Rick Wagoner, Chairman and CEO of General Motors, has given his opinion on why GM and the other three major US automakers should be bailed out. The gist of it is that GM is too big to fail. That is, the consequences of GM failing would be disastrous for the nation, not just the auto industry, and so the government…
Business and Entrepreneurship
I created my first business plan in 4th grade before I had ever heard of the word “entrepreneur.” Since then I’ve had more fun trying to make my own way rather than following others. Sometimes it has worked out well, and other times it’s been educational. Either way, this is where I share my experience and opinions on entrepreneurship and business in general. Take it for what it’s worth.
In 2002 I was running MWI’s predecessor, Mindwire Interactive, but I had made mistakes and was ready to walk away and start over. Another business offered to buy us out. We started negotiating to try and come to a deal. And then I made a mistake. I assumed we would get a deal done…soon. The company buying us out said…
What’s interesting about the current economic woes is that it’s all about credit, or in other words, debt. Businesses large and small can’t get the debt financing they need to stay in business. Obviously there’s little or nothing an individual business owner can do to save the broader economy, but they are in control of how they run their own…
If you’re a web designer or even just interested in web design, and you have some sort of tie to Utah, please join the new Utah Web Designers group on Linkedin.com.
I wrote a week or two ago about how a simple and straightforward cancellation process makes it easier to acquire customers, not to mention leaving people with a feeling of goodwill. I suppose you could add that when companies have a reasonable cancellation policy then their customers also won’t post about their negative experience on blogs where hundreds or thousands…
I’ve been working from home for over a year now and it is absolutely wonderful. Amongst the myriad benefits are:
1. My four-month old daughter. This might become a challenge when she’s three and banging on my door.
2. Lunch with my wife. Not to mention being able to see her several times a day, although we did have to set some rules. Basically…
About a year ago I got into doing triathlons and in March I did a half-Ironman (I was hoping when I finished the race the announcer would yell out “Joshua Steimle…you are half an Ironman!” but they said something else). Apparently I’m not one of the only new triathletes around and the sport is growing by leaps and bounds [insert…
I just canceled my membership at 24 Hour Fitness, but it wasn’t easy, and that makes me hesitant to sign up with them again the next time I’m shopping for a gym. It used to be that you could just call the main number on the website and cancel quickly. But this time I got routed through several options on…
18
Jun
The Future of SEO
I think search engine optimization is going to follow the same path as web design, just 10 years behind it.
When I started my web design firm in 1999 I thought I was on the cusp of being wildly rich and amazingly successful. After all, I knew other people who had started web development firms, charged hundreds of dollars per hour, and…
If you’re a fan of the concept of results-oriented work environments (ROWE) then come join the Results-Oriented Work Environment Association group over at Facebook. The idea is to get people together who are in favor of companies being run in what is ultimately the only logical way to run a business–based on results.
I recently created groups on both Facebook and Linkedin for LDS entrepreneurs. The Facebook group already has 37 members but the Linkedin group is languishing a bit with a total of 2 members. Probably because Facebook makes it easier for someone to find a group and join (just go to Facebook and do a search for “lds entrepreneurs”), not to…
If you’re an entrepreneur or an aspiring entrepreneur, what kind of entrepreneur would you want to be, given the following three choices, and assuming your financial compensation would be the same regardless of your choice?
Perhaps you’re as surprised as I am that CompUSA is going out of business, and perhaps, like me, you become less and less surprised the more you think about it. Here are some of the more obvious reasons:
1. Competition. Everything at CompUSA can be bought somewhere else, and probably for cheaper. Local computer stores, online stores, office stores (Office Depot, OfficeMax), electronics…
I’m writing an article for Connect Magazine on results-oriented workplaces or “results only work environments.” Have you had any experience with one, or have you seen examples of workplaces where a results-focused approach is sorely needed? Post your experiences and you might get quoted in the article.
29
Oct
Laundromatic.com
As I was saying, laundromatic.com is the second best domain I ever got a hold of, after mwi.com. Not that you, dear blog reader, would see it as I do, since you lack the glorious vision I have long held for what this domain name would become. Dare I share it? Promise not to steal my idea? Well then, listen…
A few weeks ago I said “Never has a book had more of an effect on me prior to reading it.” with regards to Timothy Ferriss‘ book The Four Hour Work Week. But now I’ve read it, and I still think it’s pretty good. Granted, it’s not for everyone, and there’s more swearing in it than I like to hear…
I’m always looking for excuses to use the word “sundry” and this time it came as a result of an email from Kenny who asked me some questions regarding my previous posts on why SEO is a better business model than web development, why doing web hosting in-house was a nightmare, raising capital, and going to a virtual office. This…
04
Oct
The 4-Hour Work Week
Never has a book had more of an effect on me prior to reading it. Thanks Blake.
It’s on hold in the library system, but there are 18 holds in front of me as of yesterday, so it might be a little while before I read it. But just the tidbits I’ve gathered here and there have been enough to catalyze some thoughts…
I bank at Zions Bank. I know, I know, they’re a monster. But it’s easier to stick with them and put up with the hassle than to switch, and I think they know who keeps them in business.
My most recent frustration with Zions has to do with what happens if you make a deposit over the weekend.
You see, I have…
27
Apr
I’m a New Man
Sure, you’ve heard it before “I used to be that way, but I’m different now.” But seriously, I’ve been through some life-changing events that started in December of ‘06. Not the kind of life-changing events one normally thinks of, like getting cancer, losing a loved one, or being publicly humiliated on national TV, but life-changing nonetheless. I guess you could…
I was invited to participate in the Entrepreneur Story 100 Profiles over at The Hundred Dollar Business, so here goes. I’m going to take the easy route and just answer the suggested questions.
1. What happened to make you start a business? It was a combination of experiences I had growing up and while in college. When I was five my dad…
To be honest, over the past few years I’ve gotten a bit lazy. In fact, I’ve always been lazy. That might not make much sense to those of you who know me as the guy who has worked 60-80 hr work weeks for the past four years while not taking a paycheck, but trust me, I’m lazy. But I’m breaking…
Rather than burying my thoughts in the comments of last week’s post on MWI’s 2006 financials I decided to create a new post because I think there are some things that may be of interest to other entrepreneurs. As I’ve had a chance to reflect on the MWI experience of 2006 there are a few things I’ve realized:
1. It wouldn’t have…
Here’s why I will soon be switching from T Mobile to another cell phone service provider, any provider, after being with them since 1999.
I just listened to my wife cry, unable to continue speaking to the T Mobile sales rep, after spending an hour trying to get her phone replaced. We have both been loyal customers for seven years. For…
I’m a business owner with employees and maybe you are too. Now think about this with me. Do you care how much time your employees put in, or do you care what they get done? Unless you run a law firm or another service business that bills strictly by the hour, you probably lean towards the latter. Then answer this…
My prediction is that Microsoft’s Zune mp3 player will absolutely fail to compete with the iPod. I attribute my reasoning from what I’ve learned by reading The Innovator’s Dilemma by Clayton M. Christensen
The crux of the matter is that while the iPod was a disruptive technology, Zune is a sustaining technology, and…
I’m writing an article for Connect Magazine that explores the question of what is the ideal age at which someone should start a business and am looking for some quotes from other entrepreneurs.
I just read ‘Born’ or ‘made,’ entrepreneurs share key traits by Joseph Walker who has been affiliated with the Center for Entrepreneurship at BYU for the past ten years. As part of his article he shares a list of entrepreneurial traits he got from John G. Burch that I found at first elementary, but then fascinating in how it highlights the strengths and…
Guy Kawasaki’s Top Ten Lies of Entrepreneurs isn’t just a blog post, it’s part of the curriculum he uses when teaching and training wannabe entrepreneurs. Several years ago I had the chance to attend an entrepreneur boot camp put on by Garage Technology Ventures, the venture capital firm of which Guy is the managing director. Garage also happens to be one…
I’ve been an avid reader since I can remember. Even before I could read I would beg my mom to keep reading books to me at night while I was in bed. My parents read to me almost every night as I went to sleep and when I could read we would read together. I never realized how much I…
I know, I know, it sounds like the subject line of a spam email or a link leading you to a website that will open 10,000 popups and infect your machine with spyware so fast you’ll be lucky to get a click in before your computer is hosed. At best it sounds like a website where you can download some…
I thought Jack Britain, Dean of the David Eccles College of Business at the University of Utah, made some good points about entrepreneurship in his presentation that was covered in Utah Business magazine. His main point? Don’t do it.
I’ve been wanting to write a post about this for some time, and after reading Lou Dobbs column Congress stiffs working Americans I now have enough motivation.
For my part, I would be inclined to vote for politicians who would be willing to seriously consider abolishing the minimum wage entirely. My reasoning is that citizens of this country rarely benefit from government’s…
In this article entitled Are Acquisitions Replacing IPOs? Tim Draper of famed venture capital firm Draper Fisher Jurvetson (whose logo would do well in a worst-logo-ever contest) makes a statement that expresses my frustration with the US government’s involvement in the business world.
“Sarbanes-Oxley has been a disaster for all entrepreneurship. There is no way. We used to be able to take a…
I like failure. I like failures. I like letting my employees fail. Why? Because I want my business to succeed. I believe failure is one of the quickest and best ways to learn how to suceed. Those leaders who do not allow their followers to fail are micromanagers, and they rob their followers of opportunities to learn how to be…
Since I previously posted regarding the topic of health insurance and small businesses, I’ve gone through the process of getting quotes for a group plan for MWI. We discontinued our plan last year. My hope was that when we signed up again our rates would be lower because some of the employees who had made the premiums so high in…
24
Apr
How to Get Robbed
There’s getting robbed and then there’s getting robbed. The kind of “robbed” I’m talking about is the kind where people break into your office with screwdrivers and take off with some laptops and the projector from your conference room and you spend part of your busy morning talking to a cop. That’s the kind of robbing I experienced this morning.
With…
I’ve had an interesting experience during the past 24 hours. I just found out that someone, we’ll call them Person A, who posted on this blog several months ago was not who they represented themselves to be. We’ll call the real person Person B. That is, Person A submitted comments on two postings pretending to be Person B, and due…
I’ve been using Linkedin.com for some time now. You can view my profile at www.linkedin.com/in/joshuasteimle. I’ve used the system for keeping track of contacts, marketing my firm, finding service providers, and finding employees. Up until recently, I could do all of this easily for free, but since Linkedin.com has to make money somehow, they have started providing additional services. The question…
What do you want to be when you grow up? Who do you want to be? Most healthy kids want to be an astronaut, fireman, or athlete. As kids get exposed to more things they might want to be an artist or an athelete. Some kids might be exposed to certain things at the right time and decide they want…
31
Dec
Give it Away Now
“Give it away” marketing is nothing new. Give people something of real value at no cost in order to develop credibility and/or a relationship, and then they’ll come to you when they’re ready to spend money.
We do a little of that at MWI with our email newsletters, whitepapers on web development and such, and of course, this blog.
The latest example I’ve found…
During the last year or so my cousin hired another web development firm to build him a site. Yeah, don’t you hate it when your friends and family buy something you sell from someone else because they don’t know what you do? “Oh, Uncle Frank owns a car dealership? I just thought he had a car for sale. If I…
In case you haven’t heard, here’s the article.
The question is why? I’m sure plenty of execs at Musicland (the parent company of Media Play) are asking themselves the same question but haven’t found an answer. I just happen to have the answer, and it’s because I don’t shop there.
Those who know me well know that I’m heavy into skateboarding and have been since 4th grade. I started a little retail skate shop business while in high school, and I’ve always wanted to get back into it but either lacked the time or funds. Finally I’ve been able to get my toe back in the water with the launch…
14
Nov
Givers and Takers
I just read a post by Alex Lawrence called Win-Win Is Not A Tired Buzzword - It Is An Important Business Concept .
Almost a year ago I posted to this blog my top ten list of things I had learned by being an entrepreneur, and Alex’s comments reminded of what I had written down as #1, that there are givers and…
I’ve been running my own business for over five years now. That’s enough time to have a few lessons pounded into my head. When I see people making mistakes with their businesses or having bad luck, I don’t laugh at them and say “What an idiot” I think “Ha, I used to be there, I know what they’re going through.”
We…
The Utah web design firm I run just picked up a new client called SpeedyCeus.com. They’re a small client. At the moment all we’re doing for them is a minimal amount of search engine optimization, helping them get ranked for some of their keywords like CEU’s, CEU online, nursing CEUs, CE online, etc..
What’s interesting to me is how easy the Internet…
A lot of people think they’ve got entrepreneurial experience. After all, they started or ran a business, and isn’t that what an entrepreneur is? Maybe, depending on your own definition. Well, here’s mine. These are not all necessarily descriptive of what I’m going through right now, and they are not all things I’m proud of or would recommend for other…
Before writing this, I’ll make the disclaimer to my friends at VC firms and my other investor friends that I’m not necessarily writing specifically about you. I know many people at many firms and these observations are taken from six or seven years of experience. And I’m in no way saying that VCs are dumb, I’m just saying they don’t…
And in case anyone is interested what I’ve been up to lately and why I haven’t posted much here, it’s because I’ve been quite busy. MWI is in the process of acquiring two web development firms, and the acquisitions will probably about double MWI’s revenues and almost double the staff. In addition, MWI has simply been busy lately with new work.
…
If you’re reading this then you know at least something about blogging because you’re reading one. But what do you know about using a blog as a business tool? Well, you might be surprised if I told you people are really making money off of blogs in and of themselves. For myself, I get a little revenue whenever someone clicks…
This is just a quick note of frustration. I’m trying to start a retail business at the moment on the side from my day job at MWI and of course I need some display cases and a counter and such (the business will be a skateboard shop).
Do you know how hard this stuff is to find? It’s amazing. NOBODY who builds…
There are many options for financing a startup business, but they generally fall into two main categories: debt and equity. Which is better for you depends on a number of factors.
I don’t feel like I’m boasting when I say that I am a master networker. At least I was. I have spent countless hours over the past six years networking around Utah. I’ve joined every networking group I could find. I’ve donated my time and have been in the leadership of some of them. Out of over 1,000 people registered…
Do you know what it means to be competent? It means you can get things done. That’s all. Do you know someone who gets things done? I’ll bet you know fewer people who get things done than you think you do.
When all is said and done, a lot of your money goes towards paying the government to do whatever it does for us. You pay income taxes, FICA, sales taxes, and hidden taxes everywhere, because every middle-man builds taxes into his cost as does every service provider. When you pay a lawyer he doesn’t charge you tax on top of…
Do nice guys finish last in business? What does it mean to be “nice”? When you’re running a business is it better to be a mean guy or a nice guy? Does being the nice guy sometimes mean you’re the mean guy in the end and vice versa? I’m fairly convinced that being a nice guy pays off in the…
13
Jan
Resume Hints
I didn’t come up with these, I got them from someone in school, but I can’t remember who. But they’ve been pretty useful. Actually that’s not true at all. They’ve been completely un-useful for me because I’ve been running my own business and haven’t applied for a job since I received these. But they seem like they would be useful…
By no means is this list inclusive, but if you don’t want to read 100 things I’ve learned then we better stop at 10.
1. Personality-wise, there are givers and there are takers. Know the difference, be a giver, and work with givers.
I’m currently writing a recommendation letter for a former employee who is applying to the Wharton MBA program at the University of Pennsylvania. One of the questions they ask is “How would you describe the applicant’s sense of humor (seriously)?”
Yes, that is the question they ask–verbatim.
I have to admit that although I don’t watch much TV, and while I certainly don’t consider The Apprentice reality TV, I do find it mildly entertaining if I’m forced to watch it. What I have a hard time believing is that out of a million applicants these are the best people they could find. Out of this last group…
I don’t think it’s just a Utah phenomenon, I think it has more to do with the mindset of many engineering types. The mindset is “a good product sells itself.” Reality is slightly different. Cases in point Novell vs. Microsoft, Betamax vs. VHS, and Apple vs. the PC. Two examples of situations where the better product failed, at least in…
