As an entrepreneur, are you a diamond?

Another gem (ha ha ha!) from Pinterest

"When we long for life without difficulties, remind us that oaks grow strong in contrary winds and diamonds are made under pressure" -- Peter Marshall

Wednesday 101s: 5 quick answers to tricky questions

Wednesday 101s

It’s happened to me a million times – you’re in a meeting and someone (the boss, a client, a potential business partner) asks you a question you’re just not ready for. And instead of sitting there like a boggle-eyed fish blowing bubbles in a bowl, I’ve always wanted some sort of quick-response guide to provide an adequate enough answer to keep the meeting moving forward and to win an opportunity to respond later with the correct information.

I’ve said before that it’s imperative to go to meetings completely prepared (especially where figures/numbers are concerned, when it’s harder to weasel out of something) but you simply can’t anticipate everything – and, let’s face it, some questions are there to deliberately trip you up. But you can stumble, roll and stand up tall with losing credibility. 

The three main rules for answering questions are: 

1. Be honest. Don’t lie to cover up something you don’t know as it may come back to bite you in the ass later. Saying “I don’t know” is sometimes to your detriment, so avoid it. 

2. Be direct and confident, not defensive. A positive, pro-active reply will get you further. 

3. Don’t waffle. Give the exact information that’s required to answer what’s being asked in a simple manner. Baffling people with flowery, fancy words and jargon you assume they’ll understand doesn’t make you look clever. It’s just cringe-worthy. 

So here are five quick responses for when you’re asked a tricky question – it’s up to you to decide when to use them: 

1. The deliberately dumb question 

“I get what you’re saying but I believe the question you should be asking is...” 

2. The question that’s completely out of left field that’s really important 

“I don’t have an answer for you, but your question deserves a proper answer and I’d like to take the time to do that offline if that's okay.” 

3. Specific question about something, which is confusing or unclear (when your inner voice goes "huh?") 

“Just to make sure I understand, you’re asking me to....” rephrase their query in your own words to make sure you get what it is they want to know of you. Once you get clarity, you’re better able to craft your response. 

4. A question about your opinion on something 

Often, unless you’re senior management, your personal opinion isn’t in question. Avoid the urge to get into gossip, company politics and discussing confidential business matters. In your response, stick to a reply that’s true to your company’s or project’s ethos. 

5. A question that asks you to show your expertise 

“What we learned from working with Client X on Project A last year was...” 

I personally tend to favour response no 2 if I don't know something or haven't got the info with me. Sometimes it works; sometimes it doesn't. So if you have any responses that you've tried and they've worked, please add them as a comment.

Linda Trim: Always act honourably

Linda Trim, Giant Leap
Workspace Specialists

Marketing and sales director at Giant Leap Workspace Specialists, Linda Trim doesn’t believe in limiting her business dreams – there’s always room to improve and grow. Her business is all about architecturally designing workplace interiors that inspire the people who use them.

Have you always been entrepreneurial? 

I have definitely always had a bit of “hustler” in me but it has developed as I have in business. From a young age I have always had incredible ambition and a desire to succeed. 

What were you doing before joining the business?

I was in IT recruitment which was very stifling. Starting out in a start-up company allowed me to have no boundaries – to be able to put my signature on what we did and achieved. It allowed me to work in implementing the roll out of many systems, rather than just working the way others wanted. 

What kind of planning goes into the venture? 

We sit as a team at the beginning of every year and map out what we want to achieve. We look back at the past year, our successes and where we could have done better and re-evaluate going forward. 

What was your big dream for this venture?

Our dream was to be the most professional, the biggest and offer our staff the best working environment. We still dream. The dream never stops. We are always taking in new ventures, growing the business in different ways. Be it a new client project, a new CSI project or merely a new marketing venture. The success of our dream is never setting a limit. 

How does a new entrepreneur find business leads and profit from them?  

It all goes back to networking and believing in your product and offering; having unwavering faith. Also having a strategy where you can not only network but collaborate with others. Team work goes a long way. 

How does a new entrepreneur figure out what makes them unique and leverage that difference?  

Belief in yourself – a false sense of never failing makes you fearless in your conquest. However, you need to know who else is out there and stay close to competition. Always stay close to what is happening in your market and keep up to date with international market leaders. Try to differentiate yourselves from others. 

How does a new entrepreneur figure out what to charge for their service/product?  

It’s an assessment of what the market can afford. I have always believed you have to give products away or offer a cheaper service just to get in door and earn a reputation.

What was your most epic fail in the early days?

I have never had an epic fail but I guess hiring staff and building a team are always the hardest. Like buying a lotto ticket, you never know what you are going to get.

How do you keep yourself motivated? 

I always look at my past successes and what I still want to achieve, it drives me. Having a dream board to remind me what I’m working for. Remembering what it's all about and the people on your payroll. 

Do you have a mentor?

Everyone needs a mentor, if not a few. Always act honourably; that way it can never come back to bite you in the bum. Mentors change as you grow, but I always believe there is room to improve and grow. 

Is it ever alright to give up on a dream?  

No, unless you have a new dream that replaces it. Dreams get you out of bed in the morning but sometimes they need to be tweaked or expanded on. 

Which three character traits do all entrepreneurs possess?  

I think everyone is different, but there has to be a certain level of ambition and risk taking to be an entrepreneur. Also a certain level of hard work to get what you want. Succeeding takes a lot more than just buying a lotto ticket. 

Do you believe in internships for your business?

We usually offer internships in our design department and applications need to go to our head of design via email: info@leap.co.za. Internships provide students an opportunity to see what work life is about. Often what students envisage is completely different to their experience. 

If you could give yourself any advice back then, what are your top 5 wisdoms? 

* Always be professional.

* Never slate the competition.

* Never doubt you will succeed.

* Remain positive and stay focussed.  

* The line “hard work and perseverance = luck” always strikes a chord with me.

Get in touch with Linda Trim from Giant Leap Workspace Specialists via email: linda@leap.co.za, visit: www.giantleap.co.za, find her on Facebook, on Twitter: @GiantLeapSpace and on LinkedIn.

Patrick Lawson: Be nimble to keep up with change

Patrick Lawson, Mobiflock

Patrick Lawson, CEO of Mobiflock is a serial digital entrepreneur who’s as happy playing in the business space as he is developing new uses for cutting-edge technologies that service the needs of digital natives. He’s the man behind mobile messaging service Clickatell, but most recently, Lawson and his team has launched Mobiflock, a new system that keeps us, and more specifically, our children safe when using their smartphones.

Have you always been entrepreneurial?

Straight out of school I started a desktop publishing business. It was the early 1990s and I realised that my computer had far superior graphics capabilities compared to what else was in the market at the time. This I think was the start of me seeing technology, realising it could be a game-changer and then identifying business opportunities based on that. I then went on to build a website for Pam Golding, which became the first to sell a house – sight unseen – in the southern hemisphere. Next up was Clickatell, the mobile messaging company, where we realised that there was a need to aggregate SMS messaging channels in order to offer SMS as an application to person business tool. With Mobiflock, I took a look at my children and realised they’d soon want their own cellphones – and probably smartphones. There are so many obvious benefits to them having smartphones, but at the time there was no way to keep them safe from inappropriate content, dangerous people, and their own lack of understanding of consequences – which is part and parcel of growing up.

What were you doing before starting your business?

From the get-go, the thought of studying and following a corporate path was just not for me. Early stage startups are far more exciting. For instance, when Clickatell started becoming a successful, operational focussed company, I realised it was time to move on.

What kind of planning went into starting the venture?

Fortunately my experience with Clickatell stood me in good stead here. And absolutely, as tedious as it might appear to be when all you want to do is hit the ground running, you need to do the legwork and research to really define the opportunity you see, make sure your good idea has legs, and that the numbers stack up. If you do this at the outset, there are fewer nasty surprises down the road. We also spent a lot of time on designing the product for growth and working out what our brand is going to stand for.

What was your start up capital and where did you work from?

We bootstrapped as far as possible, but once we reached proof of concept stage, we received investment from friends and family. This was followed by an additional private funding round to get us to commercial launch on Android, BlackBerry and Nokia Symbian devices. We’re currently looking for additional investment in order to maximise this global opportunity.

What was your big dream for this venture?

Stage one was to keep children safe on their smartphones – allowing them to have all the benefits of a connected digital device, but to stay safe. Simultaneously we’d be educating parents who are feeling a little bit out of their depth raising their digital natives. Ultimately however we want to offer security products and services for every mobile phone and tablet user, including businesses and individuals.

How does a new entrepreneur find business leads and profit from them?

In our case, our business is both online and global, so online is how customers find us. In South Africa, however, we have been extremely well-received by stakeholders in this space, and we’ve been having face-to-face meetings with them to demo Mobiflock and to recruit them as brand ambassadors. We also intend for each and every of our customers to become our brand ambassadors, recommending the service to other parents in their network. Strategic partnerships, such as those with handset manufacturers or mobile operators take time, so one simply needs to work away at these.

How does a new entrepreneur figure out what makes them unique and leverage that difference?

Listen to your customers. Have faith in your own vision. Fail frequently and often. And keep nimble in order to adapt quickly to a changing market – which is a constant in the mobile space! – and the feedback from your customers.

How does a new entrepreneur figure out what to charge for their service/product?

Do your market and customer research and work out what the market will bear. You need to take your costs into account and work out what profit you will earn to ensure a sustainable business. In Mobiflock’s case, we offer a cloud-based service, which means that for every additional customer we get our costs don’t ramp up as they would with a bricks and mortar business. This means we can easily grow the business exponentially without risking a massive rise in costs.

What was your most epic fail in the early days?

Not predicting how quickly the mobile landscape would shift, and choosing as our first operating system to develop for something that was very quickly eclipsed by other operating systems. Having said that, the effort wasn’t entirely wasted as we learnt a lot in a very stable environment which made rolling out Mobiflock to other operating systems very quick.

How do you keep yourself motivated?

Remind yourself of your original vision and have faith in that. Make sure you celebrate your successes along the way, even though you know you still have a long journey ahead of you.

Did you have a mentor?

I don’t believe in a single mentor; rather surround yourself with a group of people you can turn to for advice and different perspectives.

How long does it take for a venture to get off the ground, in your experience?

Three years seems to be the time most companies get sufficient traction and momentum to be a viable concern with critical mass, market acceptance, an established product and healthy revenues.

Is it ever alright to give up on a dream?

Dreams are like ideas, they’re a dime a dozen – it’s acting on them that matters. And the reality is that you may need to modify your dreams when reality bites in the shape of children to feed.

Which three character traits do all entrepreneurs possess?

A “glass half-full” mentality. Tenacity. And the ability to identify an opportunity, build a vision, and then communicate this to your founder team, your staff, your customers and the market at large.

Do you believe in internships for your business?

Yes, it’s a good way of paying it forward and also grooming potential future employees. To apply, especially if you are a developer, email jobs@mobiflock.com

If you could give yourself any advice back then, what are your top 5 wisdoms?

* It doesn’t get any easier While it was tough raising funding a decade ago, it’s become 10 times tougher since then, which means it takes up even more of your time, energy and focus as an entrepreneur.

* Don’t plan for funding Rather plan to not get funded at all, rather to build a solid, sustainable business that can stand on its own two feet.

* Dance to your own tune Don’t be put off if you don’t tick the current “funding flavour of the month” check boxes. As long as you have done your homework, identified a distinct market need and proven your concept, of course.

* Focus Stay focussed on your business goals and specifically on getting that first rand of revenue through the door. Having said that, keep nimble so you don’t miss out on new developments in the market.

* Get involved One of the biggest changes I’ve noticed comparing getting Mobiflock out of the starting blocks with launching Clickatell just over a decade ago is the opportunities we’ve had thanks to the nascent entrepreneurial community developing in Cape Town and South Africa.

To get in touch with Patrick Lawson from Mobiflock, email: patrick@mobiflock.com, visit: www.mobiflock.com, on Facebook, on Twitter: @mobiflock and @patricklawson, and on LinkedIn. 

Princess Diana: Follow your heart

Found on Pinterest, originally attributed to Jenny Burrows

On 31 August 1997, Princess Diana passed away in a car accident in Paris and, to me, the world really hasn't been the same since.

Those were the days before blogging and Facebook and Twitter, and not everyone had owned their first cellphone yet – sure, the handset was bigger than your whole face, but damn, you were cool!

We were still all connected, just at a slightly slower pace. People were famous for proper things like good work, great achievements or because they were royal – not because they'd had a sex tape leaked on the Internet, they'd slandered someone on Twitter, or because they were good at being a slutty, air-headed socialite with deep pockets.

On this day in 1997, I had a massive dream come true – the night before, I'd done what my heart had told me to and it was one of the happiest moments of my life.

In 2012, I'm still only doing what my heart tells me to, so today I'll light a candle for Princess Diana and reflect on how far we've all come in 15 years. And, as an entrepreneur, I feel following your heart is sound business advice as well.

Have a great weekend – tomorrow is the "official" start of spring in the southern hemisphere; my favourite time of year! Enjoy your downtime :)

Michael Holenstein: Success may mean re-invention

Michael Holenstein,
De Hoek Country House

With years of experience in the food and hospitality industry, it was hardly a surprise when, in 1994, Michael Holenstein was invited to join De Hoek Country House in Magaliesburg with seven staff and seven rooms. Today, thanks to loads of hard work, tenacity and a great reputation, De Hoek has grown to be named one of the best country houses in the world.

Have you always been entrepreneurial?

I always wanted to have my own business and work for myself

What were you doing before starting your business?

Prior to starting at De Hoek, I owned my own Italian restaurant and before that, I owned a catering company with two partners.

What kind of planning went into starting the venture?

In the beginning it was really hit and miss, as my very supportive business partner, Johann Redelinghuys, and I had no real experience in the hotel industry, although I had trained as a chef in Switzerland and cut my teeth in the kitchen. My wife and I had the responsibility of running the business; our goal was to become the best country house hotel in South Africa. We had a very informal plan and just worked very hard and long hours to build up a reputation for excellent service, comfortable accommodation and, obviously, very good food.

What was your start up capital and where did you work from?

As you can well imagine, starting a hotel – albeit a small one – is a huge capital investment. I was fortunate to have a partner who is very supportive of our ideas. We started with seven bedrooms – that was it. We’re now up to 20 bedrooms, four conference rooms, a restaurant and beautiful extensive gardens.

What was your big dream for this venture?

Our big dream was to turn De Hoek Country House into the best country hotel in South Africa. We were awarded the accolade for Best Country House in the World, in both 2007 and 2008, from the World Luxury Hotel Awards.

How does a new entrepreneur find business leads and profit from them?

Be sure of what you have to sell to the customer, stay true to your offerings and rather under-sell and over-deliver than over-sell and under-deliver.

How does a new entrepreneur figure out what makes them unique and leverage that difference?

A start would be to do a SWOT analysis: identify your strengths, weaknesses, opportunities and threats, and then focus on key issues.

How does a new entrepreneur figure out what to charge for their service/product?

By researching the marketplace. What do my competitors charge? Can I charge more if I provide a better product/service?

What was your most epic fail in the early days?

We had a coal AGA stove in the kitchen – try doing a function for 60 or 70 with one oven and one hot plate; very challenging! We upgraded the kitchen with good industrial equipment.

What are the two biggest/most common mistakes that new entrepreneurs make?

I think you must stay focused and keep working towards your goals; and watch your cashflow carefully.

How do you keep yourself motivated?

Being in the hospitality industry, I have become accustomed to working hard, missing out on weekends with friends and family, and staying focused on the goal and dream.

Did you have a mentor?

My mentor was my father. He encouraged me to work hard and to keep going even if the going gets tough. My business partner is also someone I look up to for guidance and advice.

How long does it take for a venture to get off the ground, in your experience?

It probably takes a good five years to reach a certain stability. We’ve been going for 18 years. Business is never without its challenges. We continuously have to think how we can “sweat the assets”, re-focus, re-strategise and keep going

In your opinion, is it ever alright to give up on a dream?

Don’t give up the dream; you might have to start another business or re-focus, but never give up. Richard Nixon said: “Defeat does not finish a man – quitting does. A man is not finished when is defeated. He is finished when he quits.”

Do you believe in internships for your business?

I definitely do. I think it is a very good way of addressing our unemployment problems in South Africa. The Swiss have a very good apprenticeship programme, a Private Public partnership that has stood them in good stead for about a century. A similar programme should be instituted in South Africa, companies should be accredited to train people for a certain number of years and, once the “apprentice” has completed their time under the watchful eye of accredited mentors, they will be qualified in their chosen field and employable.

If you could give yourself any advice back then, what are your top 5 wisdoms?

* Work smarter.

* Take some time off to re-energise

* Keep staff motivated.

* Be prepared to re-invent yourself.

* Stay in touch with technology.

To get in touch with Michael Holenstein from De Hoek Country House, email: mholenstein@dehoek.com, visit: www.dehoek.com or find him on LinkedIn.

Wednesday 101s: Running a kick-ass meeting

Wednesday 101s

I'm trying out something new this week – called a Wednesday 101 – where I hope to give you the info you need to do business-related things (think: meetings, invoices, writing proposals, taking minutes, preparing a tender, business plans, etc) in 10 steps or less. You know, all that stuff that people assume you'll already know how to do, but don't. I've been there... you shouldn't have to! So if there's anything specific you'd like to see, pop me an email or leave a comment. Thanks.

For me, this is a week filled with meetings. And while incredibly exciting and full of promise, I can’t help but get a little crispy: meetings are one of my pet peeves. They’re necessary, I realise, but in a former life, my boss firmly believed in death by meetings. And, for a solid week every month, we’d sit in life-sapping, ego-bashing, ball-busting meetings allegedly designed to keep us “all on the same page”. And every month, I’d pray to whichever deity was listening that I’d be sick, away or have some sort of crisis that would get me as far out of that boardroom as I could be without needing a passport and injections! They were a waste of time, energy, and had a direct negative impact on productivity and morale.

Some really smart entrepreneur – think it was Steve Jobs – once said that if a meeting lasts more than 30 minutes, leave. And I’m inclined to side with him on that one. There are ways to run successful , yet efficient meetings as an entrepreneur that don’t mean being trapped – an hour or two at a time – with potential clients who love the sound of their own voice, yet have no power to make the final decisions. And when time is money, you know what I mean.

Here’s how to get the most from your time in a meeting:

1. Deal only with the decision-makers: Meeting with “minions” rather than the person with the power to cement decisions will only result in more meetings to seal the deal, so you’ll essentially be stuck on repeat. Expect some “corporate gate-keeping” but avoid it if you can.

2. Schedule a date, time and place: In writing, via email calendar or in person. Also make a list of how many will be in attendance and who they are in the business.

3. Confirm two days before: Via email, issue an agenda of key points you want to discuss in writing (make note of the time spent per agenda item) and confirm attendees in order to prepare presentations, visual aids, printouts, etc.

4. Prepare! Don’t ever come to a meeting unprepared – you’re wasting your own time and theirs. Know your stuff, anticipate potential questions and your responses, and ensure your equipment is working. Many a lucrative business deal has fallen flat at the first meeting due to lack of preparation.

5. Don’t cancel at short notice. Securing time with certain decision-makers is a rarity, so if you’ve managed to get a slot in the diary, this is your one chance. Don’t blow it! Short-notice cancellations for flimsy reasons may make you appear unprofessional.

6. Arrive early: You never know how long the signing in procedure will be, nor how long it may take you to set-up in an unfamiliar environment. Anticipate this.

7. Stick to the agenda and be respectful of people’s time: Once you’ve made the introductions and shared business cards if this is a first meeting, run through the agenda points and stick to time you’ve allocated to each point. If it looks like you’re veering off-course or if attendees are having offline conversations with each other at the table, put a halt to it and divert attention back to the matter at hand. Remember, your business is not the only work that attendees have to do today – be respectful of that.

8. End the meeting with clear next steps: Decide what the next steps are per agenda item, delegate who does what and agree to a deadline to resume discussions. Exit gracefully and with thanks.

9. Same-day email of thanks and summary: Ideally you should send a mail of thanks to all attendees post-meeting (on the same day) with a quick summary of what was discussed as well as next steps, just to confirm that you’ve not misunderstood anything that you spoke about and to give the opportunity to correct issues if they arise.

10. Follow up: If you need to follow up by email post-meeting, allow between five and seven working days to pass before hitting send. Too soon after the meeting may seem naggy and desperate; too long and you may come across as uninterested and wishy-washy. Neither are good for business.

What irritates you most about meetings and how have you worked around it?