New: Understanding Fear & Opportunity

Neophobia is the fear of new places, things and experiences. We all have it. It's a natural survival instinct. The fear of new is the reason most people lead a predictable life - do well in high school, graduate from a good college, do work that supports a fraction of a desirable lifestyle until retirement age. Entrepreneurs somehow figure out a way to trick their brains into believing the reward of doing what is new is greater than the predictability of the American dream. However, we are no less fearful than our "life-in-a-bubble" counterparts; we just process fear differently. The hardest decision an entrepreneur will ever make is new.

The implications are too much to deal with:

* Are my competitors leaving me behind?

* Do customers really find what I do valuable?

* Am I charging enough?

* I've been selling the same widget for 10 years, is my service/product ready for a brand new generation of consumers?

* My industry is shrinking, how will I maintain the lifestyle I've created and stay centered on my core values? 

* Have I lost touch with why I even got into this business in the first place? 

I don't care who you are, none of those questions are easy to answer. Consequently, most people are so afraid that "new" will be the answer to all of those questions that they don't address them until they're looking at a business that no longer represents their vision or values or the out-of-business sign.

Fear of the unknown is most often a fear of misguided or potentially unfulfilled expectations. Changing ones perception to view "new" as a serious of small, consistent steps over the lifespan of the company will dramatically reduce the fatal grip of unqualifiable expectation. In other words, you learn as you do and that makes it easier to do more because you learn more.

Success is an algorithm, developed over time that yields predictable and measurable outcomes. Look at any company we consider successful and you can see it. They've found the sweet spot - a risk/reward balance that placates the neophobia that is inherent in all of us. The point of this post isn't to help you find that balance but challenge you to create new algorithms. To do this you need to position in such a way that it is always taking small, calculated steps towards answering the hard questions, which is where opportunity lives. In other words, embrace the fear of "new" and you'll find opportunities. This isn't easy to do but you and I both know it's absolutely detrimental to your survival in this fast-paced, show me why you're worth the money, 50 million people have the same idea economy.

I'll leave you with these quotes:

“Life can either be accepted or changed. If it is not accepted, it must be changed. If it cannot be changed, then it must be accepted."

- Unknown

"People always fear change. People feared electricity when it was invented, didn't they? People feared coal, they feared gas-powered engines....There will always be ignorance, and ignorance leads to fear”

- Bill Gates

Posted via email from Wes & Steve are The Dumb Kidz?

This is *AWESOME* Branding!!!

I received this email a few minutes ago. I liked it so much I had to share it with you. It's one of the most creative ideas I've ever seen. A lot can be learned from what he's done.  

_____________________

Hi Wes,

My name is Jay Kell and I'm one of the owner/winemakers at VERGE Wine Cellars.  We're a small wine company based out of Healdsburg, CA in Sonoma County.  Periodically, I check out other businesses named VERGE and yours came up.  I really dig the coIn idea and would love to send you a bottle of two of my 2007 Syrah.  If you like it, perhaps we could work together in the future on any parties or gift programs you may have a need for.

Bottom-line, I like the name of your business and that alone deserves some wine!

Our focus at VERGE Wine Cellars is to produce Syrahs from vineyards that are on the edges of appellations and that only grow organically/biodynamically.  Mike Brunson, who is also the head winemaker/vineyard manager at Michel-Schlumberger, and I make the wine together. The 2007 Syrah is from Bradford Mountain in Dry Creek Valley with vines that have been farmed without pesticides since 2003.  It is also one of the oldest Syrah vineyards in Dry Creek. We made around 450 cases.  Our previous vintage was named (Feb 2010) as one of the Top Syrahs of the Year in Wine & Spirits.

Please let me if you'd like me to ship you some wine as well as an address and contact info.

Nice to meet you!

VERGE Wine Cellars
4085 Westside Road
Healdsburg, CA 95448
707.490.4585
http://www.vergewine.com

Posted via email from Wes & Steve are The Dumb Kidz?

Building Ideas out of Experiences

Contrary to popular belief, innovation is less about cleaver ideas than it is your thought process. To be more specific, innovation requires you to turn your personal memories and experiences into empathetic solutions that enhance the value of your product or service for consumers. Consequently, these solutions increase value and profitability to your stakeholders. These are some very complex issues to balance and are very difficult to successfully pull off. It requires that you be in constant communication with your consumers, while also learning as much as you can about anything you can. 
 

If you've never heard this explanation of innovation before don't panic. Many entrepreneurs are pretty much clueless of what innovation actually is, even more its role in their business life cycle. Over the next few paragraphs a much clearer picture of what innovation is and why it's important will emerge; however, don't expect to leave with a clear cut conclusion; that's really not the goal of this. The goal is to get you thinking again. 

Cognition is the mental process of converting information from thought to knowing. Our senses are typically used to gather the information which is processed but observation is needed to first draw conclusions, then organize those conclusions into factual statements. The statements are cataloged within the brain and are drawn upon during times of uncertainty, i.e. problem-solving. You may be asking, “what does this have to do with me and my business?” but please, bare with me. It’s important that you understand how questions are formed first.

As new information is processed, we conduct a series of rationalizations which categorizes the information into segments. The information that is placed into these segments is categorized as previously known facts or new and unknown observations. At this point questions begin to form as we try make sense of the unknown observation, as well as understand how they correlate to what was previously known. Because questions are the precursors and “guardrails” of innovation, you can see why cognition is an important process to understand.

Following the logic presented here, one must now begin to wonder, “how can increased cognition influence my output of innovative ideas?” That’s a good question! You must intentionally expose yourself to new information about your consumers through various forms of ethnography (observations). Questionnaires, focus groups, field tests, surveys, statistical analytics, trend reports, etc. are all great ways to observe your consumer.

Understanding the relationships which exist between your business and your consumer takes constant observation. Information that will be useful to you as you consider innovation is how the consumer uses your product/service/technology; reacts to changes to your product/service/technology; rate of acquisition of your product/service/technology; declines in usage of your product/service/technology (maybe due to competitors or obsolescence), among other things. The information you gather as a result of your observations should be analyzed, but it is the cognitive process you go through to analyze that information that will lead to the question which will fuel your innovations.

The information that you gather is totally obvious at this point. In fact, any of your competitors that engage in primary or secondary market research will have access to the same data.In today’s world; especially with the advent of social media and crowdsourcing, reliance on the obvious won’t solve your problems or increase sustainable value to the consumer. It will however give your competition the opportunity to one-up you. An alternative use of this information is to use it as a starting block for the discovery the “peripherals” (abstract characteristics of a defined demographic which can be used to create niches within a market i.e. apple iPod).

I've thrown a lot out there, so let sum things up: peripherals are discovered by asking the right questions. Questions lead to innovations. Innovations come from observations. Observations are used to expose relationships, which come as a result of cognition. Cognition is a mental process which leads to the discovery of relationships by converting information, known and unknown, into usable knowledge and understanding

 

Posted via email from Wes & Steve are The Dumb Kidz?

The Strategy and Experience of You

You ever stopped for a second to consider how the brands you buy got your attention? Furthermore, have you ever considered why you continue to buy?

I would argue that the answer to both of those questions is strategy and experience. The company that created whatever you bought actually had you in mind when it created it. Everything from the price to the colors of the packaging was designed to appeal to you and the circumstance you were in when you decided to buy it. Recognizing the frequency by which those particular circumstances would occur led the company (or consultant in many cases) to design a user experience that would more often than not make you a repeat buyer.

Marketing and advertisement don't create loyalty and repeat customers. Well thought out and executed user experiences do. Websites and applications alone don't create convenient ways for customers to interact with you and you with them. Well thought out and executed user experiences do.

Logo's and other brand communications don't increase your competitive advantage. They're not sustainable ways of "stealing" market share. Their needs to be a strategy behind it.

We're all apart of someones strategy. A unique experience was crafted just for us way before we ever laid eyes of the products and services we can't live without.

The next time you have a great idea you think the market place needs, keep in mind the ways you've been sold. Think about the products and services you could never do without. Consider the thought that went into that loyalty. Write down the steps of your decision making process. Adapt, augment, and reposition those steps to reflect the goals of your new idea. The most important step of them all is to complete these tasks from the view point of the consumers you are trying to provide value to. Never forget that step.....it's the first one.

Posted via email from Wes & Steve are The Dumb Kidz?

The Strategy and Experience of You

You ever stopped for a second to consider how the brands you buy got your attention? Furthermore, have you every considered why you continue to buy?
I would argue that the answer to both of those questions is strategy and experience. The company that created whatever you bought actually had you in mind when it created it. Everything from the price to the colors of the packaging was designed to appeal to you and the circumstance you were in when you decided to buy it. Recognizing the frequency by which those particular circumstances would occur, led the company (or consultant in many cases) to design a user experience that would more often than not make you a repeat buyer.
Marketing and advertisement don't create loyalty and repeat customers. Well thought out and executed user experiences do. Websites and applications alone don't create convenient ways for customers to interact with you and you with them. Well thought out and executed user experiences do.
Logo's and other brand communications don't increase your competitive advantage. They're not sustainable ways of "stealing" market share. Their needs to be a strategy behind it.
We're all apart of someones strategy. A unique experience was crafted just for us way before we ever laid eyes of the products and services we can't live without.
The next time you have a great idea you think the market place needs, keep in mind the ways you've been sold. Think about the products and services you could never do without. Consider the thought that went into that loyalty. Write down the steps of your decision making process. Adapt, augment, and reposition those steps to reflect the goals of your new idea. The most important step of them all is to complete these tasks from the view point of the consumers you are trying to provide value to. Never forget that step.....it's the first one.

Posted via email from Wes & Steve are The Dumb Kidz?

The Strategy and Experience of You

You ever stopped for a second to consider how the brands you buy got your attention? Furthermore, have you every considered why you continue to buy?
I would argue that the answer to both of those questions is strategy and experience. The company that created whatever you bought actually had you in mind when it created it. Everything from the price to the colors of the packaging was designed to appeal to you and the circumstance you were in when you decided to buy it. Recognizing the frequency by which those particular circumstances would occur, led the company (or consultant in many cases) to design a user experience that would more often than not make you a repeat buyer.
Marketing and advertisement don't create loyalty and repeat customers. Well thought out and executed user experiences do. Websites and applications alone don't create convenient ways for customers to interact with you and you with them. Well thought out and executed user experiences do.
Logo's and other brand communications don't increase your competitive advantage. They're not sustainable ways of "stealing" market share. Their needs to be a strategy behind it.
We're all apart of someones strategy. A unique experience was crafted just for us way before we ever laid eyes of the products and services we can't live without.
The next time you have a great idea you think the market place needs, keep in mind the ways you've been sold. Think about the products and services you could never do without. Consider the thought that went into that loyalty. Write down the steps of your decision making process. Adapt, augment, and reposition those steps to reflect the goals of your new idea. The most important step of them all is to complete these tasks from the view point of the consumers you are trying to provide value to. Never forget that step.....it's the first one.

Posted via email from Wes & Steve are The Dumb Kidz?

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By a raise of hands, how many people have ever been paid to develop a good idea? Kudo’s to those of you that have, but if you’ve not been given that special privilege and you have an idea worth money, BetaFish is here. 

If you’ve ever wasted 3 months crafting an iron clad business plan, only to be smacked with the reality that no one cares about what you’re trying to sell them. BetaFish is here. 

BetaFish is an incubator on steroids. We’re combining the benefits of a Coworking space (community, collaboration, openness) with lean startup methodology, to connect smart and talented people to investment opportunities faster than ever before in Delaware.

The idea is to find five, 2 person teams with a super cool tech idea; pay their living expenses for 90 days; give them space at coIN to build their “widget” and collaborate; and also provide the opportunity to pitch to accredited Angels and V.C’s when completed.

Organizations like Y-Combinator in California, DreamIT Ventures in Philly, andTechstars in Boston, are killing it right now. Coworking spaces like Gangplank,IndyHall, and The Factory, all have an steroidal incubator too.    

I’d like to assume you already know what Coworking is, so I’ll briefly explain what lean startup methodology is all about.

Eric Ries is the grandfather of the term lean startup. He’s a 31 year old engineer,entrepreneur and blogger. The principles of the methodology are based on the lean manufacturing process, which was made famous by Japanese factories decades ago. The thought behind the methodology is to reduce waste, increase manufacturing efficiency, communicate with consumers to better understand their needs, and thus provide better value in a shorter period of time. BetaFish is no different. We’re all about building more and BS’ing less.

The Lean Startup process makes entrepreneurs focus 100% of their efforts on completing tasks that are absolutely vital to the progression of the idea. Traditional incubators teach startups how to write business plans, when in actuality, startups don’t need a business plan…they need a scalable, and repeatable business model. They need to focus all of their time on product and customer development. They need to rapidly test, fail, learn, and build new ways to generate money from day one so they can afford to perfect their products as customers give feedback.

There are 3 stages to the Lean Startup process:

• Customer Discovery: Ideation (You’ve found a problem. How do you solve it?) 

• Customer Validation: Who will Pay? (You’ve started building a solution, but who will actually buy it? Why?)

• Customer Creation: Growth (Products a hit. People love it. How do you sell more without going broke?)

Our 90 day program will lead participants down a straight and narrow path from idea-to-marketplace. We’re providing them with every resource they’ll need to formalize their idea, incorporate, set up their books, solidify their marketing plans, acquire early adopter consumers, build a scalable product, and connect with investors willing to invest. The only requirement we ask of our participants is that they are fully committed to nothing else, but building their product and perfecting their business models, as well as, working at coIN 3 days per week between Monday and Friday.

When all goes well, we’ll be kicking out 2-3 funded companies every 90 days! Delaware will truly never be the same!

Stay tuned for more information.     

Posted via web from Wes & Steve are The Dumb Kidz?