Eyes of an Entrepreneur

Ok, so I've noticed lately it's been hard to be very productive. Between work and school, keeping on top of everything, before it happens is getting to be overwhelming. Over the next week I'm going to do some research on how to be more productive (not just at work, but in all aspects of life).

Earlier in the month, my partners brought to my attention a book called Getting Things Done. Like most things on this blog, this book teaches you just what it seems, how to get things done. One of the pillars of this system is using lists. Now, I know what you're all thinking and making to do lists isone thing, but these lists are more detailed than that.

So, why lists?

Well, the author notes that remembering things that you need to do each day, or each weeks takes up a big chunk of your short term memory. Consider a computer, you can only run so many programs at once before you overload the processor and your computer crashes. Well, your brain is very similar, you only have a certain amount of space in your short term memory and thus need to constantly move and replace things to remember them. This isn't very efficient and actually creates a lot of stress.

Now, how do you do it?

Like I said, these lists are meant to be more than just that. Each task also has a priority level associated with it. You can use a number scale or colors to prioritize, whatever is easiest to remember (a key would save some of that short term memory that I was talking about before, but I digress). In order to categorize these tasks, you must assign an importance to them. Things that must be done now (1-5 minutes), things that need to be done short term (that you need to block off time for), and things that you will put off (these can be considered the things that you want to do, but are not crucial). Things that can be done in a matter of minutes should be done immediately, so you can maximize your daily output. For longer tasks, you are going to want to block off time to do them and avoid any and all interruptions. If a task has multiple steps, you want to identify what steps are necessary and the order they need to be performed in.

Another tip when creating a list is to do the least interesting tasks first. If you put these off, you will probably never get to them.

Once you have created the list, you have freed your mind from the stress of remember all of the things you need to do, and can now concentrate on what is the most important.

Well, that's it for today, but check back soon for another productivity tip.

Agbi

OK, so it's day 2, and I'm sure you're all wondering what the heck "Bootstrapping" is. Well, hopefully I can give you some insight into this concept. Keep reading and find out some more.

So this all started on Monday when I went to see a guest Lecturer at Stevens Institute of Technology. His name was Greg Gianforte, an alumni of Stevens and founder of RightNow Technologies (among other companies he has started). He spoke about this concept of bootstrapping, and said that he funded all of his businesses this way. With that kind of track record, you have to pay attention, no? Anyway, he wrote a book called "Bootstrapping your Business" which you should probably check out if this is interesting to you.

Let's start with the basics, like what bootstrapping even is. It is basically using money from your customers to fund your business instead of finding VC or Angel Investors. Most business owners know that VC is very expensive. When I say expensive, I don't mean in terms of money either. Typical Venture Capital firms will want 30-40% of your companies equity for their investment. It's easy to lose control of your company, and fast this way.

In Gianforte's case, he started Right Now Technologies by using customer orders to pay for development of his software system. He developed a system to help companies save resources on customer service functions in their business.

The first tips he offered the audience were: sales is #1, and you need to build your business on a real-world value proposition. I know you're all thinking, "well, duh!", but it goes a little further than that. What he did was go out and conduct primary research (asking industry professionals what they would want from a software system). Once he was able to come up with the idea, and confirm orders from different companies, he began development of his system using the money from their orders as startup capital. Once the system was released, he was able to get feedback from his customers about what else needed to be included, and he would add in popular requests. This added additional value to the system, allowing him to charge more and more as he went.

To make a long story short, he was able to start his business with customers money, and create a product that he KNEW they would buy, because they told them what they wanted.

Benefits:

1. You build your business on a real-world value proposition
2. Initiate critical learning early
3. You don't waste money, you make it
4. Accelerate time to market
5. Less likely to make fatal (expensive) mistakes
6. Force unconventional thinking
7. More freedom and flexibility
8. You own your company (which in the end is the most important thing)

So how do you get started?

1. Get out there and immerse yourself in the market- start talking to industry professionals
2. Develop a one page description
3. Go ask for orders
4. Revise your description
5. Go back to step 3 (until you are able to take orders)
6. Begin development/manufacture of your product or service
7. Make Delivery
8. Start Selling Again!!

Ok, so now that you have a good foundation for bootstrapping, get out there and see how you can apply it to your business. If this sounds familiar, comment and let us know about your experience with bootstrapping and how it worked for your business. While it may not seem like it, bootstrapping is a solution for any business, it just requires some extra thought in some cases.

As always, check back soon for more information.

Thanks for reading!

This blog is just what it seems. An inside look at small business through the eyes of an entrepreneur. Look back to this blog for insights and tips about anything and everything small business with a special focus on the Ecommerce industry.

Meet the Author

Hi, I'm Agbi Bajrushi. I'm the 21 year old CFO of an Ecommerce consultancy called Sell Center LLC (we're working on a new name, so check back for that). I came on as a partner at the ripe old age of 19 (and 4 months), and everything just seemed to click into place. My partners Adam (check out his blog Ecom Insight) and Anthony (his blog is Daily Marketing Blog) did a great job of helping me get adjusted, but enough about them, I'm sure you're really here for the nitty gritty business tips that only a true Entrepreneur can offer. Well, I'm happy to say that I'm here to offer you just that.

Check back soon for a look into a concept called "Business Bootstrapping".

Thanks for reading!