Assess your Business Mind with 1 Question…

Posted on September 15th, 2008

I want to share a question that one of my good friends asked me.  He knew I fancied myself as a bit of an entrepreneur, and wanted to test my acumen.

This same question was asked to the top 30 managers of a large company to determine who of them was to be promoted to an Executive position…only 1 of them got it right.

So here it is…

The Scenario

One night, you are out driving in a remote area that is far from the city centre.  Its an extremely cold and stormy night, with buckets of rain and hail coming down.  You pass a bus-stop in the middle of nowhere and notice that there are 3 people huddled together, sheltering under it.  Now you can only pick 1 of them up in your car, as it is a 2 seater.  The region is so remote that calling for help would be futile. The question is…which of the following 3 people would you pick up?

The first person is the love of your life.  If you leave them there, then you are guaranteed to lose your soul-mate and never find true romantic happiness.The second person is a 40-something year old lady who you do not know.  She is bleeding to death, and unless you pick her up - she will surely die (The area is too remote to call an ambulance).The third person is your best friend.  He has saved your life in the past and this could be your one chance to pay him back.

So who do you pick up?

I thought about it long and hard.  And I finally chose the dying woman.  I rationalised that I wouldn’t be able to go on knowing that I could have prevented her death.  I did not give the correct response…

The Answer

Give the keys to your best friend, and tell him to drive the dying woman to a hospital.  This saves her life, and allows you to repay your best friend.  It also allows you to stay at the bus-stop with the love of your life!

It’s not hard to see why the individual who answered this correctly was promoted to be an executive.  The correct answer involved some outside-the-box thinking, which is a critical trait for an executive to have.

The question specifically asks “Who would you pick up” and not “What would you do” to test your ability to think outside the given parameters.

The ‘outside-the-box’ part of my brain must eat some humble pie and get back to the training grounds!

Call of the Entrepreneur

Posted on August 13th, 2008

Inspirational stuff…(thanks to Dima from WhoIsDimaK for putting me onto this one!)

Networks for Young Entrepreneurs

Posted on August 5th, 2008

A great suggestion for a post by one of my readers was to do a bit of a roundup of all the various forums/networks/communities that a young entrepreneur can attend to meet and mingle with like minded individuals.

Hooking you up…

Online Forums

Free Business Tips - This is one of my favourite Australian Business forums.  Lots of small and medium business owners to chat to…

Aussie Tycoon - A forum for Australian entrepreneurs…need I say more?

Joint Venture Notify Pro - If any of you are seeking JV partners for ANYTHING…look no further. This is an international site, but there are a large number of Aussie’s within this community.

Warrior Forum - My favourite Internet Marketing community.

Real World Gatherings

Meetup.com - This is a site that allows you to find groups that meet on any given topic.  Search your City and find people that congregate for Entrepreneurial adventures!

The Hive - A Melbourne based entrepreneurs group that meet on the 1st Tuesday of every month.  Come down for a drink and chat…I’m usually down there!

Agents of Change - A Melbourne University based Entrepreneurs club.

Add to my list!!!

Spend Less Time - Achieve More

Posted on July 30th, 2008

Anyway’s if you have been living under a rock and haven’t been keeping up with my rants - then you would have missed my 1st post on Why Time Management is Bull*#$@.  Have a read…get yourself up to speed and lets move on shall we :D

So on to the pertinent issue of how to get more out of your time and not make yourself busier.  “IMPOSSIBLE” I hear you say…and to that I reply…Impossible is NOTHING (Thank You Adidas!)

What do you want?

The reason most of us waste so much time is because we have not the vaguest clue what we want to do with it.  This comes from having very hazy, unsure desires in life that don’t properly co-relate to any measurable goals.

Whilst I’m not here to give you a workshop on goal-setting, I will tell you to FIGURE OUT WHAT YOU WANT.  And I mean really…sit down and figure out what you want out of life.  This shouldn’t be a split second thought but a real ’sit your ass down and think through it properly’. 

For example…lets say you want money (hell, were still young right?).

nailing your goals  Read more »

Time management is bull*%#@!

Posted on July 15th, 2008

Almost all young entrepreneurs can be more effective with their time.  Whether you are ultra busy or ultra idle - it doesn’t necessarily matter.  Because the way we treat time in modern society is fundamentally WRONG.  The time-management industry (sales of planners, organizers, consultants etc) is a billion dollar industry worldwide that doesn’t tackle the main problem with time mis-usage.

Despite the overwhelming flow and exposure to time management - The average hours in an Australian working week keeps rising! 

hourglassdyn Read more »

Increase Search Engine Rankings by Commenting these Blogs

Posted on July 10th, 2008

Most blogs have a “nofollow” on their comments.  This means that Google will not value these as ‘link votes’ for your website, thus not giving you the direct SEO benefit of having that link.

Digerati Marketing have made this list that categorises a whopping 160 blogs that disable the “nofollow” tag - thus allowing your comments to have a higher impact on Search Engine Rankings (as Google will recognize these comments as a ‘link’ to your website)!

They have also assembled a Search Engine for blogs that have “nofollow” disabled!

Find some high PR blogs in your category/niche and go contribute! 

PS…Do not bother spamming these resources as blog plugins such as Akismet are fantastic at catching spammy comment crap!

Entrepreneurship…Is it Un-Australian?

Posted on July 2nd, 2008

Is it part of the Australian culture to ‘hate-on’ other people that engage in entrepreneurship?

While a massive generalization, there is an interesting theory to suggest that us Australians are not too comfortable with entrepreneurship - and the innovation and success that can come with it.

Why?

The ‘tall poppy syndrome’ my friends.  Well its the disdain and criticism that our culture naturally shows to those individuals of ‘higher’ perceived social status, wealth or political position then us.  The celebrities, actors, sportsmen etc.

“The tall-poppy syndrome has meant different things to different Australians. To golfer Greg Norman, the tall-poppy syndrome meant a jealousy of success.”

“To tennis player Lleyton Hewitt, the tall-poppy syndrome meant cultural ignorance. After seeing his home crowd support a fellow youngster over him, Hewitt said it was the stupidity of the Australian public to knock the better players.”

“…When receiving an award at the 2002 Australia Day Awards, a scientist named Donald Metcalf said,

“I could name 11 colleagues whose accomplishments would exceed those of our cricket 11. They haven’t been entertaining people. They have been saving lives.”

(Source - Convict Creations)

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Read more »

Random/Stupid/Creative Ways to Get Publicity

Posted on June 25th, 2008

*Waves hands in air wildly* LOOK AT ME IM HERE!  Marketing/Publicity is all about getting some attention.  Getting attention is all about being unique - so forget traditional forms of publicity.  Most people are so tuned out during radio/TV adds that you will be lucky to get an eyebrow raise!

publicity Here are 4 random ways that you can get some attention for yourself or your business that you probably haven’t tried yet!

Break A World Record…

Get your name written in History for breaking an industry related world record.  Notify the public of your record attempt and turn it into a media circus!

Here are some examples I have thought of/found in my spare time…

Off course there is some element of skill involved here - so feel free to hire someone else to do it on the behalf of you’re business if you don’t feel adventurous :).

Play a Joke

If done correctly - an injection of the funnies can do wonders for the customer appeal of you’re business. Marketing/advertising for the purpose of making people laugh is fantastic.  Humour has an extremely dis-arming quality that give someone experiencing it a happy stimulation (which will be linked back to your business!).

Some great example of practical jokes played by large companies are…

  • Taco Bell claiming that they had purchased the ‘Liberty Bell’ in the US on Aprils Fools.  This ‘prank’ then reached 70million Americans from all the coverage it received!

It also shows a ‘human’ factor to any business that can very endearing to your customers.

Make a time-wasting website

You know those web-sites that have those games, or cool applications that you just end up spending hours on?  Well it turns out that brands that link themselves to these randomly fun and sometimes non-related websites get our attention!

My latest favourite example of this is a site produced by Burger King called Subservient Chicken

I think I spent a good 15 minutes on this site just seeing what this Chicken would do.

Random Acts of Charity/Kindness

Those who give have an uncanny way of receiving everything back.  You may choose to help with a community project, give to charity or just help those around you.

It’s totally unethical to give only with the intention of receiving in return.  But interestingly enough, studies have shown that people are more generous when their contributions are observable by others (publicity once again!).

A organization called “The Random Acts of Kindness Foundation” have even released a PDF to show you how to get media attention for you’re random act of kindness.

 

5 Business Plan Commandments

Posted on June 16th, 2008

Fuzzy goals and milestones

Would you want a blind surgeon to operate on you?  Well - having a business plan without clearly defined goals and milestones is the equivalent of this.  How will you or your investors know if your thriving or dying if your goals are not defined and measurable?

What are your customer/client acquisition goals?  What kind of traffic do you want hitting your website after 6 months?  Do you want a llama as your company mascot?

Be as specific as possible with your goals.  Specificity brings clarity…and clarity will prevent you getting lost in a maelstrom of confusion. Read more »

The art of the ‘aha’ moment

Posted on June 12th, 2008

Don’t you love that single, fleeting moment that you come up with the brain wave you were so desperately seeking (or not seeking)?  That empirical epiphany that makes you go…”THATS IT”!  Like when Archimedes realised that the density of an object is proportional to the water displaced by it and ran naked through the streets shouting “Eureka”! 

young entrepreneurs Read more »