Journey of a Serial Entrepreneur

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How to get from where you are to where you want to be

10 Lessons from a Year of Blogging

“There are no mistakes or failures, only lessons.” Denis Waitley

I made a resolution on the 31st of Dec 2007 to blog every day for an entire year. Not quite knowing what I was getting myself into I started writing and have not looked back since. Through the course of the year I realized that the goal I had set for myself was very challenging and required a lot more time and effort than I had expected. Nonetheless, I thoroughly enjoyed writing on a daily basis and aim to continue blogging through 2009. Next year I do not plan to blog everyday but have added some new twists along the way to help differentiate my blog from others in my niche. Listed below are 10 lessons that I have learnt after a year of blogging. If I had read these lessons prior to starting my blogging journey I would have been more prepared for what was in store for me. I hope these lessons will help new blog writers on their journey.

Lesson #1 – Selecting a Niche: Before one starts to blog, clearly identify the target market that you want to serve. This will provide definition and boundaries for your blog and help you to be more focused and become an authority figure in that particular niche. To learn more and access some helpful links on selecting a niche please click here.

Lesson #2 – Passion: The niche that is selected must be something one is truly passionate about. If you just begin writing about something that seems to be the buzz these days, it is most likely that motivation levels will fall drastically over a short period of time. To learn more about passion and selection of your blog niche please click here.

Lesson #3 – Have a Goal: This helps put things in perspective as well giving you achievable targets. Some metrics to track progress by are, number of posts, number of blog hits, number of comments etc. Set specific goals that can be measured and tracked. By doing this simple goal setting exercise , you have a far greater chance of success. To learn more about goal setting for your blog please click here.

Lesson #4 – Commitment: If you are planning on starting your blog next year, I suggest you give serious time and thought  to evaluate how much time you can actually spare in your day to blog. How long does it take you on average to write a blog post ? What other factors will help your commitment when you do start? Lastly, make an open commitment to the blogsphere about your aspirations and goals for the year of 2009. To learn more about commitments and blogs please click here.

Lesson #5 – Providing Value: I use the NABC formula to develop most of my value propositions. It simply helps you identify the Need, Approach, Benefit and Competition. Based on these core principles you can come up with a proposition that will help generate considerable value for your target segment. To learn about this formula in greater detail and how to apply it to your blog please click here.

Lesson #6 – Importance of Reading: If you plan to write a new blog in 2009 then reading is something I highly recommend integrating into your daily schedule. This will not only increase your knowledge base it will also help you get a better command over how to write as well. One needs to be constantly aware about the changes taking place in one’s niche and what authority figures are talking about. To learn more about my daily reading schedule please click here.

Lesson #7 – Dealing with Writers Block: Writing on a regular basis is a challenging feat. One which is bound to frustrate and irritate you at times,  it is also one of the most satisfying and rewarding things to be able to integrate into one’s life. Dealing with writers block is a part of being a writer. Some of the things I use to deal with it are taking short walks, doing a brain dump exercise or even using mind maps. To learn more about the strategies I use along with some helpful links please click here.

Lesson #8 – Patience: Developing a readership and increasing your daily traffic takes a lot of hard work. Expecting to make 6 figures a year from part time blogging is wishful thinking. One needs to focus on developing great content and using it to drive traffic to your blog. The beauty of the internet is its ability for the rapid exponential growth of your blog. A blog that is growing at a monthly pace of 10% will see traffic increase steadily through the course of the year and eventually those numbers will begin to multiply. To learn more about patience and blogging please click here.

Lesson #9 – Networking: A lesson I learnt late in my blogging journey was networking effectively through the blogsphere. If I were to start a new blog in 2009 I would spend more time building a comprehensive blogroll, concentrating on cross linking from high traffic blogs, commenting regularly and using social media to develop strong relationships with authority figures in my niche. To learn more about these techniques please click here.

Lesson #10 – Having Fun: This is an essential factor if one is wanting to blog on a regular basis. If one does not enjoy writing or reading, blogging on a regular basis is going to be more of a chore rather than something to look forward to. Pick a niche that excites you and half the battle is won. For the other half I recommend you should just write,  slowly and over time the content of your blog will become better and eventually blogging will become a lot of fun. To learn more about having fun while blogging please click here.

I hope these lessons will be of some help to first time bloggers. If you have been blogging for some time and have learnt or experienced some other lessons please share them so that we can build a repository to help first time bloggers. I wish you all the very best of success in future blogging ventures.

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Lesson #10: Having Fun

“People rarely succeed unless they have fun in what they are doing.” Dale Carnegie

Blogging on a regular basis is hard work. I am pretty sure most of us who blog on a regular basis have days when we just do not want to even look at a blank piece of paper that we need to convert into a worthwhile post. However, after a while,  inspiration does come and one begins writing. Sometimes it really feels like magic to me when you have just get started on a single point and suddenly….. you have a post, one that you can be proud of. I don’t always think its magic! More often than not it is a mixture of passion, hard work and persistence. However the most important ingredient in all this is that we need to enjoy the process. When you have fun doing something it becomes easy to do it and you no longer need to push yourself too hard. To top it all off, a single good comment on the post makes my day and it  all worthwhile. The fact that someone out there was able to connect with what I have written is an awesome feeling.

When one starts to blog just for the sake of blogging, it saps out all the fun from the process. That is why I had mentioned passion being supremely important when selecting what one wants to blog about. In the end however it all comes to down to doing something you have fun with and enjoy doing. It’s almost a year since I first started blogging,  I don’t think I would have made it all the way here if I had not had so much fun along the way. Seeing my readership numbers steadily increase, increased number of comments and the links that I have made this year have all been an added bonus.

This lesson has a wide application through our life. We sometimes make choices and decisions that appear to be the ‘right’ one at that point of time  because society deems it to be so. It takes a lot of courage and faith in one’s own ability to go off the beaten path, specially if that is one that does not bring us the sort of excitment and joy we want. Going off the beaten track is almost always a much more challenging route to take, with a whole bunch of obstacles along the way that remind you it is not too late to turn back and get back on the accepted track. However, if you follow a path that brings you a level of excitment, joy and most importantly the satisfaction you desire, very few things should persuade you to stop doing it. I hope everyone has the strength and courage to follow their heart  and may they find great success in doing so.

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Lesson #9: Networking

“The currency of real networking is not greed but generosity.” Keith Ferrazzi

A lesson I learnt late in my blogging journey was networking effectively through the blogsphere . When I started this blog I had a tiny blog roll and did a poor job of linking it to other articles and posts. It is only recently that I have discovered how effective linking can be, not only to promote  visibility of your blog but to network with other bloggers who may be writing in the same niche as you. The fact of the matter is that the multiplier effect gets amplified definitively through the internet. A blog post can suddenly become viral, and  your blog can experience an enormous amount of traffic. Even though I have put much heavier emphasis on creating quality content for my blog since the beginning of this year, I should not have neglected the power of developing deeper relationships with authority figures in my niche to help in the expansion of this blog in year 2.

If I were to start my blogging journey again from the very beginning, I would place much greater emphasis on networking and linking . Listed below are a couple of steps I would have followed to build up my blog’s visibility through networking and linking:

1. Join twitter as soon as possible. Thanks to twitter I have built up close relationships with many bloggers since I started actively using the service a month ago. If I had put in the same amount of effort from the very beginning of this year I am pretty sure my blog’s traffic would be much higher, I would have had better relationships with  many prominent bloggers and I would hence have developed a channel through which my blog posts could become viral almost instantly.

2. The blogroll on my blog is very weak. It barely includes any of the blogs that I read on a regular basis. Developing a substantial blogroll is another factor that I would pay more attention to if I were starting this blog over again. This way I would appear on the radar of some larger blog sites and it would also help my readers to link to many relevant blogs in the same niche.

3. Commenting is a powerful strategy to bring visibility to one’s blog as well as to integrate it into conversations taking place online. Comments provide a great platform to showcase opinions and suggestions which could help attract new readers to one’s blog as well as develop closer relationships with other bloggers.

These are some straegies that I would use to build stronger networks and deeper relationships with prominent bloggers in my niche. The sooner we begin putting in that extra effort to develop these relationships the sooner we will see results of our blogging effort. If any reader has any good link to articles that discuss linking or networking through blogs I would appreciate it if you could post the links. Thanks.

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Lesson #8: Patience

“Genius is nothing but a great aptitude for patience.” George-Louis de Buffon

Instant results and gratification seem to be the mantra of my generation. It is undoubtedly and definitely nice to get things whenever one wants them. However there is usually a fair amount of work/effort that needs to be put in before you see any tangible results. Blogging works in the same way. Expecting to make 6 figures from your blogging efforts right off the bat is wishful thinking. One can use all the SEO (Search Engine Optimization) tricks out there, but the truth of the matter is, if we want to see sustainable long term results it is only going to be through pure hardwork. It sounds cliche’d as I write this, everyone knows that it takes a lot of effort to do anything of substantial value. What we tend to lose sight of along the way is the patience to hang on to what we are doing. I personally know many individuals who started blogging only to leave the habit a couple of weeks or months later. They may not have got the level of traffic they wanted or made the sort of money they were looking for.

Its quite disheartening to check your stats and see that only 3 other people on the web have read your post. All the hardwork that has been put in still does not us the results we ‘think’ we are due. Here lies the problem, our expectations  from our blog need to be tempered right from the start. If you are really serious about making money or reaching a certain traffic level for your blog then one needs to put in an adequate amount of work. If there is something I have learned over the course of the last year, it has been that making a living solely by blogging is very hard work. It is not impossible, however it requires the same level of persistence, determination and effort that any other startup venture may require.

The beauty of the internet is its ability for the rapid exponential growth of your blog. A blog that is growing at a monthly pace of 10% will see traffic increase steadily through the course of the year and eventually those numbers will begin to multiply. Therefore, focus on your content before anything else, build a group of readers that follow you on a regular basis and continue to grow your base on a steady basis. With good content, regular updating and being relatively proactive through online social mediums you will reach your goal. Just don’t lose hope half way through… success usually comes to those who have the ability to continue hanging on when everyone else has given up.

Related Posts:

5 Steps to Patience

 

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Lesson #7: Dealing with Writers Block

“Easy reading is damn hard writing.” Nathaniel Hawthorne

I frequently find myself sitting at my laptop with a ton of posts to write, yet, I can put nothing down on paper. It is one of the most frustrating feelings one can experience. Many a time you begin to wonder whether all the effort you put into writing your blog is worth it and whether anyone would notice if you stopped writing from tomorrow. Other times even though you are motivated to write,  the words just do not seem to come to you. I have sat at my desk umpteen times with a topic and all the information I need for the post and have been unable to put it together. I twittered about this a while back and the response I got from the community was quite amazing. It seems  writers block is something that each and everyone of us bloggers has to deal with on a regular basis. It was interesting to learn about the different ways writers deal with it. There are a few things I do whenever I experience one of these blocks:

1. Go out for a short walk: There is something about moving and a change of scenery that gets me thinking, it also gets the creative juices working. Most of the time there are just so many things happening concurrently at your desk or office that it blocks all ability to focus on the task at hand.

2. Brain Dumping: When I get back from my short walk I take a blank sheet of paper and just begin to offload every thought that comes into my head. It is a way of clearing up all the thoughts in my head. This exercise is also greatly theraputic for those times when I am stressed or frustrated with something.

3. Mind Mapping: After clearing my head I begin to focus on the task at hand again and use mind mapping as a way to get my thoughts organized. I recommend most of Tony Buzan’s books on mind mapping.

Writing on a regular basis is a challenging feat. One which is bound to frustrate and irritate you at times,  it is also one of the most satisfying and rewarding things to be able to integrate into one’s life.

Related Posts:

Bathtubs, Lightning Bolts, and The Myth of Writer’s Block

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Lesson #6: Importance of Reading

The more that you read, the more things you will know. The more that you learn, the more places you’ll go. Dr. Seuss

I was an avid reader before I started this blog. I have however had to drastically increase the amount that I read since I started writing on a daily basis. Many of the topics I wrote about required substantial research, I also required to stay on top of things to see what other bloggers in my niche were writing about. If you are planning on writing a new blog in 2009 then reading is something that I highly recommend integrating into your daily schedule. This will not only increase your knowledge base it will also help you get a better command over how you write as well. My daily reading schedule involves:

1. Blogs: There are a couple of blogs that I read on a daily basis. Some of my favorite’s include Seth Godin, Fred Wilson, Brad Feld, Darren Rowse & Leo Babauta. Apart from these blogs I subscribe to over 50+ additional feeds that provide news on everything from current news to technology advances. Blogs provide a great source of up-to-date information on a range of topics and one can use resource sites such as Technorati or Alltop to find some great blogs.

2. News Sites: Ever since I joined Twitter I have relied on sites such as BBC and CNN a lot less. However there are still a couple of news and aggregation website sthat I visit everyday. Some of them include CNN Money, WSJ, FT, Fast Company and TechCrunch.

3. Magazines: I subscribe to a couple of magazines that I enjoy reading on a regular basis. Some of them include HBR, Fortune and Forbes Global.

4. Books: I average around 2-3 books a week. Some recent books that I have read are: 4-Hour Week by Tim Ferris, Top Grading by Brad Smart, 50 ways to be persuasive by Robert Cialdini. From next year onwards I plan for my blog to include book reviews on a regular basis. If you have any books that you want reviewed please let me know.

I am very interested to learn what readers of this blog are reading. Please provide blog links, web links or even book names. I look forward to hearing from all of you.

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Lesson #4: Commitment

There’s a difference between interest and commitment. When you’re interested in doing something, you do it only when circumstance permit. When you’re committed to something, you accept no excuses, only results.Anonymous

There is something about the last week of December that forces us to reflect on the year that has passed and to make resolutions for the new year ahead. In the heat of the moment we make all sorts of large commitments to ourselves only to find ourselves losing steam very quickly when the new year begins and we find ourselves back in the same routines. The fact of the matter is that making major life changes is not the simplest of things to do. To make things worse we tend to make large and bold resolutions without putting enough thought into what that actually entails.

Something prompted me to start blogging last December. I made a bold resolution and commitment to blog everyday. I wish someone had given me a reality check at that point in time and told me that blogging daily was going to be very challenging. However, a factor that differentiated this resolution from many others was that I made this commitment publicly on my blog. That  made me feel accountable to my readers as well as to myself, and hence propelled me to keep on writing.

This lesson applies not only to your blog but should have a broad application on one’s life as a whole. Before committing to something or someone, make sure you know what you are getting yourself into. Do your homework  before, it is much easier that way. Once a commitment is made, one needs to live up to your end of the deal. To tell you the truth, there were many times during the course of the year when the thought of discontinuing this blog actually did pass through my mind. I am really happy I kept my end of the deal though,  this entire experience has been tremendously defining and beneficial for me.

If you are planning on starting your blog next year, I suggest you give serious time and thought  to evaluate how much time you can actually spare in your day to blog. How long does it take you on average to write a blog post ? What other factors will help you keep your commitment when you do start? Lastly, make an open commitment to the blogosphere about your aspirations and goals for the year of 2009.I wish you the very best of success.

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5 Components to build Trust

“Self-trust is the first secret of success.” Ralph Waldo Emerson

This series started with a post regarding how the trust I had in PayPal was shaken when my account got compromised. In life, our trust in people and businesses will often be tested. That is life, and we have to accept it. The fact of the matter is, without trust, we would not get far in life. The trust building process comprises of several components. Each of them plays a vital role in the process, and provides us with  benchmarks to help achieve the level of trust required. 

1. Integrity: Integrity is based purely on the actions and decisions we make in life. They reflect who we are and what we stand for. Three measures to use to benchmark our own level of integrity are ; firstly, are we congruent in our thoughts, words and actions? The second one is, do we honor our promises and commitments to ourselves and others? The last one, do we possess the courage to stand up for our values and beliefs in the face of resistance? These questions can serve as a guide to learn more about personal and business integrity levels. To read more about trust and integrity please click here.

2. Competence: Competence is a pre-requisite for the process of trust building. An individual or business is deemed competent in a particular skill set when they have proved themselves adequately. However, for a new startup, without a track record, this is a challenging task. Competence needs to be communicated through actions in a younger team. Using academic credentials, talents and skill sets or references can be used to help prove a younger team’s ability and capability. To read more about trust and competence please click here.

3. Consistent Communication: We have all come across businesses where senior management says one thing, middle management says another and the customer service representative says something completely different. When there is inconsistency in communication, building trust will be an arduous task. As younger startup companies, we have to instill the importance of consistent communication, from the beginning of our operations. This includes the alignment of senior management’s agenda, marketing strategies as well as how customer service representatives are supposed to interact with clients. To read more about the importance of consistent communication and trust please click here.

4. Genuine Concern: An individual or business can have high levels of integrity, be competent and communicate with consistency, yet, a lack of genuine concern for others or your customers, will dramatically slow down the trust building process. I believe a genuine concern for your customer with honest intention is the ‘x-factor’ in the trust building process. It is important that we get a deep understanding of our clients needs and wants and craft our strategies around them. It is only when we are able to communicate the importance of this component to the rest of the team in the form of actions will we actually notice results. To read more about trust and genuine concern please click here.

5. Results: Results and past performance speak louder than any number of words. The world today benchmarks each and everyone of us to what we have achieved. Therefore, as young entrepreneurs, we must pay a great deal of attention to proving ourselves and showing tangible results. These can be in the form of academic achievements, extra curricular achievements or projects where we have documented results. It is important to become result and action oriented. When an individual has a reputation of getting the job done well, the ability to gain the trust and confidence of peers, investors and customers is enhanced. To read more about trust and results please click here.

Building and maintaining trust is a challenging task. It requires constant attention, and the slightest of slips in our behavior has severe negative impact on the level of trust. As we all know, once a vase is broken it can be put back together, but it will never be the same. The components talked about in this post are foundational elements in the trust building process. When we have the trust of a customer or friend it dramatically changes the dynamics of the relationship, to one where a lot more can be achieved. As entrepreneurs, we must strive to develop a reputation of one who can be trusted. This will have a phenomenal positive impact on the level of business as well as your life. 

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Results

“You can’t build a reputation on what you are going to do.” Henry Ford

As a young entrepreneur, some questions you hear repeatedly from prospective customers are, “Who is currently using your product/service?” or “How many users do you currently have on your system?”  These questions are asked with the aim to establish whether the prospect can trust your business to deliver what you are pitching, and whether the team has the appropriate capabilities and skill sets. Not many individuals want to be the first customer to test a brand new product/service, it is hence up to the entrepreneur to convince the customer why they should use their product/service. The question that arises is “How does an entrepreneur convince a customer to trust him to deliver on his word?”. I believe the fastest way to do this, is to reference past performance and results, and use them as benchmarks to make a convincing argument. 

Results and past performance speak louder than any number of words. The world today benchmarks each and everyone of us to what we have achieved. For example, take an individual with high levels of integrity, extremely competent, communicates consistently and has a genuine concern for what he/she is doing. However, if this individual does not have a track record of delivering when given a task, chances are that they are not going to be given a chance to step up to the plate. Therefore, as entrepreneurs, we have to constantly look for ways to prove to customers, stakeholders, investors, employees and the media that we have what it takes to succeed. We cannot wait around for things to happen or wait for the ‘right’ opportunity. Action needs to be taken, and positive results need to follow. Will we always get the results we want? Unfortunately not. However, if we persevere and pursue what we want to achieve relentlessly results will follow.

Some areas where younger entrepreneurs can display results they have achieved are:

1. Academics: This works well when you are raising early stage angel or venture funding. If one has achieved success in the form of honor rolls, awards or other recognition for academic pursuits, they should be included in some way in your pitch. From a customer’s point of view, having someone with deep theoretical knowledge about your product/service adds great value.

2. Extra Curricular: Including any information about areas such as sports, debate societies, student unions or charitable efforts one has been part of, also adds value.  A personal example is,  when I co-founded an entrepreneurship society at university, which has since grown from 10 members in Singapore, to over 2500 spread across all of Asia today. It was through this platform that I gained a valuable network, and built trust with many of my mentors today. Other examples could be contributions to charitable organizations and events, and funds you may have raised for them.

3. Projects & Initiatives: Results can only be achieved when you take initiatives and actions. Highlight areas where you took an initiative, such as, starting a blog, a website, a store on ebay, freelance projects or any other example where you have documented results. Such projects go to show that you are willing to go the extra mile to reach you goals. 

Once the business has established customers, continue to track results through all business processes. Take responsibility for all the results you get, be they positive or negative. I have found that the learning process is specially instructive when we do not get the results we want. I have repeated this many a time, there is no failure, only feedback. Once you have established a solid track record, and have been identified as a result oriented team member, the level of trust your peers will have in you, will sky rocket. 

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Genuine Concern

“If a man speaks or acts with a pure thought, happiness follows him like a shadow that never leaves him.” Buddha

An individual or business can have high levels of integrity, be competent and communicate with consistency, yet, a lack of genuine concern for others or your customers, will dramatically slow down the trust building process. I believe a genuine concern for your customer with honest intention is the ‘x-factor’ in the trust building process. We have all encountered situations where a business, restaurant, hotel or individual went out of their way to assist you and remember the impact it had. This could be something as small as having your laundry picked and dropped to your house free of charge or giving you a complimentary meal when your food did not arrive in time. These gestures communicate genuine concern for the customer, and an honest aim to make sure they are completely satisfied. 

When a business puts making X amounts of money in a calender year or achieving a certain amount of ROI every quarter as the only aim, they tend to miss out on this factor. Therefore, to build an organization which takes into account the aim and will to ensure that each customer is looked after to the best of the company’s abilities is a challenging task. It has to begin with senior management, they must lead by example. A couple of days ago, I had a prospective customer email me regarding taking some psychometrics courses. Unfortunately, his email got buried and I completely forgot to respond. When I uncovered his email a week later, I promptly sent him the information along with a free test to apologize for the delay. We must always remain vigilant of our intentions, attitude and actions from the customers point of view. 

As a startup it is important that a culture for genuine concern is developed from the onset. Listed below are a few steps to help you get started in the right direction.

1. Listen: Understand your customers in as much detail as possible. Learn what their goals, objectives, threats and concerns are when dealing with vendors, who may be providing similar services to yours. Armed with a thorough understanding of their needs and wants, we will be better equipped to cater to them.

2. Communicate: This needs to start internally in the business, the team must be made aware of the focus, agenda and achievement targets of the company. How the company plans to achieve targets as well as the necessary actions that need to be taken. Such information empowers the workforce as can be seen at Southwest Airlines, the company has the best service standards by far in the industry. We also need to communicate our agenda to the customers. This helps create transparency and removes suspicion from the customer’s mind.

3. Actions: We have to lead with examples and empower our workforce to go beyond the call of duty to help a customer. Ritz Carlton gives employees a discretionary budget in case of an emergency or incident with a customer. At my local Starbucks, the servers know me by name as well as my daily order. When a customer receives such service they are bound to let everyone know, and this will not only help create goodwill but also secure a loyal customer base. 

Financial goals are important metrics for any business. However, I believe that businesses should have metrics for the softer side of the business as well. How many satisfied customers did we serve this year as compared to last year? How many customer complaints were received this year as compared to last year? Benchmarks must be created for quality of service too. Genuine concern for your customers is positively correlated to better quality of service, this results in more customers and higher levels of trust.

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