Since I decided not to compete with my friend and do the whole business blogging thing, I spent yesterday trying to think of a new idea. I climbed to the top of a mountain and told myself I could not come down until I thought of my new blog. Ok, the word ‘mountain’ is a slight exaggeration (I wish exaggerous was a word). It’s more of a “Mount”. Mount Tolmie. Anyway, after a few hours of lying in the sun listening to Democracy Now I went home. Without a solid idea. I just couldn’t make up my mind. And I really wanted chocolate covered almonds.
Then it hit me. Well, not then… but the next day it did.
While I was being lectured on Entrepreneurial Marketing Strategy today (thirty-one minutes ago to be specific) I was doodling a bunch of business and blog ideas in my idea journal. I love coming up with ideas – I think it’s fun. A lot of fun.
Why don’t I make a blog where I talk about cool ideas? Unique ideas for businesses and blogs, and ideas to improve existing ones? It certainly solves my tendency to skip taking the next step and make the thing.
What do you think?
On the first day of my Entrepreneurship Module my class was split into 10 teams and given a task: start a company with $5.00 of capital and create as much economic and/or social value as you possible in 10 days. We were pretty successful, and ended up winning the competition by turning our $5.00 into $4645 in gross revenue. Each group member took home about $660, which is fantastic for 10 days.
Our Idea
We wanted to get people outside having fun with their friends, so we decided to sell advertising space on Frisbees which we would then distribute for free around Victoria. My group targeted locally owned businesses that could relate to this goal, and we actually turned down $400 from a night-club because it didn’t align as well as the other companies.
We had obstacles around the way – being led on by suppliers, companies canceling on us, etc. – but we learned a lot and came out ahead.
Selling Strategy
I think the greatest education I took away from the project was a revolution in my selling strategy. One of my group members is a terrific salesperson. She taught us that one on one communication is very effective, and to skip the Internet, make an appointment, and discuss the idea in person. It’s so easy to say no on the phone, or delete an email. If you want to land a sale, meet in person. People are drawn to outgoing personalities. In an email, a Frisbee covered in ads is a Frisbee covered in ads. In person, it’s a vehicle to create community and involve local businesses in an effort to get people outside with their friends and families.
Genuinely create value.
The only way to effectively sell a product is to showcase the benefits it will produce. In our project we needed to highlight that the companies involved would be recognized for their contributions and that thousands of people would be exposed to their brand. We also wanted to showcase the social impact we were creating by facilitating outdoor group activities.
The effectiveness of a press release.
We sent out a press-release and managed to get some local coverage. While we did not land any sales with our feature, we were able to use it as leverage and legitimize our campaign.
Don’t count your chickens before they hatch.
Another important lessons we learned was that a sale is not a sale until the cheque is in hand. When talking to companies we mentioned that we were working with specific clients before we actually had received their payment. Some of the companies we mentioned backed out. In the future, I will certainly be more careful before mentioning clients before they are confirmed. I probably should have received permission to do so in the first place.
Tap into the wisdom of the business community.
When we were going from business to business we got in contact with many companies interested in our idea. Business owners are a fantastic resource and it is beneficial to meet people and learn from them. Informational interviews are very rewarding and had we spoke to companies beforehand we might have made a few changes to our product.
Stay positive and follow through to the end.
Having a positive outlook and not giving up was the difference between our product being successful and failing. We actively changed our attitude, and we rewarded for our enthusiasm perseverance.
This Innovation project was a fantastic experience. It was rewarding to be able to apply my education to a real life enterprise that I was involved in. Another great benefit was to see what other groups learned and how they succeed in their projects. Even if a group is not successful fiscally, its members can learn just as much as one that bring in a lot of money.
