Office Security – Time to Get it Done

Wow! Nebraska has sure had its share of storms this Spring. Unfortunately, too much rain, tornadoes, hail, and subsequent floods have ruined homes and businesses alike. Along with mother nature’s fury came water-logged computers and electrical problems from lightening strikes and downed power lines. This type of weather can cause serious problems with computers and lost data. Do you have an equipment and software inventory to provide to the insurance company as proof of purchase and value? Do you have a backup system that safely stores the irreplaceable family photos or costly business records? Read more

Another Plug for Bootstrapping

An interesting article came out this week from Techcrunch.com on the benefits of bootstrapping a business to stay lean and hungry. Guest writer, Vivek Wadhwa, an entrepreneur turned academic, talks about his experiences starting companies with venture capital. He found that his decisions were about pleasing the board members rather than pleasing the customers. Wadhwa states, “Pleasing board members became an unnecessary priority.“ In the long-run the focus should be on building customer relations for long-term growth.

Research conducted by David Townsend, NC State University and Lowell Busenitz, University of Oklahoma, also showed that acquiring investment capital did not guarantee success. Is venture capital wrong? By no means, no. Venture capital can be a breath of life for a cash-strapped company that has huge manufacturing or other start-up costs. Each entrepreneur should research and critically assess their need for and type of capital investment that would best work for their business.

Wadhwa’s article reminds me of an interview I conducted with Derrick Eells last fall. Derrick and Jeffrey Eells own TenDot Travel, a Lincoln-based corporate incentive travel company. Bootstrapping was the name of the game to getting this business started. If what Wadhwa states is true that “capital starvation leads to innovation,” then TenDot Travel is the epitome of innovation. Derrick and Jeff started their business the day after they quit their jobs. Living out of their house, the Eellses began cold calling and competing against the industry giants. They had new innovative products that were making the industry clients rethink their prior relationships. Through determination and persistence, they won businesses over. To ramp up and keep costs down, they hired contractors instead of employees. They also looked to family and mentors to help with the business operations and decisions. As the business continues to grow, now reaching over the $1 million sales mark, the Eellses continue to stay lean and hungry for new opportunities.

Check out the Eellses’ videos : Passion, Culture and Sales, and Sales Tips for the Service Business and let me know your thoughts on bootstrapping the company, the pros and cons, and how you best bootstrap to save costs.

Until next time,

Marilyn Schlake, Associate Director, NebraskaEDGE Program, University of Nebraska-Lincoln

Here come the U-Boomers!

As I was scanning the Internet today, I came across an interesting article about U-boomers. Like most of us, I had heard about the infamous baby boomers, but U-boomers? Now, that is something new. According to David Court and Diana Farrell of McKinsey and Company, an international marketing research firm, U-boomers are the next big opportunity for consumer companies. Read more

Social Entreprenership at its Best – TOMS

I was filled with excitement as I started my day out early. I slipped on my TOMS shoes, and smiled at the thought of getting to hear one of my favorite entrepreneurs share his story at the Greater Omaha’s Young Professional Summit. I was thrilled when I learned I had been given the opportunity from Partnerships for Innovation to attend this event at the Qwest Center. Three hours later, after my eastward journey, I arrived at the event and was amazed by the large crowd attending the Summit. This event was incredibly organized with breakout sessions that delivered valuable messages, information, and resources to the participants. However, my favorite part of the day was lunch, and not because of the meal, although it was very good. It was because of the key note speaker, Chief Shoe Giver of TOMS Shoes, Blake Mycoski. Read more

Webinars Offer Online Advice

Congratulations, you now have a web site. The only problem, it’s not generating the traffic you want, nor the sales you need. What is the best option for you? Is it SEO, SEM or keywords and tag lines? Read more

Terry Jones speaks at Governor’s Conference On Rural Development

On November 6th, 2009 at the Nebraska Governor’s Conference on Rural Developmentin Kearney NE, Terry Jones, founder of Travelocity.com and chairman of Kayak.com spoke about technology changing how we conduct business. It was a great presentation on innovation, rethinking and redesigning the customer relationship and our interaction with that customer.

How to Use Others’ Assets to Attract Buyers

Bundle Up. Use others’ assets to start your own company.

“I lost my job, so I’m looking for something entrepreneuerial that I can do. But I don’t have many resources. Any suggestions?” As the host of NxBizSuccess, I hear this question a lot. Read more

Which is Best: Nimble or Powerful

Given the state of our economy right now, would you rather be a very small company or a very large company? When I interview small business owners and advisors on NBS (NxBizSuccess.com), I wonder how they would adapt to this turbulent situation if they were running GE, for instance. Would they fare any better than Jeff Immelt, who has a very
drawn look on his face these days? Read more