tpeinterview
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SA: You also have some great suggestions for getting help for free, such as talking to an accountant from a local college, rather than hiring one. What are some of your favorite lesser-known sources for free help for entrepreneurs? Any tips on how to find more, or how to approach people when asking for their help?
MM: Hands down, colleges are the best, most "undiscovered" resource out there. I did one project where I used a local university to make a prototype of a product.
Beyond just meeting amazingly talented people, colleges have amazing equipment, computers and tools. For any need that you can imagine, there is a local college that will have a solution and it is usually free. The one trade off may be that you become a case study.
When it comes to finding more resources, my newest and greatest find has been a site called Help A Reporter Out (HARO). It is an email based system that has roughly 25K and growing subscribers. It is mostly entrepreneurs and journalists. Everyone there is willing to share tips and experiences. I recently used it to find out how to get free internet access at an airport (my local airport in Newark, NJ charges $9 for a few hours). Sure enough, I was given tips on setting up my laptop near a bookstore or President's club because you can get free, unabated (and legal) access there.
Most importantly, when it comes to asking for help, I never ask for more than I can return. Secondly, I have absolute clarity about what my intent is, and allow the person I'm asking the favor of to easily and comfortably opt out.
Not everyone wants to or can help, and they should not feel uncomfortable declining your favor request. Regardless of the outcome to my request, I just go out of my way to help others no matter what, and the good will always seems to come back to me in some way, some how.
SA: In Chapter 3, you talk about the “fire in the belly”, but you balance that with the need for some good business sense (or just plain common sense). Explain.
MM: Fire in the belly is the key to success; you have to want something at a core emotional level in order for it to succeed. When it comes to the dark days, it’s the folks that want it so much and are so passionate, who will continue ahead unabated.
The balance part is that aspiring entrepreneurs should not be stupid. You need to apply common sense and a little bit of analysis to make sure there are enough customers that want the thing that you are passionate about. You need to ensure you can make a living, financially, doing your dream.
I use a method (I call it the Formula of 5) to determine if the niche I am passionate about serving has the ability to bring my business $5M in revenue within 5 years of starting. One key is that it must currently have 5 or less direct competitors to my startup. With that business analysis done and the fire in my belly... I have enough information to know that I have a large financially rewarding opportunity in front of me. I then focus in on it and go for it with everything I’ve got. No plan B.
SA: Chapter 4 starts with one of my favorite quotes from Albert Einstein: “Make everything as simple as possible, but not simpler.” How and why is this an essential rule for TPE’s?
MM: Because no one cares about my business as much as me. And no one cares about your business as much as you. We all have tons of distractions and challenges and issues going on.
Therefore, when we consider the product or services of someone else we are seeking simplicity in use, but not necessarily simplicity in function. In effect, due to the busy nature of our lives, we are drawn to others who provide us with a simple process for navigating the complex.
In other words, a TPE must make it easy for a consumer to use or access their product or service, but they can’t dumb down their service or product. In other words, successful entrepreneurialism is about delivering complex things, simply.
A great example of this is TiVo. They made it so simple to record the most complex sequence and frequency of television shows, all while skipping commercials. TiVo mastered Albert Einstein's message, and they rocketed to success. And I am a happy customer, enjoying Seinfeld re-runs and “bloop-blooping” past commercials.
SA: You use a great sailing metaphor in the book – “tacking”. Explain what that is for TPE’s.
MM: Tacking is a strategy used by sailors to travel to their ultimate destination. Instead of going in a straight line, boat captains need to optimize transitioning winds, navigate land masses, and avoid other boats. The result is a zig zag pattern of travel, called tacking. Effectively, the sailor travels a short distance as best as they can toward the destination, while maximizing the wind and avoiding dangers. Then after this short distance, they realign with the destination and continue the zag part of their pattern. Again maximizing winds and avoiding dangers.
Entrepreneurs are best served by growing their businesses using this same strategy. It is all about setting the destination to what the business will ultimately be 10 or 15 years out and then executing short, 90 day incremental plans to move the business forward during that time while maximizing opportunities and avoiding obstacles. Then after 90 days, the business must realign with the ultimate destination in sight and push forward for their zag part of the progress. They repeat this continuous tacking process over the years to reach their destination. It is by far the most effective way of achieving what you want in business.
This strategy, by the way, is a hundred times more effective and a hundred times simpler than any business plan.
SA: You also have some great suggestions for getting help for free, such as talking to an accountant from a local college, rather than hiring one. What are some of your favorite lesser-known sources for free help for entrepreneurs? Any tips on how to find more, or how to approach people when asking for their help?
MM: Hands down, colleges are the best, most "undiscovered" resource out there. I did one project where I used a local university to make a prototype of a product.
Beyond just meeting amazingly talented people, colleges have amazing equipment, computers and tools. For any need that you can imagine, there is a local college that will have a solution and it is usually free. The one trade off may be that you become a case study.
When it comes to finding more resources, my newest and greatest find has been a site called Help A Reporter Out (HARO). It is an email based system that has roughly 25K and growing subscribers. It is mostly entrepreneurs and journalists. Everyone there is willing to share tips and experiences. I recently used it to find out how to get free internet access at an airport (my local airport in Newark, NJ charges $9 for a few hours). Sure enough, I was given tips on setting up my laptop near a bookstore or President's club because you can get free, unabated (and legal) access there.
Most importantly, when it comes to asking for help, I never ask for more than I can return. Secondly, I have absolute clarity about what my intent is, and allow the person I'm asking the favor of to easily and comfortably opt out.
Not everyone wants to or can help, and they should not feel uncomfortable declining your favor request. Regardless of the outcome to my request, I just go out of my way to help others no matter what, and the good will always seems to come back to me in some way, some how.
SA: In Chapter 3, you talk about the “fire in the belly”, but you balance that with the need for some good business sense (or just plain common sense). Explain.
MM: Fire in the belly is the key to success; you have to want something at a core emotional level in order for it to succeed. When it comes to the dark days, it’s the folks that want it so much and are so passionate, who will continue ahead unabated.
The balance part is that aspiring entrepreneurs should not be stupid. You need to apply common sense and a little bit of analysis to make sure there are enough customers that want the thing that you are passionate about. You need to ensure you can make a living, financially, doing your dream.
I use a method (I call it the Formula of 5) to determine if the niche I am passionate about serving has the ability to bring my business $5M in revenue within 5 years of starting. One key is that it must currently have 5 or less direct competitors to my startup. With that business analysis done and the fire in my belly... I have enough information to know that I have a large financially rewarding opportunity in front of me. I then focus in on it and go for it with everything I’ve got. No plan B.
SA: Chapter 4 starts with one of my favorite quotes from Albert Einstein: “Make everything as simple as possible, but not simpler.” How and why is this an essential rule for TPE’s?
MM: Because no one cares about my business as much as me. And no one cares about your business as much as you. We all have tons of distractions and challenges and issues going on.
Therefore, when we consider the product or services of someone else we are seeking simplicity in use, but not necessarily simplicity in function. In effect, due to the busy nature of our lives, we are drawn to others who provide us with a simple process for navigating the complex.
In other words, a TPE must make it easy for a consumer to use or access their product or service, but they can’t dumb down their service or product. In other words, successful entrepreneurialism is about delivering complex things, simply.
A great example of this is TiVo. They made it so simple to record the most complex sequence and frequency of television shows, all while skipping commercials. TiVo mastered Albert Einstein's message, and they rocketed to success. And I am a happy customer, enjoying Seinfeld re-runs and “bloop-blooping” past commercials.
SA: You use a great sailing metaphor in the book – “tacking”. Explain what that is for TPE’s.
MM: Tacking is a strategy used by sailors to travel to their ultimate destination. Instead of going in a straight line, boat captains need to optimize transitioning winds, navigate land masses, and avoid other boats. The result is a zig zag pattern of travel, called tacking. Effectively, the sailor travels a short distance as best as they can toward the destination, while maximizing the wind and avoiding dangers. Then after this short distance, they realign with the destination and continue the zag part of their pattern. Again maximizing winds and avoiding dangers.
Entrepreneurs are best served by growing their businesses using this same strategy. It is all about setting the destination to what the business will ultimately be 10 or 15 years out and then executing short, 90 day incremental plans to move the business forward during that time while maximizing opportunities and avoiding obstacles. Then after 90 days, the business must realign with the ultimate destination in sight and push forward for their zag part of the progress. They repeat this continuous tacking process over the years to reach their destination. It is by far the most effective way of achieving what you want in business.
This strategy, by the way, is a hundred times more effective and a hundred times simpler than any business plan.
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