Travel Savings Tips for Entrepreneurs

Airlines

• Prices will stay low on common destinations, due to carrier competition.
• Search sites that connect you to many other sites, such as farechase.com, kayak.com, mobissimo.com and Sidestep.com.
• You can save money buy buying a ticket directly from the airline's site.
  
• Bring anything you will want for the flight to prevent yourself from paying for things you already have.
• Keep you luggage within the airline's guidelines to avoid paying extra fees.
• Look into online agents. Sites such as Expedia, Orbitz, and Travelocity may charge a small fee; however, they commit to helping you if something goes wrong with your travel plans.
• Earn points through various programs to use towards awards at a later time.

Car Rental

• Orbitz provides a fast car booking experience.
• Understand what your personal insurance covers on a rental car. Consider paying with a Visa card, as all cars rented with this card will be covered.
• Do a thorough examination of the car before taking it off the lot for dents. Photograph the car when you return it. This will provide proof of the condition the car was returned in.
• Avoid pre-paying for gas through the rental office. This will cost you more than filling the car yourself, unless you return the car on "empty."
• Enjoy renting an exciting car, such as the vehicles in Hertz's "Fun Collection."

Cruises

• Pay the full bill as early as possible. If you wait, you may incur extra charges, such as a fuel-related surcharge (up to $10 a day).
• Check with a travel agent about repositioned ships. These have had to change their itineraries, usually due to weather, and therefore reduce their prices.
• Make sure your trip is covered with cancellation insurance.
• Hipper ships and low nightly rates can often be found at EasyCruise.

Hotels

• Calling a hotel at the last minute, or looking into Hotwire.com or Priceline.com may allow you to access prices below the initial published rates.
  
• Some hotel rooms, such as the Conrad London and select W Hotels, are coming equipped with am IPod docking station.

Rail

• Amtrak offers a free companion fare for a parent and a child who is college-hunting. Visit collegevisit.com/amtrak/.

Miscellaneous

• Carry the $3 Tide to Go stain remover pen to help stains disappear on the spot.
• Join a travel club with will gain you access to free upgrades, spa visits, and luxury trips.
• Research Rainforestalliance.org to learn about environmentally friendly trips.
• Trackitback.com offers a services where by affixing a sticker (from the company) to your items, the company with cover the cost of having your items returned you to.

Build a stronger business by using tips that make you and your budget go further.

Is Social Media Valuable for Entrepreneurs?

It may seem like a no-brainer: these days, businesses should use social networking tools like Facebook and Twitter as part of their marketing strategy. As reported in The Wall Street Journal, in 2009 social-media adoption by businesses with fewer than 100 employees doubled to 24% from 12%. If you're not addicted to social networking yourself, you're bound to know plenty of people who are.

But social media may not be as useful as we think. A survey of 500 small-business owners found that just 22% made a profit last year from promoting their firms this way. A lot of time and energy can go into maintaining the company's presence on social sites, and rewards in sales - if they come - can be slow to arrive. Indeed, using social media "could harm you if you end up inadvertently saying something stupid, offensive or even grammatically incorrect," says Larry Chiagouris, professor of marketing at Pace University's Lubin School of Business.

In order to see benefits from this kind of marketing, you have to be patient, dedicated, and consistent. Stephen Bailey, of John Fluevog Boots & Shoes Ltd., says his company saw a 40% increase in online sales in 2009, the first full year they consistently engaged in social media marketing. There are several free services available to help companies track Web traffic from social media sites, including Hootsuite, Google Analytics, CoTweet, and Lodgy.

For some businesses, social media makes sense. Like everything else, though, it's not a silver bullet. Build a better business by using a smart marketing mix.

A New Way to Pay

If you're ten years old, you can't use your own credit card to buy dog food at the local store. But now you can buy digital dog food for a online pet in much the same manner - using Kwedit. As reported in The New York Times, a new payment option has just become available to anyone, no matter how young they are. In the new system, a "Kwedit Promise" is used to buy items in games by FooPets and Puzzle Pirates. The items can be paid off later using a regular credit or debit card; with cash sent in a provided mailer; or by printing a barcode, taking it to your local 7-Eleven, and paying cash there.

FooPets, which has over a million active members and signs up 20,000 to 25,000 new members each day, lets users adopt lifelike digitally animated pets and then buy virtual goods for them - everything from a bag of puppy chow for $3 to a bungalow for $333 - using Kwedit. "Buy now, pay later" is always a seductive marketing tool. Users are encouraged to pay the actual funds they owe by the fact that they accrue a Kwedit score, similar to a regular credit score, and more Kwedit is extended to each user based on his or her history of repayment. But since the marginal cost of virtual goods is negligible, there's no serious risk of major financial loss if the promise is not repaid.

Like FooPets and similar systems - considered "nurturing games" that encourage responsibility and other adult lessons - Kwedit is a way to introduce young people to important ideas in a relatively safe environment.

You can build a stronger business by applying the "nurturing games" concept to your customer service.

The New Style of Business Training

Before the recession, companies often sent their star managers to executive training programs held at business schools around the country. With budgets in the hundreds of millions, top professors, and a generous schedule, these programs usually focused on general leadership development, rather than company-specific problems.

Now, however, companies are searching for cheaper alternatives with a more immediate impact. "Companies are asking for external experts to come in and do something very specific," says Josh Brand, a former senior director of executive education at Babson College and co-founder of Freemont Learning, Inc., an executive development firm. In a time of economic uncertainty, the focus has shifted to moving the company - not just the individual - forward.

As a result, executive-education consultancies are scrambling to create customized programs that provide managers with the skills to weather the downturn and come out on top. "When you have trained leaders in bad economic times, it makes a world of difference," says Tim Bray, vice president and chief learning officer for Quintiles Transnational Corporation. And it's the consulting firms, rather than business schools, that are able to offer the flexibility and support companies are looking for. In addition, web-based courses, traditionally offered to middle management, are now being used for top-level executives as well. The Center for Creative Leadership in Greensboro, NC, has even started offering ready-to-use courses that, while less specific than an on-site visit, cost a fraction of the price.

This trend is a good one; you can build a better business by offering your management team focused training and education to achieve specific outcomes.

10 Steps. 3 Areas. Emerge from Recession with Success.

Want to emerge from the recession with your organization ready for success? Then The Forum Corporation says they have the answer for you -- 10 steps spanning financials, people, and climate.

“By looking at past recessions we’ve identified 10 steps that can make the difference between success and failure in managing through our current downturn, and they all come back to leadership,” said Ed Boswell, CEO of The Forum Corp. “Following these steps will be particularly valuable in organizations that are undergoing cost-cutting and layoffs, which challenge managers to do more with less.”

The 10 steps recommended are as follows:

Financials

1. Move quickly to reduce costs and control spending by narrowing focus. Winners in a downturn focus on a few critical priorities where they can develop a clear lead, and they walk away from bad business. Losers chase unprofitable sales in an attempt to hold their top line.
2. Refrain from across-the-board cutbacks, being sure to preserve areas that customers value most. Businesses that uniformly cut costs often find that they end up damaging their ability to sell and deliver their products and services. How do you find out what customers value most? Ask them.
3. Consider alternatives to layoffs. Downsizing tends to bolster the bottom line and stock price in the short term, but often creates long-term negative repercussions. Alternative strategies include cutting management bonuses, freezing salaries and reducing compensation options. It’s critical to clearly communicate the rationale and impact to employees.
4. Invest in opportunity. A bad economy can present bargains, both in new assets and in new talent. Good areas to invest in are R&D, marketing and customer-perceived quality. By contrast, investing in working capital, manufacturing and administration doesn’t pay off as well.
   
   People
5. Retain and develop top talent. High-impact workers are often more susceptible to being poached by a competitor in a downturn. Organizations that provide development experiences and rotational assignments have better employee retention rates.
6. Make sure everyone’s on the same page. When alignment on key goals is absent, performance suffers, according to studies on strategy execution. Top leaders frame an agenda and meet with key stakeholders to gain support and build commitment to overarching goals and values. Ineffective leaders let inter-office politics fester and hidden agendas dominate.
7. Encourage questions and new ideas by making it safe for employees to raise them. Leaders who admit they don’t have all the answers and ask for input empower their people to contribute their best ideas.
   
   Climate
8. Manage the heat. Leaders are often tempted in difficult times to relieve the organization’s stress by making unilateral, tough decisions. That’s often a mistake. Leadership by dictate often doesn’t take because it lacks a broad base of support, and it often eliminates constructive conflicts that challenge the status quo and fuel good decision-making.
9. Communicate authentically. Strong leaders acknowledge the challenges they struggle with and, by doing so, build trust among followers. Rather than being a sign of weakness, it’s a sign of strength.
10. Create a positive vision and attitude that acknowledges reality. Businesses at the top of their markets often fall while “sleeper” companies sometimes jump to the top in a tough economy. When leaders exercise discipline and focus by mobilizing employees to respond to customers’ interests and values, they increase the chance that, when the downturn ends, they’ll come out on top.

Engage your managers to discuss and adopt these steps in your organization and you'll build a stronger business even in the toughest of economies.

The Pursuit of Happiness for Entrepreneurs

Experts validate what successful people already do by making effective choices both at home and at work. Consider these 6 tips and to what degree you're employing these in your life, especially as we approach the holiday season:

• Relishing the Day. Beware of "hedonistic adaptation," hold on to accomplishments for as long as you can. Celebrate career accomplishments by going out to dinner and have pictures and souvenirs from trips - these will help you remember them longer. According to David Schkade, a management professor at the University of California at San Diego, "'when something good happens, you want to find a way to hold on to it for longer.'"
• Dodging traffic. According to Andrew Oswald, an economics professor at England's Warwick University, "'lack of control is what tends to induce stress in human beings.'" People find it difficult to commute since they can never rely on traffic. Therefore, Oswald recently moved closer to his office, cutting him commute from 60 minutes to 20 minutes.
  
• Seeing friends. Surveys suggest that time spent with family and friends is among our happiest times. Richard Easterlin, an economics professor at the University of Southern California comments, "'Earlier on, I tended to sacrifice my family time to try and push research ahead. I do that much less now. Going out to dinner with family for me is always an enjoyable experience.'"
• Buying memories. Spend your time on memorable experiences. Professor Alan Krueger, a Princeton University economics professor, recalls taking his father to the 2001 Super Bowl as an example.
• Limiting options. Limiting your choices may help you be more content with your decision. Professor Gilbert of Harvard University comments that those who were the happiest with their choices were "'those for whom the choice was irrevocable. When options are open, the mind generates debate. When options are closed, the mind generates satisfaction.'"

Really successful entrepreneurs not only build a stronger business, but do things that lead to greater personal satisfaction.

Business Tips TV Launches

Bringing Improvisation to the Workplace

According to Patricia Ryan Madson, author of Improv Wisdom: Don't Prepare, Just Show Up, an effective way to improve your business to take a fresh look at what and how you are doing in your business.

Learn to work with situations that used to be interpreted as mistakes in a new light. Improv consultants can help alter a work environment by creating novel situations and encouraging individuals to react in new ways. This addition of humor and decrease of the fear of making mistakes can help reduce tension in the workplace. Ms. Madson and other improv consultants, including a team out of Portland, OR, called On Your Feet (www.oyf.com), are hoping to create "'a culture of 'yes.''" Developing a culture of yes can allow entrepreneurs to consider ideas that they previously may have discarded. Often "'happy mistakes'" can occur when one idea opens the door to another pathway of thinking.

Robert Poynton, a co-founder of On Your Feet said "'if anything, we know rather less about what is coming next, and how it will affect us, than our ancestors did,'" in "A Turtle and a Guitar Case: Improvisation and the Joys of Uncertainty." The On Your Feet site also refers to a "'cool mistake,'" something seemingly negative that has a positive outcome when interpreted in a different light.

As all business owners know, even the best made plans can fail. According to Ms. Madson, "improvisers avoid spinning their wheels because they see quickly what isn't working, or simultaneously, what might be successful that didn't occur to them at first. Improvisers, by definition, take risks and make mistakes, lots of them, but that's what leads them in fresh directions.'" Ms. Madson acknowledges that this change away from structured planning can be difficult; however, she suggests that this method can still help your business move forward.

Mike Kwatinetz, a venture capitalist who is co-founder and general partner at Azure Capital Partners in Palo Alto, embraces improvisational thinking as a way to get companies moving. This way you are reacting to what is happening around you and making appropriate changes and improvements.

Build a stronger business by letting go of the future.

Bill Gates Asks How to Encourage Tech Careers

Bill Gates, listed as a technologist/philanthropist, asks the 25 million plus members of the business networking site LinkedIn, "How can we do more to encourage young people to pursue careers in science and technology?"

In less than 3 days, he's received close to 3,000 responses -- some very intriguing and well thought-0ut ideas have been posted.

When you build a stronger business, you cast a wide net and seek ideas from a diverse population.

Business Langage Made Easy

Here are a few useful websites that can help you understand business language:

• Business Lingo Explained - www.begent.org/lingo.htm
• The Ridiculous Business Jargon Dictionary - www.theofficelife.com/business-jargon-dictionary-A.html
• The MBA Jargon Index - www.johnsmurf.com/jargon.htm
• Dilbert - www.dilbert.com

What to do when your hard drive fails

At our entrepreneur circle meeting, we spent time discussing the woes of one member who had lost his computer without a backup.

The two lessons that emerged are 1) have an emergency plan, and 2) always have a current back-up of your current drive, even if it's virtual.

For an emergency plan, I recommend contacting a place like Tech Restore, based in Concord, CA. They do work on WinTel laptops, MacOS laptops, any hard drive from a desktop computer, and even iPods.

For back-up services, you can use external hard drives or even virtual services that back up encrypted data over the Internet for a reasonable charge. I use two big Maxtor drives that I alternate. (Remember to completely disconnect your back-up drive when it is not in use to protect against power or lightening surges!) Thanks to Syd Weinstein for the tip, I'll also check out one of the online back-up services reviewed on Tom's Hardware site and compare them to the .Mac offering of 10 GB.


When you're building a stronger business, you've got to be prepared for emergencies.

Creating Favicons is Easy

Creating those little icons that show to the left of the URL address in a web browser is simple when you use either of these online tools:

• FavIcon from Pics
• Dynamic Drive - FavIcon Generator

People who build a stronger business look for fast, simple, effective tools to get their work done...or they delegate it.

Bridge Domains for Innovation

British curator and media researcher Ele Carpenter was so inspired by the striking similarities between embroidery and software programming, she decided to create Open Source Embroidery, an artistic and social-networking experience bringing a large and diverse group of people together.

Katie Haegele’s article in the Philadelphia Inquirer ,“New Media: Computer Programming Meets Embroidery” points out how members of Open Source Embroidery are more concerned with the process of creating and the collaborative efforts of the project than the final product. It is an element Carpenter views as inherent in both needlework and programming.

Skilled and amateur needleworkers and programmers have come together to participate in creating a six-sided quilt with 216 “hexadecimal” colors. The project comes at the right time; the old-fashioned hobbies of needlework are now becoming popular and more socially acceptable to a younger generation.

By looking at the opportunities that exist at the intersection of atypical fields, you build a stronger business.

Co-Working Improves Social and Business Lives of Employees Who Work from Home

Feeling socially isolated as a result of working from home, Alex Hillman, a 23 year old Web entrepreneur, was inspired to create a local version of the new trend, co-working.

Co-working allows people who work from home to reap the benefits of working in an office, like socializing and sharing ideas. Without the distractions of home, it also helps employees stay on track and separate work life and personal life.

The article, “A Step Up From Working in PJ’s”, in The Philadelphia Inquirer highlights the co-working group using a work space at Independents Hall in downtown Philadelphia. With a chic interior design, conference room and kitchen, employees are willing to spend $175 to $275 a month to use the space.

To learn more about co-working visit:
http://coworking.pbwiki.com/

Independents Hall in Center City.
http://www.independentshall.org/

Workplayce in Elkins Park.
http://workplayce.net/

Decreasing isolation is an important step in building a stronger business.

Perception Matters When Building a Business

In order to make her small real-estate and property management firm look larger than it actually was, Angela Ford invested in an answering service. Instead of reaching Ms. Ford, her customers would first speak to a live operator, who would only direct their calls if she was available. Her company's revenue has more than doubled every year since it began.

According to The New York Times article, "Making a Little Company Look Big" part of building a successful company includes creating the image that you are more successful than you initially are. Besides paying for an answering service, entrepreneurs can also rent office space and design a sophisticated Web site.

Evan Carmichael, a chief executive of small business, had his friends dress in suits and work diligently in a borrowed office space when a local television studio asked to interview him. After the segment was broadcast his Web site went from 150 visitors a day to almost 1700 a day.

People who build a stronger business realize that perception matters and take advantage of technology tools and marketing techniques to put their best foot forward.

Microfinance Provides More for Entrepreneurs

The opportunities microfinance has created in developing countries around the world have not gone unnoticed by Citigroup Inc., who has just launched their Citi Microfinance Donor Fund. The goal of the charitable fund, according to Kristin McNamara’s article in The Wall Street Journal, “Citi Fund Backs Entrepreneurs” is to prompt the development of microfinance organizations that are too small to cover the cost of their own operations. The fund allows wealthy philanthropists to provide substantial financial support for poor entrepreneurs in the developing world who are unable to get support from banks. Depending on the success of the Citi Microfinance Donor Fund, Citigroup plans to open a second microfinance fund and other special interest funds. Microfinancing is yet another way to improve the entrepreneur ecosystem and Build a Stronger Business community.

Using the Internet to Manage Event Invitations

After nearly 10 years of being the only Web site providing electronic invitations, Evite is finally getting some competition! MyPunchbowl emerged in January 2007, with the same free service, fewer ads and some features Evite is lacking.

In The Wall Street Journal article, “Invite Sites Help Start a Party”, Katherine Boehert compares Evite and MyPunchbowl to see which provides the better service.

MyPunchbowl boasts a message board, the ability to give VIP status to certain guests, better control over guest responses and the capacity to swiftly add and share Google maps and YouTube videos.

Evite has responded to its competition by planning on introducing an online and mobile part-supply store, animated versions of its invitations and collaboration with Hotels.com. Evite also has 800 invite templates, whereas the newer MyPunchbowl only has 100.

According to Boehret, other drawbacks to MyPunchbowl are its lack of various fonts and colors, an obscurely placed preview button and limited guest response options—all of which are available on Evite.

While Boehret concedes both Web sites need more variety and improvements to make their invitations both hip and easy to use, MyPunchbowl appears to provide the most potential.

Litmus Test for Entrepreneurial Success

If you were asked by a reporter what are the top 3 or 4 things you look for to decide whether a start-up company will succeed, what would you say?

Compare your answer with that of someone who makes this type of decision and then writes checks to support/acquire those businesses that are likely to grow significantly.

Robert Fox, president of RAF Industries and the namesake of Temple's Fox School of Business, shared some interesting insights at their annual business plan competition luncheon run by Temple's Institute for Entrepreneurship and Innovation.

Bob said that the five things he and his partners look for in a business seeking funding include:

1. It has to be a great idea. The idea has to be something original, rather than a "me too" or "I'll win on quality and service" model. Zany Brainy wasn't just another toy store -- it defined a new niche, he explained.
   
2. The entrepreneur has to be committed to succeeding both short and long term. The founder has to have a clear vision for the company and be abele to accomplish his or her top priorities each day.
   
3. The business plan has to be well-researched. Businesses seeking funding need a business plan, and the more details that show a thorough understanding of the customer, market, industry, and operating environment, the more an investor is likely to want to support the company.
   
4. The business has to be cash positive. At $1 million, the company has sufficient "capital proof" of concept. As an exception, Bob related how SmartWool went from $400,000 to over $45 million in a few short years.
   
5. The entrepreneur has to be a great sales person. When it comes down to it, selling speaks louder than words and someone has to be responsible for brining in orders.

No matter what size business you're growing, this advice can help you build a stronger business.

Negotiation Tactics for the Talented Entrepreneur

Question: What do you get when an academic entrepreneur incubation center brings in a quartet of the regions most accomplished entrepreneurs and lets them conduct a live, unscripted negotiation scenario for a simulated $200 million biotech deal?

Answer: Highly entertaining education. (Or highly educational entertainment -- take your pick.)

That's the outcome that the Baiada Center for Entrepreneurship in Technology pulled off earlier today at their forum called "Negotiation Tactics for the Talented Entrepreneur."

Using a custom case study as the basis for the negotiation, a team of two sellers (Tony Ibarguen and Charles Robins) represented the company "Catnome LLC" and a team of two buyers (Ian Berg and Mel Baiada) represented the US Pharma pharmaceutical company poised to acquire the start-up. Here are the roles more clearly delineated:

• Tony served as CEO of Catnome
• Charles served as Chairman of the Board and as the lead investor in Catnome of the venture firm BVP
  
• Mel served as President of the US Pharma division for Veterinary Medicine
• Ian served as President of the investment banking firm financing the deal for US Pharma
  

In the scenario presented to about 150 entrepreneurs and business leaders in attendance was that the representatives were to close the deal that day and resolve the final terms of the acquisition. Two events occured since the last meeting that have thrown in a few twists to the deal. One is a lawsuit by a "patent troll" firm. The other is bad press looming from an adverse reaction to the Catnome anti-allergen enzyme therapy for cats that reduced their lifespans by half.

Legal celebrity to the Greater Philadelphia entrepreneur community Steve Goodman of Morgan, Lewis, and Bockius set the stage, moderated, and provided insights and perspective to the event.

It was remarkable to see how all four entrepreneurs competed and collaborated, switched from offense to defense, parried and dodged verbal salvos. Although the content was staged, the interactions provided real insights into how issues are raised, objections neutralized, and agreements tightened at a negotiating table. Each entrepreneur was playing to win for his side, and as Charles pointed out, for the longer term as well because they would be working together in the new company and doing deals with each other later on.

Next week I'll share a list of the key negotiation take-aways from the session. For now, I want to point out how this experiment succeeded for Drexel's Baiada Center and how that might help you build a stronger business, as well.

Mark Loschiavo, director of the Baiada Center, took a risk in employing this format. It hadn't been done before. It wasn't the safe, predictible tried-and-true path of having panelists sit at a table on a stage and share their wisdom and experience about a particular topic. That format works. It meets expectations. It delivers some value.

What Loschiavo did with this Negotiation Tactics seminar was risky -- he really didn't know whether the entrepreneurs would actually complete a deal in the time allocated. Towards the end, the entrepreneurs introduced some creative twists to the negotiation that must have had the organizers scratching their heads wondering where they lost control of the seminar. And it's just that element of uncertainty that kept everyone of us in our chairs until the last minute of the negotiation -- we wanted to see how it turned out. There was unusual drama to the event and it was given time and space to develop that made this event so provocative and so much more valuable than a straigthforward panel discussion.

As an entrepreneur reading this article, you certainly can imagine that a scenario like this takes much more preparation to conduct than a panel discussion. It involved many more people behind the scenes and on stage to make it succeed -- from the management faculty who developed the framework of the simulated negotiation to the moderator to hold the ambitious group together and draw out the lessons learned.

Experiments are worth it. Even if the deal hadn't been made during the seminar, participants would still be talking about the fascinating conversations that took place and the tactics learned.

When you conduct experiments with your business, you learn to how to differentiate, brand, and communicate your competencies far better to your target audience.

A Program to Help You Grow

Small businesses and would-be entrepreneurs need all the help they can get. Networking, insight and free information can make the difference between success and failure. Small Business Development Centers are a national network of offices providing a resource to stimulate the growth and development of small businesses.

There are 1,100 locations across the country, including co-sponsors, like colleges and universities, as well as satellite and outreach offices.

Established in 1980 to spur job growth, the Small Business Development Center Program is a national effort financed by the federal Small Business Administration that offers businesses free planning, management and technical assistance. But generating publicity for the centers continues to be a major obstacle to their success.

Information about the center can be accessed through the Small Business Administration at 1-800-827-5722.

If you make the best use of the resources available to you, you’ll build a stronger business.