) customers when in doubt. Then, give them what they want (as long as you make a profit.)
- Cynthia’s note: I uncovered one of my small business clients best ideas for generating revenue during a 15-minute call with one of his best raving fan customers.
• Ask someone for help. If you’re uncertain about a project, product or service—ask someone! Use your network. Talk to 250 people. Get help. Find someone who knows about what you’re attempting to achieve.
• Your ability to execute in the marketplace = $$$. Execution–finding a way to get something done—is the key.
• Take the hair-on-fire approach. [To starting a company or a marketing project.) Just do the next thing, take the next action to get to your (next) goal. Steve had a great slide for this one. Actually all of his PowerPoint slides were excellent. Very Zen. Not crowded, not busy, got his message across, told the story.
• “Think from your customer backwards.” Saras D. Sarasvathy published research about “thinking from the customer backwards”. In 2007, Saras was one of the top 18 entrepreneurship professors by Fortune Small Business Magazine. Steve Mednick says: “Just start talking to customers.”
• Get past the ‘great idea’ stage. Get to customers to execute your ideas.
• Network. Network. Network. Become known in your space.
• Give to get. Make connections. Brand your company as the go-to-person for your products, services.
Thanks to Steve Mednick for a great presentation. Here is the link to his complete article, Bootstrapping Your Business – Get Real – Get Started
Next post I’ll cover more pearls of wisdom from the Digital Media Center’s “Orange County Business Growth Forum.”
Any hair-on-fire ideas that worked for you that you’d like to share? Add them below in comments.
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