The Big Idea behind every “Young Gun”

“The Big Idea is what makes you get up and reinitiate the process of building your dream whenever you hit an obstacle.”—Robert Tuchman

Technology, these days it is something we cannot live, breathe, or function without. Right now is the best time to be an entrepreneur and tackle your next big idea and dive in head first, to take advantage of starting your own business. Fifty-years ago your contacts remained in your regional and even local area. Today the vast number of people you can reach, communicate with, and do business with is global.

So what is “The Big Idea?” When we hear this we think, well it is something that doesn’t exist anymore, all the big ideas have already been created, and we are programmed to think that we have to work for the “Big Man,” instead of harnessing that idea ourselves. The problem is there actually is an absence of big ideas in an entrepreneur’s world. Even if you have all the access to all of the tools you could possibly need to launch, build, and grow your business, that business will not succeed if you see impossible-to-solve problems everywhere you look. Let’s take for example, Kevin Greaney, the CEO of Children’s Progress, a company that helps teachers and school administrators evaluate how kids are doing in the classroom. He harnessed his idea and believed in the opportunities of his company:

“We were already very interested in student assessment and student achievement. I had managed several small businesses in the educational field. My partner Eugene Galanter and I each had some strong opinions about the players who were already out there, these big for-profit publishers who controlled most of the market. They were doing their version of assessment: these big standardized, bring-a-number-two-pencil, fill-in-the-bubble tests.  We knew that those kinds of tests had been developed in 1906, and they really hadn’t changed since then. We felt very strongly that those tests were just boring, that they didn’t really tap into the mind of a child being tested, and that they didn’t really tell the instructor much. We felt we could build a better tool because we were using principles that weren’t, you know, a century old. So we were pretty excited about student achievement, even before we formally started the business.”

Kevin Greaney’s Big Idea had to do with harnessing technology and using it to improve student achievement. My Big Idea mixed top businesses with top-tier sports and helping those companies enjoy the sporting events that I enjoy so much as well. The most important thing to remember about your Big Idea is to love it, in a way you want to be married to it. If you wake up every morning and the first thing you think about is music, check out the latest on new business ideas that connect with music. Research it, harness it, and make it your own. Always remember to add your niche to any idea that you have, stand out and be different. Love something and it will not fail, do not look at a closed door but rather finding a way to always keep it open, and the world is your oyster.

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younggunsWhen Robert Tuchman started his first business, Tuchman Sports Enterprises (TSE), he did so with no money and no investors and ended up on the Inc. 500 list of America’s fastest growing privately held companies.

Now President of Premiere Global Sports, Robert continues to guide his company as well as writing the series “The Show Must Go On” for ESPN.com,  a monthly column for Entrepreneur.com called “Young, Fearless, and Fed Up” as well as a column called “On-Site” for Incentive Magazine, an industry trade publication for incentive and meeting planners. He is the author of The 100 Sporting Events You Must See Live, a sports travel book as well as Young Guns, The Fearless Entrepreneurs Guide To Chasing Your Dreams and Breaking Out on Your Own.

www.youngbusinessexecutives.com

Shark Tank – Perfect your pitch

A new television show debuted this past weekend, a show based on a popular UK show, Dragons’ Den.

The US show is called “Shark Tank“.  The “tank” is a panel of highly successful business people with investment money to spend. Each week 4 to 5 entrepreneurs pitch their idea to the panel. There is a monetary amount each entrepreneur needs in exchange for a percentage of the business. They pitch the deal and the panelists are either in or out.

I didn’t watch the show on Sunday when it aired, but I did watch it on Hulu.com this morning in preparation of this post. Generally I am uncomfortable with watching these types of shows, but this one held my attention. Mainly because of the quality of the pitches.  All of the presenters, while obviously nervous, showed a lot of passion about their idea or business. The pitches ranged from uncomfortably personal to a little ridiculously arrogant, and they were all compelling to watch.

I couldn’t help but wonder how many hours of practice went into those pitches.

Working at Palo Alto Software for seven years – I’ve read my share of business plans and have watched more than a few pitches, and let me tell you, I have great respect for the people who get up in front of a bunch of skeptical, would-be investors to describe their business dream and how, through the power of their hard work and good planning, they will make money.   I’ve listened to some really amazing pitches for bad business plans, and some horrible pitches with fantastic business plans.

Watching the show I couldn’t help but come to the conclusion that how you pitch your business idea, and just as importantly, how you pitch yourself, is key to your success in obtaining investment money.

If you missed the show, like I did, the pilot show is embedded below, or you can search for the “Shark Tank” on hulu.com. The next episode is scheduled for 9:00 PM, Sunday, August 16, on ABC.

‘Chelle Parmele
Social Media Marketing Manager

Are you an Entrepreneur?

Cale Bruckner, our Vice-President of Product Development,  pointed me towards this great little video today.

An uplifting short video on the power of entrepreneurship. Well worth a moment in your busy day.

Entrepreneurs Can Change the World:


Click here to view the video at the source

‘Chelle Parmele
Palo Alto Software

Hello and welcome to Global Entrepreneurship Week!

Palo Alto Software is pleased to be a small part of this amazing global effort to help young entrepreneurs, small business and growing businesses succeed with their business dreams.

This week, all over the world, businesses, universities and thought leaders in the business community are celebrating the power of the entrepreneur. As Tim Berry, the president of Palo Alto Software will tell you, in this time of economic difficulties it’s important to get back to the things that are important. Back to the things that work. The basics. The ABC’s of business.

The Business in General blog and Bplans.com will be bringing you video’s, articles, tips, special offers and a webinar on how to take your business back to the fundamentals.

If you’re starting a business or growing your business, we’re going to hopefully touch on a topic you are interested in.

We’re kicking off the week with Tim Berry hosting a webinar. Registration is closed for “Business Planning: Back to the Fundamentals” webinar at this point, but we will be posting portions of it all week long. Look for more information on that later today.

Thanks for stopping by, and if you have any suggestions or comments, I want to hear them. Please get in touch with me at hello (at) paloalto.com

Have a great week everyone!

‘Chelle Parmele
Social Media Marketing Manager
Palo Alto Software

The fundamentals of networking

You may start noticing a theme on the BIG Blog – “Back to Fundamentals” – and when you sit down and think about it, it is a really simple idea that can have a really big impact on your business. Whether or not your company is in a financial pinch, the economy is in a slump or things are booming, it never hurts to evaluate things and get back to the fundamentals of business.

Marketing is a key component to the success of any business, so I want to focus my future posts on getting back to the fundamentals of marketing. Often times people think effective marketing campaigns require a big budget, when in reality there are many ways to market with little to no budget. Networking is one of those ways.

The word “networking” can evoke a mix of emotions from people. The old, standard definition of networking (a meet and greet evShaking Handsent where you shake hands and make small talk with others) isn’t the only way to truly and effectively network. That being said, there is generally going to be some handshaking and small talk to learn about someone’s business and tell them about yours. There are a number of ways to effectively meet people, learn about their businesses and determine how you can create a mutually beneficial relationship, all with little to no cost and without cheesy and uncomfortable small talk. Here are some simple ideas of where/how you can network:

  1. Professional associations related to your industry
  2. Local or regional associations or groups
  3. Traditional networking groups/clubs
  4. Cultural associations
  5. Chambers of Commerce
  6. Local business events (business after-hours, business expos, etc)
  7. Join a gym
  8. Volunteer

In general, use every opportunity (business or personal) as a potential networking opportunity. Networking doesn’t have to be cheesy or boring. It can be as simple as striking up a conversation with someone who you meet in your morning workout class.

Kristen Langham
Manager of Business Development
Palo Alto Software

Tyra on Business

Let me begin by saying that I never thought I’d be quoting Tyra Banks. On anything. But she recently wrote a piece in Newsweek about her life and her thoughts on, of all things, entrepreneurship. She compared starting a new business to having a new baby – you lose sleep, work 24/7, and look for only the best people to take care of your wonderful creation.

It’s a good analogy. No matter your child’s, or your business’s, stage in life, you have to have a plan. As a new father, I can attest to that. From the time you find out you’re going to be a parent (maybe even before!), you start planning for the future. How we will divide childcare duties? What’s the nursery going to look like? How will we afford to send him to college? Then the baby arrives, and there’s even more planning – you can’t leave the house for the afternoon without a plan!

A business is no different. Every business starts with a plan, maybe not a formal bank-approved business plan, but a plan to make your idea reality. But being up and running doesn’t mean you can stop planning. What are you sales goals in five years? How will you achieve them? How will you market your company to take it to the next level? Once you’re there, what’s the next step?

What would happen to your child if you didn’t take the time to plan ahead? What do you think would happen to your business?

Jay Snider
Palo Alto Software

We all want to change the world

Unless you’ve been under a rock or avoiding any kind of tv or newspaper for the last year or so… you’ll know that America is in political season. Barak Obama and John McCain are currently and aggressively seeking the vote of every American to rise to the office of President of the United States.

This post isn’t about which one would be better for the country, or even about the current administration. This post is about where you can find facts on where each of the canditates line up on the issues of small business and entrepreneurship.

The Small Business & Entrepreneurship Council has a side by side comparison for each candidate.

In visiting the websites of each candidate, and gleaming through media reports
citing their positions, the Small Business & Entrepreneurship Council (SBE
Council) has been able to retrieve significant information on what each candidate
proposes to do on major issues if elected president.

Link to the full report- NOTE this is a PDF file.

If you are at all curious on what the candidates are proposing for the future of your business, I highly encourage you to read through the report.

‘Chelle Parmele
Social Media Marketing Manager
Palo Alto Software

Five key steps when starting a business – Entrepreneur’s Journal

Tom Taulli, author and entrepreneur, wrote a great article about the five key steps when starting a business at the Entrepreneur’s Journal this weekend.

The advice is well worth a read and there’s a bonus as he talks about our own Tim Berry’s new book, The Plan-As-You-Go Business Plan.

Way too many people fail because they don’t recognize that nobody’s really good at everything. They play too close and too tight. Get help.

It’s a short read, but chock full of great information.

This is also a great opportunity to let everyone know that Tim’s book, The Plan-As-You-Go Business Plan is now available at Amazon.com for purchase. Pick yours up today!

‘Chelle Parmele
Social Media Marketing Manager
Palo Alto Software

I double dog dare you to clean up the earth.

The people of Estonia decided they’d had enough of the garbage that littered their countryside and forests.

Instead of waiting for the government to take care of it, or turning a blind eye and hoping it would just go away, they did something about it.

50,000 people scoured fields, streets, forests and riverbanks across the country, picking up everything from tractor batteries to paint tins (see a BBC video here). Much of this junk was ferried to central dumps, often in the vehicles of volunteers.  ~Anthony D Williams

I am literally boggled by this. 50,000 people, in one day, all went out into the countryside and helped make a difference. Fantastic!

This initiative, Let’s Do It!, was organized by two entrepreneurs, Ahti Heinla from Skype and Rainer Nolvak from Delfi. The fact that this was organized by entrepreneurs doesn’t surprise me in the least. They used Google Maps to start the grassroots program to map and photograph the problem trash sites.

Neighboring Latvia, not to be outdone, decided to do a clean up as well.

Wouldn’t it be fantastic if this kind of thinking went viral?

Each country trying to out clean the other? Tens of thousands of people getting out of their houses, all to put their good intentions to work.

Imagine the next Earth Day where everyone, across the world pledged just an hour of their time that day to go out and clean up.

Now, imagine if we all actually did it.

Imagine how fantastic that would be.

‘Chelle Parmele
Palo Alto Software

Why Property Booms can Kill Entrepreneurship

The negative relationship between property investment and entrepreneurship is not immediately obvious. However, the recent property booms in Ireland and the U.K. (amongst others) helps to demonstrate this relationship. In recent years, both countries have experienced phenomenal growth in house prices. That is, until everything came grinding to a halt at the end of last year. [1]

The net effect of this boom has been one where the incentive to become truly entrepreneurial was significantly reduced – why try and create a new product or service if there was a guaranteed high return from property development? Similarly, from an investment point of view, why consider any other investment opportunity if there was a perceived guaranteed high return from property development?

In Ireland, the short-term results of the boom were a huge increase in people ‘getting into property’ and in the U.K. every second TV show on Channel 4 seemed to focus on property, e.g. Location Location Location, Property Ladder, A Place in the Sun and Grand Designs. Now all manner of problems are coming home to roost as the market collapses and the scale of consumer debt is becoming obvious. [2]

The Irish Government was happy to continue to fuel the boom, rezoning land for development, and cosying up to property developers [3], given how the huge property related taxes were contributing to their coffers. As David McWilliams, a leading Irish economist points out, a national focus on property is damaging as a ‘country which experiences a property boom turns in on itself. The reason for this is very simple, property cannot be traded. Bricks and mortar are tied to the land and the land is fixed and can’t be exported. Therefore, the discipline of international competition is lost.’

I would go further than this, it also destroys enterprise – there have been countless examples of successful businesses in Ireland shutting down because there is a greater return to be had from selling the property for redevelopment than continuing the business as a going concern. [4]

As someone passionate about entrepreneurship however, I take the view that every cloud has a silver lining, and that the property collapse could prove to be an excellent stimulus for entrepreneurship.

As Michael O’Leary, M.D of low cost European airline Ryanair recently claimed, “I love recessions,” he says. “Recessions are much more fun. Good times are a pain in the bum. Good times, any idiot can make money. In recessions, the good get up off their backsides and start doing the kind of sensible things that they should do all of the time. It’s good for business”. [5]

Now that ‘property development’ is no longer a safe bet, and the Irish and U.K Governments realise that the boom is over, it is likely that entrepreneurship, in its purist form, should take off once again. Those who stretched themselves with high mortgages will face stark options: sell up at a loss, or try to make ends meet. For some, second jobbing will be their only option and this will also help to fuel the passions of entrepreneurship in people. It is also hoped that the respective Governments will play their role, after all their taxation policies and planning policies have helped to fuel the boom in the first place.

Alan Gleeson
Palo Alto Software

[1] http://news.bbc.co.uk/1/hi/business/7445864.stm

[2] http://www.grant-thornton.co.uk/press_room/amount_of_uk_consumer_debt_exc.aspx

[3] http://www.independent.ie/national-news/bertie-makes-his-own-pitch-for-the-banished-galway-races-tent-1393773.html

[4] http://www.rte.ie/news/2008/0523/mcnamarab.html

[5] http://news.bbc.co.uk/1/hi/business/7438315.stm