Small Business, Big Vision E-Book

Matthew Toren

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 249

Veröffentlichungsjahr: 2011

Beschreibung

Lessons in applying passion and perseverance from prominent entrepreneurs In the world of entrepreneurship, your vision solidifies your resolve when things get tough, and it reminds you why you went into business in the first place. Authors, brothers, and serial entrepreneurs, Matthew and Adam Toren have compiled a wealth of valuable information on the passionate and pragmatic realities of starting your own business. They've also gathered insights from some of the world's most successful entrepreneurs. This book delivers the information that both established and budding entrepreneurs need, explains how to implement that information, and validates each lesson with real-world examples. Small Business, Big Vision provides inspiration and practical advice on everything from creating a one-page business plan to setting up an advisory board, and also delivers a call to social entrepreneurship and sustainable business practices. This powerful book: * Offers instruction in whether and how to seek investors * Outlines the pros and cons of hiring employees and provides guidance on how to find the best outsourced workers * Presents a comprehensive action plan for effective social media marketing * Explains how to build an information empire and become an expert Small Business, Big Vision proves that with a flexible mindset, practical skills, and the passion to keep pushing forward, entrepreneurs can find success, even in today's ever-changing business landscape.

Leseprobe

Contents

Cover

Praise for Small Business, Big Vision

Title Page

Copyright

Foreword Gary Whitehill

Preface

Acknowledgments

Permissions

Introduction

Why You Need This Book and Why You Need a Big Vision

Our Story

Chapter 1: The Importance of Having BIG Vision

Fuel Your Fire with Passion and Perseverance

Chapter 2: Rethinking Your Business Plan

The One-Page Business Plan

The Finance-Centered Plan

Chapter 3: Investors Out—Collaborators In!

Investors: A Question of Need versus Want

When Your Needs Call for Investors

Collaboration Is Key

An Advisory Board as a Replacement for Investors

Chapter 4: Hiring Employees: The Good, the Bad, and the Alternatives

The Magic of Leveraging Your Time

The Downside of Hiring Employees

The Best of Both Worlds

How to Find the Best Outsourced Workers

Chapter 5: Laser-Sighted Marketing through Social Media

The Magic of Social Media Marketing

Four Keys to Social Media Marketing Success

Bonus Tip: Use Social Media Automation Tools Properly

Chapter 6: From Entrepreneur to Icon: Achieving Expert Status

Embracing Your Expertise

Building Your Information Empire

Chapter 7: The Socially Responsible Entrepreneur: It's Not Always about You

Social Entrepreneurship Is True Entrepreneurship

Sustainability Is the New Bottom Line

Chapter 8: Pulling a 180: The Business Turnaround

Flexibility Allows for Transformation

What to Do Before You Give Up

Afterword

Resources

Awesome Tools for Today's Entrepreneurs

Epigraph Sources

Chapter 1

Chapter 2

Chapter 3

Chapter 4

Chapter 5

Chapter 6

Chapter 7

Chapter 8

Afterword

Index

Praise for Small Business, Big Vision

“I've never considered myself an entrepreneur. I'm a nerd and always have been, but I believe very much in the message of Small Business, Big Vision. I think having a vision is what's made Craigslist so successful, and I'm applying the same principle to my new initiative Craigconnects. Entrepreneurs would do well to read this book and absorb its message. The stuff that works best is driven by passion rather than dollars.”

—Craig Newmark, Founder of Craigslist

“Traveling around the country speaking to young entrepreneurs, I often get asked which business books are most helpful. I'm adding Small Business, Big Vision to my list! This book contains some superb insights on everything from start-up through giving back as a social entrepreneur. There is not a business owner, or business-owner-to-be who won't benefit from reading this book.”

—Michael Simmons, Co-Founder & CEO, Extreme Entrepreneurship Tour

“If you're an entrepreneur you're going to experience the highs and lows of business, and without a big vision it's too easy to throw in the towel. Adam and Mathew's book gives you the driving force and multiple examples for creating that big vision to keep you moving forward.”

—Yanik Silver,InternetLifestyle.com

“Small Business, Big Vision is no pie in the sky theory but the nuts and bolts practical information that every entrepreneur needs to succeed in the dog eat dog world of starting and growing a profitable business. Get it. Study it. Apply it!”

—Chris Widener, Author of the Art of Influence and Leadership Rules

“So many business books are based on one guy telling you how to do it their way—what they are really saying is ‘I'm awesome, so do what I did,’ but this book doesn't do that. There is no blueprint to creating a successful business and mistakes are not only inevitable but even beneficial in the long term. This book doesn't do the high and mighty bit, but is a great guide to helping you get what you want . . . pour yourself a large, strong drink and enjoy.”

—Calvin Ayre, Founder of Bodog.com

“A well-written, accessible guide to help entrepreneurs dream big—even in the earliest stages of their venture.”

—Jeffrey J. Bussgang, Flybridge Capital Partners

“The principles presented in Small Business, Big Vision are valuable in and of themselves, and they are delivered in an easy-to-understand, direct format that helps the reader fully absorb the information so he or she can implement it in their business right away. Rarely does a book come along that covers so many important topics and does it so well. Small Business, Big Vision delivers!”

—Harry Chemko, CEO, ElasticPath

Copyright © 2011 by Business Plus Media Group, LLC. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at http://www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

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Library of Congress Cataloging-in-Publication Data:

Toren, Adam, 1975–

Small business, big vision: lessons on how to dominate your market from self-made entreprenuers who did it right/Matthew Toren, Adam Toren.

p. cm.

ISBN: 978-1-118-01820-0 (pbk.)

ISBN: 978-1-118-09858-5 (ebk)

ISBN: 978-1-118-09859-2 (ebk)

ISBN: 978-1-118-09860-8 (ebk)

1. Small business–Management. 2. Entrepreneurship. 3. Success in business. I. Toren, Matthew. II. Title.

HD62.7.T667 2011

658.02′208—dc22

2011010999

Foreword

As a close friend of both Adam and Matthew Toren for many years, I was honored when they asked me to write this foreword. It wasn't so much because this is the first time that I have been formally published, but more importantly because of the compelling and exclusive content they've placed within these pages.

My hope is that this book equips you with the tools, framework, and inspiration to change the world. It is written in a straightforward, succinct, and practical format that provides the flexibility that you as a business owner need to implement actions right away toward some of your most pressing challenges.

Even more impressive is the fact that this is the first ever book that takes a case-based approach to entrepreneurship—written by, for, and with insights from some of the most successful entrepreneurs in the world. As you read on, get ready for a journey that will change the way you do business right now—not tomorrow, in a month, or in a year, but immediately.

I have earned my entrepreneurial stripes over the preceding 15 years. I started my first company at the age of 12 because my parents didn't have enough money to buy me football cleats. Since then, I have founded, built, and scaled 10 companies that have touched thousands upon thousands of people around the world, spanning from consumer products and retail, to digital media and print. I come from the school of hard knocks; nothing was ever given to me on a silver platter, and for that I feel extremely fortunate.

One of my successes has been New York Entrepreneur Week (NYEW), the third largest entrepreneur week in the world. I built it in just two years, in the face of unimaginable and daunting odds—from the economic recovery to risking my entire life savings on an idea that my friends and family thought was unfathomable. So why did I do it? Because I was passionate, and knew that my vision would make the world a better place as a result. What did I learn? There's no free lunch. Who did I meet? Adam and Matthew Toren, two of the most knowledgeable, generous, and humble entrepreneurs I have ever encountered throughout the course of my career.

Adam and Matthew are friends first and businesspeople second. That is important to mention because they didn't write this book to make money. I kid you not. They are not professional speakers, self-promoters, or marketing gurus. Instead, they are two brothers who've taken a similar path to mine and they feel a responsibility to you—a passion for giving back to those who seek to build their own entrepreneurial legacy.

In terms of gentlemen who believe in entrepreneurship as the fundamental underpinning of economies around the world, you will not find three more dedicated entrepreneurs than Adam, Matthew, and me. All three of us are extremely passionate about educational reform and entrepreneurship-based curriculum in schools around the country. Adam and Matthew previously wrote a children's book entitled Kidpreneurs, which is becoming widely adopted and was personally praised by President Barack Obama. I have founded the Relentless Foundation, which works in tandem with Adam and Matthew and is a 501(c)(3) nonprofit, seeking to integrate entrepreneurship into every K–12 classroom by the year 2030. I tell you the above not to self-promote, but as an example of how much the authors of this book care about you. It might sound superfluous, as you're simply reading words on a page. But guess what? If you don't believe me, e-mail us. I challenge you to do so. I guarantee that one of the three of us will personally respond to you and will help in any way, shape, or form that we can. Why? Because all three of us feel fortunate to be where we are—being able to provide our lens on the world (alongside a few of our counterparts) to you in a concise, impactful, and important book.

What Adam and Matthew have detailed in this book creates possibility for you. It provides a platform of real-world, cutting-edge insight and knowledge that will guide you toward making intelligent business decisions. The world is your oyster; it's just a matter of whether you make a pearl or a few specks of dirt out of it. Don't make the mistake of thinking that this book is the end-all be-all; instead, pull out your highlighter and sticky notes, and absorb every single nugget of advice that is provided throughout. With this book in hand, the possibilities for you and for your company are endless.

Small Business, Big Vision provides a framework for you to unleash your driven and relentless passion to achieve unprecedented growth, both personally and professionally—no matter what stage of the entrepreneurial journey you're at. From planning, to social responsibility, to marketing, this book runs the gamut in terms of critical business insights, which few people have sought to explore via an in-depth and methodical approach. This book takes you through the experiences of some of the best, brightest, and most renowned entrepreneurs in the world. Anything you've ever wondered about your entrepreneurial journey is covered, both through the insightful profiles and the authors' spot-on advice.

Being an entrepreneur is not, nor will it ever be, easy. Small Business, Big Vision gives you straightforward, practical advice and case studies to overcome your most pressing business challenges. What this book contains is not for the faint of heart; it is real advice from successful and well-known entrepreneurs who have done the impossible time and time again. They have defied the odds, as 95 percent of businesses fail within five years. That is the sad reality of most entrepreneurial journeys, because most business owners lack cross-vertical operating experience. Small Business, Big Vision provides you with the frameworks to accelerate your company's success, whether you're in the early stages of your vision or in full execution.

Over the course of my career, I have sat on boards of Fortune 100 companies, advised presidents, and negotiated deals from seed investments through those involving millions of dollars. I know what patterns to look for in entrepreneurs who have the prospect for success. Small Business, Big Vision provides the fundamental underpinning for your journey, as it encourages you to learn from entrepreneurs of varying backgrounds and businesses. However, they all have one important quality in common: they've lived through the struggles, catapulted themselves above the status quo, and breathed deep the sweet smell of success. Very simply, the entrepreneurs profiled in this book encompass the number-one ethos dictating entrepreneurial success: being willing to stop at nothing to achieve everything.

Take a second and ask yourself: Do you really know what you want out of life? Do you have an understanding of your personal and professional objectives? Get clear about what you want by taking a few minutes now to stop and think. The reality of entrepreneurship is much different than the glorified tales you see on TV or in the news. In actuality, being an entrepreneur is going to be the hardest test of your life—mentally, physically, and emotionally. You can read just about any blog or research paper, and it will provide you with anecdotal evidence on the trials and tribulations of building a company. What these papers are missing are the intangible struggles that every successful entrepreneur has faced. Therefore, if your answer to the question of what you want is, “I don't know,” or “I want to not work hard,” then put this book down, and go get a desk job. Go work a 9-to-5 job, and do what 99.9999 percent of other people in this country do.

If you are not willing to stand up and fight for your vision, then don't waste your time reading Small Business, Big Vision. Luck is an accumulation of superior effort, and this book is no exception. Matthew and Adam have put their hearts and souls into it, as they seek to provide you with exclusive insight into the must-have tips, tricks, and knowledge necessary for you to accomplish your dreams.

If you want to work hard and achieve as much as you possibly can in business and in life, then this book is for you. Anything worth accomplishing never comes easily. As you will read countless times throughout Small Business, Big Vision, there isn't just one practical way to achieve your dreams. Instead, you must read this book through the lens of the question: “What can I implement that provides me with the driven, inspired, and relentless passion I need to crush it going forward?”

After reading this far, the question isn't whether you want to do this. The question is: Are you ready to stop at nothing to achieve everything? Only you can answer that question.

If you are ready, then Small Business, Big Vision will be your best friend alongside you in your journey. In addition, Adam, Matthew, and I are always here to support you, and so are all of the entrepreneurs who are profiled in this book. We care about you. Why? Because we know how tough being an entrepreneur is, especially in the face of mounting debt, and family and friends who don't understand why in the world you'd take on what is seemingly an unthinkable risk tolerance. Each of us has been there, many times over. So don't make the same mistakes we did. Learn from us, ask us questions, and be ready for the ride of your life.

Do you know what the hardest part about being an entrepreneur is? Keeping your flame going—in other words, transcending boundaries, creating an ecosystem of acceleration that catapults your business, leveraging knowledge, resources, tools, and contacts, as well as maximizing impact. That is a lot, and it is overwhelming. But the good news is that Small Business, Big Vision helps guide you through each of those daunting challenges.

Businesses come and go. But the journey you have begun is one that exudes a passion, persistence, and willingness to defy the odds that virtually no one in this world does. That makes you unique, special, and a valuable asset to us a reader, but more importantly, as a maverick in the business community. Take Small Business, Big Vision wherever you go, and absorb it. Have the confidence that you can do what you want in life. There is no rewind button. You only get one shot. So make it a good one—read this book, implement, execute, and send us an e-mail.

We look forward to sharing the journey with you.

Best regards,

Gary Whitehill Founder, New York Entrepreneur Week (NYEW) and the Relentless Foundation

Preface

When John Wiley & Sons, Inc., approached us to write a book based on our entrepreneurial experience, we thought long and hard about it. Many people would have jumped at the chance without a second thought, and we were no doubt flattered by the invitation. We hesitated, though, because when we undertake a new business project—whatever it is—we approach it with the objective to make a significant impact. The idea of publishing “just another book” on entrepreneurship to add to the thousands already in print didn't really appeal to us—and it was certainly not what our publisher had in mind, either.

We have been immersed in entrepreneurship since our early teens. We've bought companies, sold companies, bootstrapped, and transformed businesses that some people thought could never be saved. Today, we have one of the leading entrepreneurial Web sites in YoungEntrepreneur.com. Combined with our other Web and print properties, we have established a following made up of tens of thousands of entrepreneurs from around the world. We have an interesting story, and we know that our experience has given us a wealth of knowledge to share. However, writing an autobiographical story just isn't our style; we feel that it would be too self-centered. We therefore decided that we could only agree to write a book if we knew for sure that we had something important to share, and a unique way to present it, so that we could truly make a difference in our readers' businesses.

With that rather tall order in mind, we sat down and talked at length about how we would craft our book and what we could offer to readers looking for entrepreneurial advice. What you have in your hands right now is the result of not only the conversations and meetings we had about this book, but also nearly 40 combined years of uninterrupted experience as entrepreneurs.

What we realized in researching various options for this work was that people who are looking to start and grow a business want, more than anything else, two things: (1) nuts and bolts, practical advice on what to do; and (2) useful information about how to overcome the obstacles and challenges that everyone is sure to face along the way.

In the following chapters, you will find answers to the most frequently asked questions in the entrepreneurial world, such as: “Do I really need a business plan, and how do I write one?” “Should I hire people to help me run my business?” “Do I need to have investors?” “How do I make social media work for my business?” and much more. But not only will you find in-depth, useful answers to these questions, you'll also read profiles of entrepreneurs who asked the same questions themselves when they were starting out—and you'll learn how they found the answers as well.

These profiles will show you how various individuals put the information they uncovered into practice successfully in real-world scenarios. You'll read about Gabriel Shaoolian, founder and CEO of Blue Fountain Media—a man who has never taken a dime from investors, yet has been able to build his Web-design firm into one of the preeminent companies of its kind, catering to the likes of high-profile clients such as Procter & Gamble, Nike, the NFL, and the United Nations. You'll learn how Matt Mickiewicz, founder of SitePoint.com, took 99designs from a thread on an online forum to a multimillion-dollar company—by not following conventional big business wisdom. And you will hear from many other well-known and not-as-well-known entrepreneurs who have made it happen and are willing to share the inside scoop on exactly how they did it.

Our intent is that the examples presented in each profile will offer evidence to substantiate the information we're detailing. After all, if it's not something you can use in your own business, it's really of no use beyond entertainment value. At the end of the book, you'll also find a list of resources to further support each chapter's topic and give you places to get more information and tools to further your entrepreneurial pursuit.

So, we set out to write a book of real value for all current and would-be entrepreneurs—whether you're about to start your first or fifth business, or you're looking for ideas to take an existing business to the next level. And we know this book accomplishes that goal in a big way. The bottom line is this: Read this book to find out what to do and how to do it, to see that it's been done before and how they did it, and to get the inspiration to go do it yourself.

Small Business, Big Vision is this book's title, the long-standing tag line of our Web site, YoungEntrepreneur.com, and the philosophy that has always driven us to push harder and accomplish more—often more than anyone else believed was possible. This philosophy says that although your business might be considered small for statistical purposes, you are only constrained by the size of your vision—not by your bank account, not by your SBA classification, and certainly not by the opinions or beliefs of those around you.

Thanks for getting our book. Let us know how it helped you in your entrepreneurial journey. We'd love to hear from you!

Cheers!

Matthew and Adam Toren

Acknowledgments

We want to acknowledge the help and support of our wives, children, mother, and grandmother. They have all been there to provide the positive encouragement and the motivation we needed to be where we are today.

We also want to thank the many entrepreneurs who have shared their experiences with us over the years. They have educated and inspired us and have given us the opportunity to pass on their knowledge to those who are interested in learning about entrepreneurship.

Last, we want to acknowledge each other. We come from a close family and have been fortunate to have this great brother-best-friend-business-partner relationship throughout our entrepreneurial journey.

Permissions

The authors wish to acknowledge and thank the following entrepreneurs for their contributions to this book:

Brock Blake of FundingUniverse

Adam Braun of Pencils of Promise

Ali Brown of Ali International

Anita Campbell of Small Business Trends and BizSugar.com

Scott Harrison of charity: water

David Hauser of Grasshopper Group

Shama Hyder Kabani of The Marketing Zen Group

Daven Michaels of 123Employee.com

Mike Michalowicz of The Toilet Paper Entrepreneur

Matt Mickiewicz of SitePoint and 99designs

Brent Oxley of HostGator.com

Mike Roberts of SpyFu.com

Dan Schawbel of Millennial Branding, LLC

Gabriel Shaoolian of Blue Fountain Media

Siamak Taghaddos of Grasshopper Group

Gary Vaynerchuk of Wine Library TV

Introduction

Why You Need This Book and Why You Need a Big Vision

It's no secret that there are a million business books out there. Almost anything you could ever wonder or want to learn about business is contained in a book somewhere—and you can track down anything that's not in one of those many books online.

Doesn't sound like we're making a great case for reading this book, does it?

Yet the truth is that although we've read a great number of books and are constantly reading blogs and other online sources, there still seems to be something missing to us. Sure, there are plenty of interviews with successful entrepreneurs all over the place; there are more than enough opinions about what you should and shouldn't do when starting and running a business; and there is even some helpful how-to style information here and there—for a price.

What's missing, as far as we can tell, is an approach that provides you with the information you need, explains how to implement that information, and also gives you some concrete examples of people who have applied the techniques presented—successfully. And that's why you need this book. We are not just presenting theories and feel-good stories about millionaire entrepreneurs. Instead, we're providing you with real value—information you can implement in your own company, whether you're in pre-start-up mode or already thriving and growing. We're also giving you real-life examples of other entrepreneurs who have used the same methods to start and grow amazing businesses. These examples will show you that it's not only possible to use the information we've presented, but exactly how others have done so.

Throughout the book, we also focus on the importance of vision in building your business. Why is vision so critical? Regardless of the quality of the information you receive from other sources—and regardless of how inspiring you find the examples you read—if you don't maintain your vision for what you want your company to become, it's not likely to happen. Each entrepreneur we profile will substantiate that his or her unwavering belief is the single factor that has made all the difference in their success. Some of the people we've profiled have college degrees, and some don't. Some came from entrepreneurial backgrounds, and others didn't. A few of our entrepreneurs had a decent amount of start-up capital, while many scrimped, scraped, and bootstrapped their way to success. But one thing is common to each of them, and to every entrepreneur on the planet: Every single person who launches and develops a business faces obstacles and challenges along the way—period. There are no exceptions. You, too, will come up against opposition in many forms, often even from within your own head. And all the tricks, tools, and action steps in the world—no matter how sound they may be—won't help you one bit if you don't have the right outlook and a strong, clear vision.

Your vision is what solidifies your resolve when things get tough, and it's what clarifies exactly why you want to be in business in the first place. And having a big vision from the beginning is what makes it possible for you to know when you've finally made it. After all, your vision is all about knowing where you're headed; without it, how will you know when you get there?

Of course, many people will tell you that there is really no such thing as getting there. And there's some truth to the fact that the most successful entrepreneurs in the world often never really feel as though they're “done.” True entrepreneurs don't relish the destination as much as the thrill of the journey. However, that doesn't change the need for vision—because vision is fluid. Having a clear picture of where you want to go isn't about laying down a rigid path from which you never waiver. It's about knowing what you want, and knowing that you'll do whatever it takes to get it. The “what you want” part might change, grow, or even morph into something completely different over time, but as long as it always represents what you truly want, you'll know that you are on the right track. There is a significant difference between people who change their goals based on new information or desires and people who are all over the place because they just don't know what they want. And that difference is vision.

Our Story

As we stated in the book's preface—we have no interest in writing an autobiography at this point in our lives. A book that's all about us would be contrary to what we're trying to achieve, so that's not what we've put together here. However, we do recognize that you might not have ever heard of us, and probably want to know a little about who's delivering the advice in the pages of this book. So here is our story “in a nutshell.”

We grew up learning the entrepreneurial lifestyle from our grandfather, Joe. He actually set us up on our first entrepreneurial venture, selling little stunt airplanes at a local folk festival. He taught us the proper way to use the stunt plane to really wow the audience, and we sold out of them before the folk festival was over. What a great feeling for a couple of seven- and eight-year-old kids! So it began; the entrepreneurial bug had taken its bite.

We went from one mini-venture to the next throughout our school years. From importing stereo equipment to magic kits from Hong Kong, we learned a lot and made some money along the way. As soon as we graduated from high school, we took the money we had earned and bought a struggling billiard hall in an up-and-coming part of our town. This is where we learned the saying that you hear so often from entrepreneurs: “We poured our blood, sweat, and tears into that business.”