Getting from where you are to where you want to be

Every small business owner has visions about closing that one large referral client, who will help take their business to the next level. Large referral clients can accelerate the growth of your business, one does however need to realize, at what cost.

Far too often many business owners abandon their sales funnels when doing their best to close the big account. This is the first mistake:

1. Never abandon your sales lead generation processes altogether. You could reduce the time that is put into them substantially, but do not neglect them for an extended period of time. This breaks the momentum which is critical in moving your business along.

Pursuing a large client requires continuous engagement. When you have identified a certain need in the organization that you can fill, but the circumstances are presently not right to close the deal, do not give up. This is often the second mistake that is made:

2. Closing large accounts takes continuous effort, engagement and a lot of perseverance. Even if you get a flat out ”no” the first time around, do your best to remain connected in one way or other with the prospects. Ask the prospect to signup for your newsletter, monitor keywords to watch for activity in their space or perhaps send them a link or ebook that they might find helpful.

If you do not end up closing the sale, it is not the end of the world. Many business owners lose steam around this time and the business heads into a downward spiral. This is the last and most serious mistake that is made by small business owners.

3.It is most important at this point in time to do a recap of all the objections that were made, the materials or presentations that were sent over, also analyze any other factors that may have contributed to not winning the deal. Make the necessary adjustments, ask for feedback from mentors or even the client. Each “no” should make you stronger and push you that much further along the path to close the next big deal that comes your way.

*I write a bi-weekly newsletter on sales for Cloud Marketing Labs. If you liked this post I would encourage you to sign up for the newsletter.

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“The Question is Why” The Founders | TechStars Boulder | Episode 1 from TechStars on Vimeo.

I watched the latest episode of “The Founders” a short while back, this is definitely a series I would recommend to everyone, specially entrepreneurs. This series gives you a sneak peak at the ‘behind the scenes’  scenario of an entrepreneurship incubator. In it, a venture capitalist I follow (Brad Feld) , asks a group of entrepreneurs the question, “How many of you guys have not figured out how much money you are going to raise”. Far too many hands went up and it struck me that this question is really not given enough attention at all. As bootstrapping entrepreneurs, most of us look to raise a round of capital and more often than not, allocate an arbitrary number as to how much.

He goes on to say “At any moment in time, raise the least amount of money to reach the next moment in time that makes sense.” I thought about that statement for a long while, it made a lot of sense. I believe a majority of technology entrepreneurs envision raising millions of dollars and hopefully morphing into something like Google. We jump the gun, and this has been repeated time and time again by successful entrepreneurs;  raising “too much” funding” plays against you. By setting your round requirements with a tangible milestones that can take you to the next level, forces you to focus on creating a realistic trajectory for your business. Raising a round of funding is not an exit for the entrepreneur, it is actually an additional responsibility, that must be shouldered to reach the next milestone.

In conclusion, the ability to answer the above question, with a methodical and structured plan, will give a much more positive and reassuring signal, rather than telling an investor that you need to raise $X to reach the next milestone. Articulating your vision, as well as not forgetting to bootstrap, will not only help you validate your idea faster, it will enable you to remain agile and be able to pivot when things do not seem to be working as planned.

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This blog has been instrumental in my personal journey of self discovery, one in which finding my purpose in life was supreme. I don’t think I am there yet, but I have a feeling that I am getting very close to crystalizing the thought!

It started off with the core purpose being to build a company from an early stage startup to a global company. I do believe many of us entrepreneurs start off with a similar vision! Some of us do indeed make it all the way to the end! However, I found that the more I spoke to people who have attained great success in all aspects of life, I found that none of them had a central purpose that was not singularly driven by material acquisition. In fact, most individuals I have met who have placed this purpose at the center of their lives, are far from happy about where they are today!

There was however one thing I did know and that is … I loved startups. For the last 7 years I have been hacking away at startups… of all types. I have assumed a host of different roles and responsibilities and through this process, I have learnt about… myself. I have learnt what my strengths are, which areas I require assistance in and most importantly, learnt what I really enjoy doing on a daily basis. One of the most definitive personal achievement on this  learning curve has been discovering that I truly love what I do on a daily basis! Not only do I work for my own businesses, I also assist others in getting started and help them through the first couple of years of the business, a defining period to find one’s footing. This has then in turn slowly brought me to understand what I really want to focus on, which is the core purpose of this endeavor and journey. I have discovered that the core purpose  for myself,  is to assist individuals find career paths & professions that bring them a similar sense of satisfaction and enjoyment as I have found in the one I have selected. I have still not quite articulated and pinned down the entire bigger picture quite in the way I would like yet, but I know I am very close!

To accelerate this I have a new startup, which is currently in development, called Reevolo. Its core purpose is essentially to assist individuals in making more informed career decisions. It is quite remarkable how both these paths have merged. Over the last few years, I have been coaching individuals but always felt constrained by the number of hours in a day. I  became a certified psychometric consultant in 2007 and that was another major factor in learning about personality types and finding appropriate career fits. All of these experiences have culminated at this one point, where both these paths have remarkably converged. None of this would have been possible without all the support I got from my family, my awesome business partners, clients who helped me bankroll myself to date, this blog for being a place to articulate my thoughts and… a little bit of luck.

If you are reading this blog and have found your central purpose in life, I would really like to hear from you.

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Entrepreneurship is a tough business. If you start taking everything that is thrown at you, without putting up a fight, chances are that you will get steam rolled. This will happen whether you are in the right or not. The only option here is to be able to stand your ground. To do this,  several factors  need to be in place:

1. Stick to the stance you have decided to take,  no matter what. This could be in a negotiation, in a conflict or during a normal conversation. If you waiver from one opinion to another, know that you will be shot down. Defending yourself on one front is far simpler and more effective, than attempting to hold up multiple fronts.

2. Keep your words and thoughts in check. Sometimes in the heat of the moment, we may do, say or gesture something that can completely derail our position. This is another reason why it is important to defend a single front… it has a lower probability of error.

3. Being diplomatic is one thing, do not however be a push over. Often in many situations, we are placed in a difficult spot, where although we may be right, doing or saying something may easily offend someone on your team. However, when you think that  unfair advantage is being taken of a given situation, it is always better to voice your opinion  rather than creating similar opportunities for others in the future.

The odds often seem  stacked against us entrepreneurs to succeed! This means that the only people to break through will be those with maniacal focus, the ability to defend their ideas and tactics,  and work ways to keep moving forward. I personally think aggressiveness is instilled in most great entrepreneurs. Admittedly it manifests itself in different ways , depending on the personality of the person. I do believe however, that aggressiveness coupled with maniacal focus, and a strong competitive streak,  form the basis of a  basic entrepreneurship blueprint.

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A definition of  ’burnout’ I came across recently was “Burnout is the gradual process by which a person, in response to prolonged stress and physical, mental and emotional strain, detaches from work and other meaningful relationships. The result is lowered productivity, cynicism, confusion…a feeling of being drained, having nothing more to give.”

That sounds really serious. I’m sure that anyone who becomes that disconnected from everything around them, should take serious time out to reflect about what is really going on in their life. However, I see the term burnout being applied a lot more lightly and loosely these days. It has almost become an excuse for not working as hard as you can. Everyone has days when we feel we are carrying the weight of the world on our shoulders and do not know how much longer we will be able to hold up for. I am having one of those days today as I type this blog post. Juggling multiple projects that have suddenly been  activated after months of pursuing them, has become an extremely complicated and very exhausting exercise. The feeling of exhaustion that I feel at this point is not really burnout. It is simply a case of managing  time optimally to achieve the required results.

The last month has pretty much been 18+ work hour days… all week long! When I got into entrepreneurship and started carving out my own path, I was well aware that these would be my work hours. A good learning curve about working at these levels is, that it is also a test for all the people you work with. You get to know who copes well under pressure, who cannot handle it , who delivers on their targets and who does not. In my experience the only people who really make it through these periods are those who truly love what they do every day. Those who literally live and breathe what they do.

From personal experience,  I find the best way to bring some sense of balance to such strenuous periods is to reward myself when a set series of goals have been met. It helps me to push harder during these busier times, knowing that there will be a short term win around the corner!

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Airport pickups used to be really exciting when I was growing up. Over the years, with a considerably heavier traveling schedule across families and business, that level of excitement has decreased to an almost non-existent one. Today I had an airport pickup. I was picking up my mother whom I had not seen in a few months, and was really looking forward to seeing her again. The worst thing that can happen during an airport pickup is the dreaded flight delay or if the awaited luggage is the last piece to be off-loaded from the plane. Well it all went wrong today, and I found myself waiting for over an hour.

Thinking it would be a quick trip, I did not have any reading material with me, to top it all and an additional dreadful case scenario, my phone was dead after a long day at work. Although perforce, while waiting at the airport, I found myself enjoying the flurry of activity around me, one that is usually filtered when I have my phone/email on. The airport is actually a really interesting place. There are so many people, so many comings and goings, and each one with a fairly visible and different story line. Some that caught my eye were :

1. A father returning after a seemingly protracted business/work trip and the ensuing greeting by his immediate family. It is amazingly heartening  to see the expression on the faces of children when they see a parent after a period of time. After loud and loving greetings, when they passed me by on their way out, the children were already excitedly asking their dad what he had bought from them. It is really awesome to see this replay over and over again, bringing back fond memories….some scenarios are quite timeless.

2. The businessman turning his blackberry device back on, on the phone, finding his way to a cab or being received by someone from a hotel. In this scenario, there often seems to be a total disconnect by the person with the surroundings, and very often these people do not seem to be having the best of days. I hope I don’t look and act like that when I am traveling. Point to note for next time.

3. A son/daughter who has returned from college/summer break/holiday. Usually there are quite a number of family members who have come to welcome them back, and a series of hugs and kisses is a natural behavior. It is such a purely happy scene, those initial few minutes when a person exits the airport terminal and is met by people who matter to them. A very moving and feel good scenario.

4. The person who is lost and frantically trying to change the SIM on his phone, or trying to find a pay phone to inquire about the people who are supposedly picking him/her up. I counted 3 such cases tonight and it was sad to see. I could relate to what Juan Mann of the Free Hugs Movement really meant when he spoke about the emptiness he felt during one of his many trips in and out of airports when there was no one there to meet him. If you don’t know about the movement I would definitely check it out.

5. The person you are waiting for arrives! At first you see them from a distance but it is only after you give them that first hug does the connect register with elation. There is that immediate catchup on the flight and how you have been, time flies at this stage …. and you are all back home, together again .

In an increasingly ‘connected’ world, I feel we are rapidly disconnecting from real connections, those that make all the difference to us in the real world. If I did not run out of battery on my phone today,  I doubt I would have written this post. I felt it was important to write about this learning experience as it taught me, again,  about all that we filter out on a daily basis with our ever increasingly connected lives. Our work seems to consume us (especially for startup entrepreneurs) and we find ourselves living, increasingly out of the present rather than in it. I hope this blog post serves as a reminder to me in the first instance about what I am missing out on a daily basis, and then to those who are reading this and have not ‘disconnected’ from their ever connected lives for a while.

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Whilst growing up I was torn between becoming a high powered investment banker or a business owner. Looking back now, there were several signs that I would in all likelihood choose the latter, on account of  the things I enjoyed doing. For one, I started saving when I was around 10 years old. By the time I was 12, along  with some school friends, we came up with the idea to draw and create our own comic books and sell them. There were three of us,  2 of them excelled at drawing and I was the sales guy. That soon lead to us finding an opportunity to source and sell comics to other kids at school.

When I turned 15,  my grandfather introduced me to the stock market and the fundamentals of investing. Through this I learnt some valuable life lessons about making, and losing money. It helped that my father was a business owner, and conversations around the dining table were usually around related topics. Looking back now, the opportunity to be introduced to these concepts at such a young age was a great boon and boost for me. These lessons have helped me most definitively along my entrepreneurial  way.

I recently came across this Ted Talk. I could totally relate to where the speaker was coming from. This talk has some great tips and advice for parents on how they can help their kids along this life journey.

I believe the take away from this video is, that we should encourage our kids to pursue their strengths from a very young age. Whether it is playing an instrument, a sport or the drive to be a business owner. If we provide them the necessary guidance from a young age, we give them the opportunity to find their passion early in life. Additionally, mistakes made at this age are a lot cheaper than those made later on in life!

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There is a certain energy that surrounds people when they are doing something in life they truly care about. Whether it is building companies or cooking for friends/family. Over the course of the last few years, many of my friends from college and high school have entered the real world and a large majority of them don’t really like what they do everyday. It pains me to see this, at the same time, there is a very little that I can do…..or so I thought! The deal with being an entrepreneur is that when you see a problem,  once too often, it is almost a reflex action to try to figure out how  to solve it.

The answer to the question “What do you want to be?” is one of the problems, that almost everyone has experienced and perhaps still experiencing. It is a tough question, by not answering it to the best of one’s abilities, leads to having  to pay a heavy price for it during the course of our lives.

A few months ago I sat down and begun to deconstruct this question, to  find the root cause why so many people are unable to answer this question effectively, very often leading to lives of diminished self satisfaction.

1. Career choices are made on the basis of what a salary package or, how big the brand is. Job description comes in third. As a result, chances are you will end up doing something that you don’t really like too much.

2. Lack of insight into our personal set of strengths and weaknesses. Rather than leveraging on our inherent strengths , we develop skill sets to help augment our salary packages. These skill sets are often far from what you are truly good at doing. For example, someone who starts to learn programming ,when what he/she truly excels at,  is meeting individuals , interpersonal skills, and selling.

3. Lack of information regarding career paths we want to choose. Say you want to become an entrepreneur, an investment banker or, a chef. The places you would have to go to get information regarding these career paths, will probably not be in the Top 20 results of Google. Good information is usually hidden or not freely available. We  are hence, more often than not, inadequately armed to make an informed career choice.

4. Inability to access experts. Wouldn’t it be great if you could sit down with an entrepreneur who has been building successful businesses for 10+ years? However,  most of the time we are limited by the size of our personal network , access to such experts is difficult and in some cases,  not possible at all. This once again stops us from actually pursuing the paths we want to.

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Armed with these thoughts I wondered if we could do something to help alleviate some of these pain points , and make it easier for individuals to make more informed career choices.

As a result www.reevolo.com was born.

More about Reevolo soon.

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Since the morning of Jan 1st 2008, this blog has been a part of my daily routine. It has become a place I come to share all that I learn along the way, and to structure those thoughts with a greater level of clarity. It has  become a refuge from my daily routine, and has helped me in so many different and empowering ways to grow as an entrepreneur. No matter where you are in life, no matter what you may be doing,  integrating a blog into your daily life can, and does in my experience, bring immense clarity to life’s path. If you are not blogging, I strongly recommend that you start, sooner,  rather than later.

Over the course of these last 30 or so months of blogging, my blogging frequency has reduced periodically. From blogging every single day in 2008, to every other day in 2009,  and now in 2010, a fairly erratic posting schedule so far. I think one of the main reasons for this more infrequent schedule of posting is due to the type of content that I was concentrating on. Rather than random blog entries, I did my best to focus on a single topic, and then talk about it at length. The problem with these sort of blog posts is that they take a lot of time to write. Lately, I have been thinking that I will start writing a little more generally about the world of entrepreneurship , as well as  articles around specific topics, whenever I get the time. I want to keep this blog alive , and hope this transition will be a refreshing change from the past and one that my readers will enjoy.

The next couple of posts will be a recap of the last month. I have been involved in some very exciting new projects  this month, and may have finally found the one meaningful startup idea that I was looking for. It has been a long time coming, is still very much at an early stage right now, but I would really like to document the journey as we grow. I am hoping to post every second day starting from July 1st. The next 2 weeks will be a good gauge of whether this will be possible or not. If there are any topics in particular that readers want assessed,  please do email them to me and I will do my best to write articles around them soon.

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I just watched Simon Sinek’s Ted talk and was blown away. For those who have not watched it yet, please do so before reading on.

Some of my most popular posts on this website are related to finding your true calling in life. To find that ‘something’ for which you can wake up every morning and feel alive. Whilst watching this talk, those posts were resonating in my head as I made sense of what the talk was all about. Finding your WHY can truly change your life! This clip got me thinking about my journey so far. Some 10 years ago, I thought knew what I was going to be…. an investment banker. It just all made perfect sense. Here was a job that offered everything anyone on the cusp of turning 18 wanted. Lots of cash, fancy cars, gadgets, the works…before you even hit 30. In a world of instant gratification it almost made no sense to think of any other path to pursue.

So I chose finance as my major in college and  thought, after 4 years I would be well on my way. During the summer before college, I got  an opportunity to work in the investment banking division of a very large player in this space. I thought this was the ultimate, yet, I quit before my first week was up, disillusioned with what I saw and heard during those few days. Something just didn’t ‘feel’ right, and the thought of doing what I saw people do everyday there, for the rest of my life, was too depressing for me. That summer, I changed majors and switched to economics and a new minor being offered, technopreneurship (A course that deals with the commercialization of new technologies). A last interesting tidbit,  upon graduating I had a chance to get back into the world of finance but turned it down to go my own way.

I was slowly discovering the WHY in my life. The reason I choose to stick to the entrepreneurship path is because it challenges me daily to push myself further and to put my neck on the line, time and time again. Having had my share of successes and failures, I realize it is not the easiest job in the world, but for me, and many others, it is certainly one of the most gratifying. Even though I have yet to find my Google or Twitter, I have several products in the wings that I am really hopeful about. You can have a sneak at one of them,  Reevolo.

p.s My blog design update is much over due. I hope to have it up soon so as to properly showcase all the projects I am working on.

p.p.s I would like to thank all my family, friends, partners, investors & mentors who have helped me reach so far. None of what I have achieved would have been possible without your support.

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I am pretty sure most business owners are trying to figure out how to leverage social media to start generating leads for their business. I have been studying this space for a while,  at the same time, I have been advising and coaching several companies on strategies they could use to leverage social media in the most beneficial manner possible for them. Very recently I have partnered with Greg Digneo,  the founder of Cloud Marketing Labs, who works in the same niche, to push these strategies out to a global audience. To do this, we have put together a 30 Day Social Media Marketing Plan that will give business owners a structured plan on how to get started.

With so many options and tools at your disposal, it does become a minefield to navigate through, and many of the tools will not be ideal for the business you may be operating in. As such, the plan that we outline will touch upon basic tools we believe should form the foundational layer of any social media. This will provide business owners the ability to scale this plan according to their needs and requirements.

We are hosting a free webinar on the May 25th, 2010 which will introduce everyone to the plan and its components. After which, all registered participants will receive a copy of the plan which will enable them to start implementation right away! If this is something of interest to you or your business please register for the webinar below.

http://www.cloudmarketinglab.com/socialmediaplanwebinar/

For all entrepreneurs or entrepreneurs to-be reading this blog, it is a good component to add to your existing or new marketing plans. If there is anything in particular that you want covered in this webinar, please let me know and we will do our best to include it. Look forward to seeing you all at the webinar!

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Life as we know it, is short. Standing on the sidelines waiting for the ideal time to step into the playing field to take your shot, often results in being left behind. Wondering what could have been, is not a position you want to find yourself in. This does not apply only to starting your own business, I do believe it should be applied to life as a whole. Playing it safe may save you from the bruises and scars of falling down, but it will certainly not teach you how to stand up again when you do fall.

I got an email from a reader today asking me “Is this the right time to start my business?” My answer to this question is always, if you think you have found something that you can be committed to for the next 3-5 years, then, there will never be a better time! Personally I believe that, passion and commitment to your venture are the only two forces that will help you keep your spirits high when, often enough, all seems to be lost. When you take this path, you have to do so understanding and  accepting that…. “I might fail”. To add another favorite quote “You miss 100% of the shots that you do not take.”

We need to make a habit of stepping out of our comfort zones. We need to embrace the feeling of vulnerability that comes whenever we do so. If you are not living the life you truly want to live, this may just be the best time to start pursuing the path you always wanted to.

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Successful entrepreneurs are those who have the ability to see rising trends and develop business models to take advantage of emerging  opportunities. It is certainly true that some people have a gift of being able to see trend lines before others, as well as spot opportunities where others believe none exist. I do however feel that most anyone can see such trend lines if they seriously keep their eyes open and their ears to the ground. With the emergence of platforms such as twitter, global news sites and private communities, all of us today have the tools we need to take advantage of these exciting new opportunities.

Some of my favorite reading spots for new trends are:

1. Twitter: Following venture capitalists such as @Fredwilson, @brad & @cdixon provide deep insights into the businesses that are getting funding and why. Other sources like @TechCrunch, @SCOBLEIZER & @Mashable provide great content on the latest happenings in the startup and business world. Whatever your passion may be, there are a host of authority figures on twitter who write about the space that you are interested in. It is then up to you to find out who they are and interact with them.

2. SpringWise: The entire concept of finding new trend spotters from all over the world and aggregating all that data onto one website is very neat. This website helps to stretch the imagination and gives a lot of food for thought for your newest invention, product or service idea. Chances are that if you are thinking about something, someone, somewhere around the world, is not only thinking about it as well, but even building it.

3. Mixergy: Andrew Warners podcasts are absolutely brilliant. He speaks to successful entrepreneurs from all around the world and asks them to elucidate their insights on their route to success as well as their insights on current trends. This not only gives entrepreneurs blueprints for success, it also give them a deep understanding into how leading entrepreneurs think and where they think trends lines are emerging.

Apart from these sources, keep abreast with the latest books, blogs and articles in your area of interest. I know this is a lot to digest, but if you integrate them into your daily routine it becomes a lot easier to manage with time and slowly you will find yourself at the forefront of the latest happenings and trend lines in areas you are most passionate about.

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It has been an absolutely crazy first quarter. With an unending series of ups and downs, my days have been merging one into another at break neck speed. Whilst reviewing my blog history I discovered that a post such as this is repeated at least once a year when I cannot believe how quickly time is flying by. I am so very grateful for all the opportunities that have come my way and all the individuals who have supported me during this time to make it all a reality. Entrepreneurship is definitely not the easiest path to choose in life but it certainly brings in an enormous amount of satisfaction on a daily basis. Everything in life is a direct result of the actions we take on a daily basis. If we do not like what is happening around us, then the only person to blame is ourself.

This probably explains why so many entrepreneurs who have this very strong inherent competitive streak operate the way they do. We treat almost everything as a race , this is not necessarily a healthy streak, but,  it is what makes us tick and work 20 hours a day for months at a stretch. It is this very streak that very often makes us lose all  track of time and things that are happening all around us. I was asked a question today,  it was , once I achieve certain milestones or goals I have set for myself, what would I do next?  My almost immediate and spontaneous reaction was that I really would not want to do anything other than what I do today! Working with startups and small businesses, helping them grow from the ground up and often creating a laudable entity provides an immense sense of satisfaction and accomplishment.

I digress. Apologies for not being able to update the blog regularly. I should be returning to a normal posting schedule in May and will be introducing many of the projects that I am currently working on to get your feedback and suggestions. I want to thank all my loyal readers  and hope to connect personally with a lot more of you and, be of assistance or find ways to work together.

p.s I am also looking for entrepreneurs who want to guest post on this blog. Please do get in touch with me at blog (at) usmansheikh.com if you are interested. Thank you!

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