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The Power OF Teams-Learning From Failure

The power of teams are awesome! At the end of February, as part of Start Up Gap, we gathered a number of authors and entrepreneurs together for the purpose of writing a book together. Instead of just showing small business owners how to develop their business, we wanted to create a project that would help them build their audience and leverage their brand.

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Social Networking Minute: Power Scheduler App

This weeks Social Networking Minute focuses on the Power Scheduler App available in Google Play. The video below is from my Samsung Galaxy S3.

If you are like me, and need to remove distractions then removing your phone as a distraction at certain points in the day can be very helpful if you are potentially distracted by phone calls and emails.

To help you manage, use apps like the Power Scheduler app to stay focused.

Social Networking Minute: Power Scheduler App

What Your Childhood Says About Your Business Sense

Upton Sinclair’s novel Oil! is the story of two children, a daughter and son, of an oil millionaire. It is a study in character, and in that respect there is something else fascinating about it. Written in 1927, during a time when worker’s rights were barely beginning to gain steam, the book explores the second born son’s growing obsession with social justice. The first born is largely concerned with using her father’s money to build the business and maintain her status. Yet both retain aspirations to make it on their own.

This observation is not new, it’s actually well documented that you are more likely to start a company when you are the first born. It’s also totally in character for the second born to be more concerned with human rights and to pursue more unorthodox efforts. The question is what chances the second born children have of starting their own companies, and whether upbringing can affect that.

Birth Order

Wooden blocks on newborn babyBloomberg suggests that first-born business owners are likely to be more extroverted and confident than their younger siblings. First-borne are also more dominant in their actions and tend to enact plans that they follow through on. The down side is that they are also more susceptible to the fear of losing their status.

As for second-born children, their ideas tend to embrace a more creative side. Jobs that focus on relationship building, creative pursuits and public outreach tend to go to second born children. So while a first born may be more analytical, the second born is capable of forming lasting relationships better.

Fortunately, birth order doesn’t seem to affect your ability to raise money, that tends to fluctuate by person and location.

Parental Lessons

Financial lessons from your parents directly affect you as an entrepreneur, regardless of what order you were born. If your parents owned their own business, you are more likely to pursue your own career and work for yourself. Robert J Findlay, a leading business development professional, notes: “If you are trying to teach your child that success requires hard work, you should model this lesson in your own endeavors.”

Like father like son doesn’t stop there, females show an even higher likelihood of starting their own companies when they have mothers who work for themselves. Practice good money management with your children and teach them as they grow. Trying to bombard a preschooler with advanced retirement planning will largely confuse him; wait until he begins to work with more complicated numbers.

Prepare real life examples that children can change, like spreadsheet formulas where kids can alter the numbers or budget apps on an iPad that show color-coded spending habits.

Education Matters

Higher education affects your likelihood of founding a company, but nottext lead learn in the way you think it would. Entrepreneurs tend to make a choice about their future and it happens right around 25. At that point, with a bachelor’s degree, many opt to start their own company. Some of those degree holders will also work in the marketplace for a while, when they can find jobs, then return when they hit 30 to start their own company. That group joins the well-educated bunch who also tend to wait until their 30’s to start companies.

Science and engineering degrees were the most popular amongst start up founders in a Tech Crunch survey. Founders are also more likely to volunteer, take AP classes and skip grades.

If you’re not a first born, don’t fret. Parents who invest in their children, nurture strong study habits and good discipline raise hard working adults. Don’t be afraid of being creative and let someone else handle the rigid work, one of an entrepreneur’s great strengths is learning to utilize one’s assets.

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The “Stumbled Upon” Business

Depending on how quick you are to pick on a retail cue, the chances of you stumbling upon a new business idea in the process of going about your main line of business can be potentially beneficial. A stumbled upon idea in business happens when you observe a viable pattern of consumer behavior related to a certain product or service you offer. That when taken out of its original context, keeps its viability intact despite being divorced from its original product equation.

Take a well-known restaurant offering grilled barbecued ribs, for example. You might find it so successful owing to its signature dish, in this case, the barbecued ribs. Patrons flock to the joint to enjoy its luscious goodness and the good times associated with dining in it. This is the main line of business. Whoever it is who came up with the great barbecued ribs recipe did a real good job of it. Word of mouth goes around fast and the joint fills to the rafters with diners day in and day out having their fill of the house’s specialty.

Consumer provocation

There is more, however, to the barbecued ribs recipe — the sauce. Not only does it enhance the taste of whatever grilled meat you lather it with, it is also another great concoction made up by the same guy who invented the barbecued rib recipe. Along the way of the barbecued rib’s success, people also found the sauce that goes with it equally good. In fact, it’s been made in such a way that the marinade that went into the making of the barbecued rib was meant to complement all the flavors of the spices that went into the making of the sauce’s recipe. Its creator thought it up that way believing it was the best way to come up with a barbecued rib configuration so inimitably good. So good that naturally, its maker often gets to be asked by patrons: “Where do you get this stuff and can we buy some?”

The light bulb moment

Business owners can sometimes encounter such unexpected business ideas “suggested” by customers in the course of their constant rapport. Such occurrences occasion light bulb moments for those running companies always on the lookout for potentially viable new product ideas. In the case of the barbecued rib sauce, its creator can consider turning one vital element of the barbecued rib configuration into a stand-alone product. It has, after all, proven itself to be an essential ingredient in the main line of business’ success as restaurant grilled food fare.

You can further take the viability quotient of this sauce into a much bigger equation outside of the restaurant fare configuration it currently sits in. What if this sauce is manufactured in larger quantities, bottled, packaged and marketed separately as a supermarket food item? Something to go with perhaps other food aside from its barbecued rib combo. If you can market it as something like ketchup or steak sauce, then probably it would be just as viable.

The big leap

Some stumbled upon business ideas can be turned into new business models, products or services by virtue of its being independently viable. The barbecued rib sauce starts out as a complementary feature to a restaurant’s signature dish. When mass-produced and sold as supermarket or grocery retail item, it increases its viability a thousand-fold. Imagine such product being packaged for mass consumption and with perhaps even a RingCentral toll free number. The big leap it makes from one food industry sector into another much bigger as a stand-alone commodity bearing its maker’s brand is a beneficial one. It definitely provides more leverage for its creator in terms of the possibility of expanding into other similar lines of products to follow in the path of the barbecued rib sauce.

Author’s Bio:

Henry Conrad is a 29-year-old game developer from Albuquerque, New Mexico. Aside from gaming and being a tech junky, he also dabbles in creative writing, which allows him to create great storylines and backgrounds for his characters. . Follow me on Twitter and join me in Google +

Online Revolution: How The Internet Has Changed The World

The power of the online revolution that has taken place over the past 13 years has been staggering. As we evaluate how to best use the internet for our business, let understand how the internet changed our world.

How the Internet Changed the World