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10 Must-Have Tools for Entrepreneurs
January 18, 2010
There are so many great tools for entrepreneurs and business owners these days. Here are 10 of my favorites. There are plenty more. But these are a few that will make life easier so that you can focus on your core business.
Gmail: It's free (or $50/year if you want the Enterprise version). It's fast. You can archive over 7GB of email in a free account and search them all in under a second (try doing that on Exchange). It lets you check your mail from other accounts, aggregate them in one place, and send from multiple addresses. Not to mention that it's all stored in the cloud so if you ever have a computer problem, it's not a problem.
Google Apps: Google Apps for your domain lets you easily manage your company's web domain, users, and email addresses (with cheap URL registration from GoDaddy). Google Docs is great for basic collaboration and storing data in the cloud and Google Calendar is easy to use, syncs with all your devices, can be accessed from anywhere, and can be used to share your calendar.
Web Meeting Software: There are plenty of tools now to hold conference calls through the web with employees, clients, or partners. DimDim is really slick, requires no plugin download for attendees, and is free for up to 20 users. It'll provide you with a voice dial-in number, a website for sharing your computer screen with attendees, and live video if you want it. WebEx is a step up (supposedly) if you insist on paying for the service or want a more mature product.
HR Outsourcing (TriNet, Paychex, SurePayroll): Payroll and HR management is a pain and not just because it involves draining your checking account twice a month. Don't think about the little things. Let somebody else handle this and handle it right. Companies like Paychex and SurePayroll provide inexpensive payroll services (can be done through Intuit as well if you use Quickbooks) with options for 401(k) plans, insurance benefits, background checks, etc. TriNet and other Professional Employer Organizations officially hire your employees and manage everything, though you obviously decide who to hire and fire and how much to pay. Employee handbooks and other services can help reduce legal exposure as you grow.
File Sharing - Drop Box, Drop.io, Box.net: When Google Docs won't suffice (sometimes you really need a PPT, PDF, or other file type) there are plenty of options for easy and secure sharing. Most are free for basic services and charge premiums for extra features and storage. Great for storing company pitches or files where formatting is important and Google Docs is not enough. They're easy to share with investors or clients and will make sure you always have the latest version available (if you're not a large enterprise, playing with Microsoft Sharepoint is probably not worth your time or money).
Automated Backup - ZumoDrive, Mozy: Don't ever let yourself be in a situation where losing your computer would be deadly. Who knows when your laptop will get fried, lost, stolen, or left behind on a last minute trip? There are great options now that will handle automated backups when your computer's idle and store all your files in the cloud. They may slow down system performance a bit, but they only upload new or updated files. Backup is insurance that you can't afford to pass on. Free to get started, low monthly fee for unlimited storage (great for videos, pictures, and music as well as key business documents).
Craig's List: Gotta love free job postings. This is becoming a legitimate recruiting tool, especially in the tech industry. Don't pay for something if you don't have to. Enough said.
Smartphone: BlackBerry, iPhone, Android, etc. Everybody has one and you definitely need one. I use a BlackBerry but will be changing to Android as soon as Verizon gets a Nexus One (or the new equivalent). Syncing with Google services will be phenomenal. That's me. Pick whatever you're comfortable with but make sure that you've got fast email, search capabilities, decent web browsing, reasonable battery life, good voice quality (don't forget that you might actually use your phone to call somebody), and a way to seamlessly backup all your data.
Google Voice: I started using Google Voice and I love it. The voicemail transcriptions that are sent to my email are priceless. If I miss a call, I can take a quick peak at my BlackBerry, scan the email and find out who called, why, and how urgent it is. Not to mention that with a Google Labs feature I can actually play the audio voicemail from within Gmail. The call routing functions are superior as well. Route the calls wherever you want (cell phone, home, office...) or turn them off as you choose (for example, do not forward calls to your cell on Sundays if the caller isn’t in your contact list). Don't worry, they'll still be collected in your voicemail box and you can easily manage your voicemails whenever necessary.
Twitter and Facebook: These are standard tools now and if you don't already love them you should probably learn to. Twitter seems to be best for posting links to blog posts and interesting articles on the web. Use Twitter to connect with your customers and business partners. Don't underestimate the power of recognizing your clients and calling them out in positive ways. Facebook is good for promoting your business but is also a powerful crowd-sourcing tool. If you want feedback from your friends on an idea, a blog post, or a business situation, why not use Facebook to quickly find out if any of your friends have suggestions?
I definitely didn't hit all the tools that are great for entrepreneurs, but these are the first 10 that came to my mind. What are you using to grow your business?
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Why Tom Brady Would be a Great Startup CEO
November 23, 2009
I just watched the Patriots put on a solid performance against the Jets. It reminded me why Tom Brady would make a great startup CEO. I'm thankful that he's playing football instead of running a business. But I think he'd excel at that as well. Here's why:
He's Calm Under Pressure: There's a reason why Mark Sanchez threw four interceptions while Tom Brady went 28 for 41 without a single pick. Sanchez was jittery in the pocket and let the blitz force bad decisions. Tom Brady stayed poised and faced the pressure without losing his rhythm. Just like football, startup life is chaotic and stressful. It's the unshakable CEO's who come out with great companies.
He's Resilient: Brady is coming back from an injury last year and a painful loss last week. But every time he gets hit, he jumps back to his feet and battles again. That's the same dogged persistence you'll find in successful entrepreneurs.
His Team Believes in Him: Every week Brady earns credibility and respect from his teammates. There is no question who the leader is. No matter the pressure, his players look him in the eye and know that he'll pull the team together. That's the quality of a great quarterback as well as a great CEO.
He Takes Responsibility: Last week Belichick took some heat for his 4th down call. But Brady wouldn't pass the blame. He said it was the right call and they simply didn't pull it off. He would never use his teammates or coaches as an escape goat. Startup CEO's who take responsibility for failures build loyalty among their troops.
He Gets the Ball to the Right Player: Brady knows his strengths, his weaknesses, and his team. He doesn't try to run for 100 yards or shoot for the highlight reel. He just gets the ball to the right person at the right time. That's the secret to the Patriots' offense. That's also the secret to running a business. The CEO is not a micromanager, but an enabler. The CEO is a quarterback who builds a team, commands the huddle, and gets the ball to the right person to finish the play.
He Executes: In Summary, Brady gets the job done. He isn't physically imposing or intimidating, even on a high school field. But he's got a laser focus, a great arm, a tremendous work ethic, and the rare ability to rally a team of athletes. His calm demeanor makes him seem approachable and humble. Yet opponents fear his execution, decisionmaking, and ferocious competitive spirit.
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The Best Hobby in the World
November 1, 2009
I had the pleasure of attending a dinner last week with a great venture capitalist and one of the entrepreneurs he funded. During introductions, he mentioned that he had the best hobby in the world. So we waited in suspense while he explained. It was a longer story than expected, but definitely interesting and unique.
A number of years ago he sent out a request to hundreds of his contacts: neighbors, venture capitalists, entrepreneurs, friends from elementary school, students, etc. He asked them all to submit a list of the 10 best books they had ever read. In return, he would compile these lists and send a printed, bound volume to each of the respondents with everyone’s 10 favorite books. He received over 150 responses, compiled them, and sent bound volumes to everyone as promised. Many of the lists were accompanied by notes or personal stories. His friends were touched by the responses and read a variety of books they never would have explored on their own. He started repeating the exercise every year with different subjects: 10 best restaurants, 10 best movies, 10 most memorable places, etc. The responses became more literary as people started sharing personal stories from their lives. He was pressured by his contacts to host a party where they could all meet each other. So he began hosting an annual party, with an average of 150 people coming from all over the country (sometimes the world) and spending the weekend at his house. Many would meet with huge hugs as if they’d known each other for years, even though they had never actually met before. They shared so many stories that many already had a sense of mutual respect and interest.
My explanation doesn’t do justice to the story or to his unique hobby. But throughout the evening, what I found was that above everything else he was proud of the people in his life. He had experienced financial success as an investor, but that wasn’t what made his life fruitful. It was all about the entrepreneurs he had helped, the business partners he had worked with, the family members he spent time with, his neighbors, his friends, etc. Looking at business icons it’s easy to find people who gained the world but gave up a piece of their soul in the process. I am in pursuit of a rewarding career, but I hope to look back at the people and adventures in my life more than any money I make.
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Know Where You're Aiming Before You Pull the Trigger
October 23, 2009
In the startup world, speed can count for everything. You have to be quicker and nimbler than the big players. That's your key advantage. But it's easy to get caught up in the urgency and move without thinking. In the beginning, you put together a road map of where you want to go. Like any entrepreneur, I'm always anxious to light the fire and get going. I like action, progress, products, sales, anything that keeps things moving. But some recent conversations reminded me how important it is to re-focus on your end game.
While it sounds obvious, it's easy to lose sight of exactly what you're building and why. You may build a product because it's useful and has a potential market, but miss an even bigger opportunity. After launching my first company, I felt under the gun to hire a development team and build a product. While that's true, I should have felt even more pressured to keep talking to customers. You need to know what your customers want and and how to approach their problems. You don't build a product for yourself, you build it for them. Pulling the trigger on a development project is exciting, but may be the wrong move if you still have some research to do.
With one core business idea, there are probably at least four different paths you could take with it. Each path will end with a slightly different product and a slightly different set of market conditions. You should do some rough calculations (back of the napkin assessment) and investigations into each of these markets. You might have started down one path which is interesting and has potential, but find another that has the true golden opportunity. So before you pull the trigger and build something, make sure you truly know where you're aiming and why.
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