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Actual for You - Lessons Learned From An E-Commerce Adventure
Starting a business is one of the best things you can do to secure your financial future and independence. A business of your own is one of the best ways to enjoy financial freedom and turn your passion or hobby into a lucrative earning opportunity.Things To Consider Before Starting A BusinessWhether you are starting a business on a part time or full time basis, it is important to consider a few things first. One of the most important things to consider is what type of business you are most comfortable with.One of the most important things when starting a new business is to start a business that is a reflection of your own interests. Starting a business that is based around an area in which you have expertise can greatly reduce the learning curve and increase your chances for success.After all you will already have to learn the ins and outs of running a business; starting a business based around a familiar subject can m
Having spent the last few years of my career in the staffing and recruiting industry, I’m asked all the time by friends and relatives if I can help them find a more desirable job. I’ve helped my fianc? get a job, helped my college buddies get jobs after graduation, and even helped a few high school buddies find jobs having not seen them for years. It’s a real joy in recruiting when you can help someone find a job that positively impacts their life. But the fact of the matter is, not everyone has the opportunity to work with a headhunter. I would say that only a small percentage of career moves are made at the hand of a headhunter. So what do the rest of us do when we find ourselves in a dead end situation and no one to conduct the hunt for you?I’ve heard lots of gimmicks, tricks, and tactics for aiding the process and I’m sure you’ve heard a few yourself. Do any of these ring a bell? Sending out resumes on extra thick paper, memorizing the most dazzl
That is what I keep telling myself after having invested the time and cash equivalent to a Harvard MBA in an e-commerce start-up that has stalled and is winding down. Not a happy prospect in light of all the media pre-occupation with e-commerce success stories and the young millionaires watching their IPOs rocket into cyberspace. But the headlines ignore the more frequent stories of new e-commerce businesses that do not hit the stock market jackpot. Many of them either settle into a low-key niche or exhaust their resources and fold.
This is the story of an Internet venture that did not make the headlines, but offers some useful insights for entrepreneurs evaluating their own initiatives. The lessons learned are applicable to your own new venture or to an investment in someone else’s.
In mid-1998 we launched a new company called nxtNet (www.nxtnet.com) with the slogan … "taking you to the next level on the Internet".
My partner and I both had prior successful entrepreneurial experience in computer products and wanted to start a new venture together. We decided to develop a business that would catch the next wave of e-commerce services for mid-sized companies seeking to do business on the Internet. After long discussions, searches for a unique service offering, and many draft business plans, we developed a market strategy and then chose Intershop Communications as our software development platform. This product had the advantages of being suitable for single or multiple online storefronts, and offered a flexible, economic and comprehensive solution. We committed to the product, staffing, facilities and equipment to start training and development immediately. The two of us provided the time and cash required to get started.
By October 1998, we had an initial product with application as an online storefront for an associated computer business. At the same time, we realized that the application had wide appeal to other computer dealers and could be sold as a multi-user database service and e-commerce resource. We had developed a consolidated catalogue of 85,000 computer products from multiple distributor product databases that allowed rapid search and comparison for product information, pricing, and current sources. Users could access the catalogue from the Internet and find a product by manufacturer, category, and part number, key word or price range and immediately see the alternate sources and prices with links to more technical information, preferred dealer pricing and actual stock levels. Additional features allowed the catalogue to be customized so that any computer reseller could present the database as his own online storefront. This option offered all the search and product information features to his customers, but showed only retail pricing and enable
Sometimes people will say the sweetest things about your non-profit organization, your staff, your volunteers, and the work you do. These compliments usually arrive unsolicited, and remain private. But you can use them to your advantage in your direct mail fundraising appeals in the form of a testimonial.A testimonial is a statement made by someone that either recommends you to others, proves a point you are making, or pays tribute to you in some way.Testimonials are powerful in fundraising letters because they help you awaken empathy in your readers. If you want your donor to empathize with your cause, one of the best ways to do that is to have a living, breathing, flesh-and-blood person tell your story for you. For example, without a testimonial, your fundraising letter might say: “Here at The Soup Kitchen, we provide food, shelter and other basic services which help the needy in
This is the story of an Internet venture that did not make the headlines, but offers some useful insights for entrepreneurs evaluating their own initiatives. The lessons learned are applicable to your own new venture or to an investment in someone else’s.
In mid-1998 we launched a new company called nxtNet (www.nxtnet.com) with the slogan … "taking you to the next level on the Internet".
My partner and I both had prior successful entrepreneurial experience in computer products and wanted to start a new venture together. We decided to develop a business that would catch the next wave of e-commerce services for mid-sized companies seeking to do business on the Internet. After long discussions, searches for a unique service offering, and many draft business plans, we developed a market strategy and then chose Intershop Communications as our software development platform. This product had the advantages of being suitable for single or multiple online storefronts, and offered a flexible, economic and comprehensive solution. We committed to the product, staffing, facilities and equipment to start training and development immediately. The two of us provided the time and cash required to get started.
By October 1998, we had an initial product with application as an online storefront for an associated computer business. At the same time, we realized that the application had wide appeal to other computer dealers and could be sold as a multi-user database service and e-commerce resource. We had developed a consolidated catalogue of 85,000 computer products from multiple distributor product databases that allowed rapid search and comparison for product information, pricing, and current sources. Users could access the catalogue from the Internet and find a product by manufacturer, category, and part number, key word or price range and immediately see the alternate sources and prices with links to more technical information, preferred dealer pricing and actual stock levels. Additional features allowed the catalogue to be customized so that any computer reseller could present the database as his own online storefront. This option offered all the search and product information features to his customers, but showed only retail pricing and enabl
1. The fundamental law of Marketing is the Law of Leadership. It is better to be first than to be better. Microsoft launched in ’81 while Apple launched in ’84. Apple is better in hardware, software and other areas but has only 3% share while Microsoft has 94% share.2. Inspite of this law, every company focuses on being better. The best voted Marketing book in America is titled “Simply Better”.3. If first is perceived to be the best, then automatically the company will attract good people, good distributors and so on. The key is to create the perception in the mind that being first means being the best.4. To win the battle in the market one needs to win the battle in the mind. Xerox invented the laser printer. But did not enter the market. HP was the first. Red Bull was the first energy drink. Coca cola introduced KMX energy drink. Red Bull outsold KMX 20:1. Last leader brand produced by Coca cola was ‘Sprite’. Their strategy has predom
By October 1998, we had an initial product with application as an online storefront for an associated computer business. At the same time, we realized that the application had wide appeal to other computer dealers and could be sold as a multi-user database service and e-commerce resource. We had developed a consolidated catalogue of 85,000 computer products from multiple distributor product databases that allowed rapid search and comparison for product information, pricing, and current sources. Users could access the catalogue from the Internet and find a product by manufacturer, category, and part number, key word or price range and immediately see the alternate sources and prices with links to more technical information, preferred dealer pricing and actual stock levels. Additional features allowed the catalogue to be customized so that any computer reseller could present the database as his own online storefront. This option offered all the search and product information features to his customers, but showed only retail pricing and enabl
Five years ago I was in the process of helping a client locate an exceptional sales leader for a high-profile global account position within their organization. I had arranged for the VP of Sales to meet with a very well qualified, proven group of five individuals – all of whom would undoubtedly represent the company with great aplomb and, most importantly, greatly improve customer relations and rapidly increase revenues generated from all pertinent accounts.The interviews had been set up to take place in successive order over a period of five hours. The hiring manager and I had agreed to dissect the discussions immediately after all had been completed. Unbeknownst to me, one of the account executives (let’s call him Mark) had spoken with an associate at another company about his candidacy for the position and, upon further discussion, both had apparently decided that our new player (designated Steve) would be a better match for the role. Subse
By October 1998, we had an initial product with application as an online storefront for an associated computer business. At the same time, we realized that the application had wide appeal to other computer dealers and could be sold as a multi-user database service and e-commerce resource. We had developed a consolidated catalogue of 85,000 computer products from multiple distributor product databases that allowed rapid search and comparison for product information, pricing, and current sources. Users could access the catalogue from the Internet and find a product by manufacturer, category, and part number, key word or price range and immediately see the alternate sources and prices with links to more technical information, preferred dealer pricing and actual stock levels. Additional features allowed the catalogue to be customized so that any computer reseller could present the database as his own online storefront. This option offered all the search and product information features to his customers, but showed only retail pricing and enabl
Catalogs are commonly used in the libraries. These catalogs are called the library catalogs. Library catalogs are full of information regarding the resources that can be found inside the library. The information contained in the catalogs is known as the bibliographic record. Now if you want to know the true essence of catalog, you have to understand how they are created or presented. This is where the cataloging process comes to light.What is cataloging? You need to make a distinction between cataloging and catalog printing? Some people conceive these two terms as one. This is not correct. For cataloging is the process by which the librarians observe when making a bibliographic record while catalog printing refers to the actual process of printing a catalog. When you say cataloging it’s about recording some pertinent details about a published work particularly books and periodicals. The information include the title of the item, the name of the autho
The product offering quickly received positive feedback and strong indications of support from all the participants – resellers, distributors, and manufacturers. It was a comprehensive, powerful, and effective tool for buying and selling at all levels within the Canadian computer distribution channel. Resellers recognized the value in an online resource to save time and effort. Distributors and manufacturers saw the opportunity to promote their products, and major publishers in the industry wanted to offer complementary online services to their subscribers and advertisers. How could we fail with all this enthusiasm and support?
While the potential for success clearly existed, everybody had the same questions and reservations – "Who is there now?" "How many are using it?" and "I don’t want to pay until it’s bigger".
Reasonable objections we thought, so we added features and content for free. We promoted the product with free trials and low cost subscriptions for reseller access. Then we coaxed, persuaded, sold hard, and made deals. The "contra" became the standard for obtaining press coverage, free ads, mailing lists and promotion in exchange for free participation and future consideration. Activity on the Web site and catalogue grew to 3000 visitors per month with over 800 subscribers and the distributor list increased from three to twelve.
But revenue remained near zero as most reseller subscribers declined to pay for the service. Reasons were "it should be free – let the advertisers pay", "I don’t use it enough", "there are lower cost options", or "we built our own solution". The audience did not grow fast enough even after we offered it for free, to satisfy the advertisers and content providers. Without persistent and conspicuous sales and marketing efforts, all the participants quickly lost interest. Meanwhile the costs of database maintenance, ongoing development, site hosting, Internet access, sales, marketing, and administration were increasing.
Clearly the old entrepreneurial model of controlling costs and growing revenue was not going to apply. We had to realign our profile to show how zero revenue and high initial costs could still lead to significant investment returns like other well-known Internet ventures. So from early 1999 we started an aggressive sea
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