Reasons Why Your Business Should Be on Twitter

03:20 Posted by Unknown , , , , ,

1. Over 500 million tweets are sent per day. 
2. There are 36 million unique monthly visitors to Twitter.com per month.
3. There are 241 million monthly active Twitter users. 
4. The average user spends 170 million minutes on Twitter a month. 
5. 135,000 Twitter accounts are registered every day. 
6. 29% of Twitter users check their Twitter multiple times a day. 
7. 47% of people who follow a brand on Twitter are more likely to visit that company’s website. 
8. 74% of people follow small to medium sized businesses on Twitter to get product updates. 
9. 72% of Twitter followers are more likely to purchase a product from a brand they follow. 
10. There are 2.1 billion searches on Twitter every 24 hours. 
11. Twitter users are 3 times more likely to follow brands than Facebook users.  
12. 63% of brands on Twitter have multiple accounts Twitter. 
13. 50% of Tweets using Twitter’s native image system get re-tweeted. 
14. 9% of Americans use Twitter while at work. 
15. 40% of Twitter users have earned a Bachelors Degree. 
16. 11% of Americans Tweet every month. 
17. 46% of U.S. social media users access Twitter via their mobile phone. 
18. Twitter made 665 million in revenue in 2013 alone. 
19. 87 % of Twitter’s revenue in 2013 was from advertising. 
20. Wall Street estimates each Twitter user has an average value of $118.00. 
21. Average sales order value for visitors referred by Twitter: $46.29. 
22 The average Twitter user has 126 followers. 
23. 46% of Twitter users use it at least once a day. 
24. Sunday is the most popular day of the week for retweets. 
25. The top 100 global brands on Twitter send an average of 12 tweets per day. 
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Places to Look on Social Media for New Business Ideas

02:01 Posted by Unknown , , , , , ,

Social media is a two-way street. It allows companies to increase visibility and awareness, raise their profile, promote a product or service and engage with customers. At the same time, customers use social media to express themselves and provide their opinions about brands. Both sides of the coin allow for a two-way dialogue, an opportunity for companies to receive instant feedback and also help a business cultivate an online following. But this social-media chatter can also provide another advantage -- it allows aspiring entrepreneurs to find the next great business idea.  
Here are five social media tactics that can help to get the wheels turning:
1. Trending topics. Trending topics have come to represent the intersection of news and social media and appear on Facebook and Twitter – often represented through hashtags. They are the manifestation of social media chatter, buzz and general conversation.
This is also where complaints surface. Think of trending topics as your own personal focus group for any problem. Whether on a global scale or in your community, if you listen and pay attention to trending topics, you may just be able to glean enough important information to get you started on a solution --your next great business idea.
2. Popular pages. Pinterest and Instagram literally provide us with snapshots of what people are interested in and excited about via their popular page section. Exploring popular pages and topics of interest will provide valuable insight and research to inspire great ideas for reaching potential consumers. Entrepreneurs can then reflect on what they think consumers would buy. What can I create to help better their lives? What would they be interested in?
3. Crowdfunding platforms. Crowdfunding sites like Kickstarter and Indiegogo are a great source for discovering trends, new products and services.  Businesses and startups look to these platforms for funding opportunities from venture capitalists, angel investors and the general public. By determining which businesses received funding and what the general public is interested in, individuals are able to gain insight into what consumers are looking for, what interests them and what they are willing to pay for. 
4. TV shows and the second screen. Now that we’re fully immersed in the digital age, the rise of the second screen is becoming increasingly popular. Second screens (often our computer, laptop or mobile device) are used to engage, interact with heighten the media experience. TV shows like Shark Tank and Dragon’s Den are taking the second screen into account when writing scripts and taping. When shows like these air, entrepreneurs should tune in to Twitter or Facebook and read the feedback. Are these new business pitches going to succeed? Would people actually use the product being pitched? If not, what would make it more appealing? Can I improve any of these business ideas? Learning what works and what doesn’t work can help spark the next great idea. And, you have the opportunity to listen to and view investor’s feedback. 
5. Trending pages. We’ve already discussed trending topics, so think of this section as referencing a whole page of trending topics. StumbleUpon and Flipboard have a plethora of trending topics from all industries that have been categorized into trending pages for you -- all you need to do is look. Scour these pages for topics that are popular and then read the comments --what are people saying? If there is an issue, is this something you have the answer to?
If you find that you are just out of ideas and looking for inspiration, these sites can be just the key to spark your creative engine.
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Rules for Texting Anyone You Do Business With

09:42 Posted by Unknown , , , , , , ,

Walk into any boardroom two minutes before a meeting and you’ll find the same scenario: a table full of executives checking their phones with their heads bowed in the “smartphone prayer.”
Text messaging is the fastest way to communicate in business. Quicker than email and more convenient than a phone call, it’s become commonplace. But it’s not always the best choice.
Choose to text message for simple notifications or reminders like “I’m running five minutes late,” or “Remember to bring the report.” As a general rule, consider texting only appropriate for a maximum of two messages -- one message and one reply.
Here are five rules to avoid a text message business blunder.
1. Keep it positive.
Like email, the tone of a text message can be misinterpreted by the recipient. Quick messages can make you come off as flippant or harsh. Instead of staccato phrases, write complete sentences. Add polite touches like “please” and “thank you.” Re-read every message before pressing send to double-check your tone (bonus: no embarrassing typos).
2. Avoid serious topics.
You wouldn’t break up with your girlfriend over a text message -- to be clear, you should not -- and the same goes for business. Never give negative feedback or fire someone via a text message. Any serious conversation should take place face-to-face. It allows for subtle interaction through facial expressions and will ensure clear communication.
3. Don’t abbreviate every other word.
Abbreviations are common in casual texts, but you should be careful how often you use them. Common abbreviations like “LOL” (laugh out loud) and “np” (no problem) are safe choices. However, if you’re communicating with a new customer or acquaintance, take 30 extra seconds and type out each word.
Avoid informal shortcuts like “u” (you) and less common abbreviations like “SMH” (shaking my head) or “MFW” (my face when). Don’t leave your clients and colleagues confused; your texts should convey messages quickly and clearly.
4. Don’t text a last-minute cancellation.
There are a thousand reasons someone may miss a text message. Don’t depend on a quick note to cancel a meeting or change a lunch venue. For an important or time-sensitive message, pick up the phone.
5. Double-check the autocorrect.
Smart phones can occasionally be a little too smart. Autocorrect and voice-to-text features have a sneaky way of changing your intended message into something entirely different and often embarrassing. When using voice-to-text, ensure you’re in a quiet location. It picks up on background noise and may type a nearby conversation instead of what you’re saying.
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What to Expect When You're CEO of a Successful Startup

05:57 Posted by Unknown , , , , , , ,

Leading a startup is analogous to being a first-time parent. You can read books and articles, you can talk to others that have been through it, but no one can ever fully determine what it’s like until he or she experiences it first-hand. Since joining Sumo Logic as a first-time CEO in 2012, it has been quite a ride.
Boiling down the experience of my first two years as a CEO of Sumo Logic, I have found eight tenets that I want to share:
1. Few will understand your process or state of mind. Many will try, but few will succeed in understanding the investment of time, emotion and energy associated with leading a start-up company. Though it is difficult, accepting the isolated nature of being a leader is important. This acceptance will embolden you to move forward with your work rather than exert energy to seek the understanding or acceptance of others. It’s lonely. Get over it.
2. Listen to your gut. Entrepreneurs receive a landslide of advice from well-meaning colleagues, friends and family  – even total strangers offering advice in columns such as this one. But, even the best advice can prove worthless when it is heeded in the wrong situation. So while it is important to appreciate good advice, it is also critical to trust your gut. Often your first idea is the best and your first inkling is correct. Furthermore, if things go wrong – you will have no one to blame but yourself.
3. Ban the phrase “other people’s money (OPM).” Every entrepreneur should always behave as if the money they are spending is theirs. People often become lackadaisical when they internalize that they are using OPM. And a startup cannot afford to be frivolous with resources.  
4. Believe in karma. I’ve seen many people sabotage their careers with arrogance. You never know how people will enter, exit and re-enter your life. Especially in Silicon Valley, where the entry level engineer today is tomorrow the startup founder on the rise. It is important to plant your feet firmly on the ground, keep a level head and be courteous to everyone you meet. As the old saying goes, “Keep your words sweet, you may have to eat them one day.”
5. Listen more than you speak. You don’t learn too much while you’re speaking. However, I learn many things during brainstorms with my team. A good leader listens first and speaks last. This will allow you to see all sides of a situation before weighing in. Silicon Valley is home to some of the brightest people in the world. What is the point in hiring them if you do not make time to listen to their ideas?
6. People matter. Though technology is a focal point of many businesses, people are still the foundation of the business. People are still the decision-makers. So it behooves the leader of a company to find the best people and create an environment they want to come to every day. Balancing the needs of people with the needs of the business will go a long way when scaling the business.
7. Your investors are a great resource. Working with high-quality venture capitalists (VCs) can change everything for a startup company in Silicon Valley. Their access to customers, top talent and strategic partners is invaluable.
For Sumo Logic, our VC partners, Greylock, Sutter Hill Accel and Sequoia, have been instrumental in bringing us amazing talent and marquee customers. Venture capitalists make a living on identifying the right markets with the right teams with the right momentum. Markets and momentum can swing though, so be sure to secure funding when you are on the way up.
8. Belief in your mission inspires. As unoriginal as it sounds, you must believe in yourself and your company more than anyone else. If you are not passionate, your employees, investors and customers will not get passionate about your company. In many ways, enthusiasm and belief in your vision is the most important asset of any entrepreneur.

Questions to Determine If You're Ready to Be an Entrepreneur

09:56 Posted by Unknown , , ,
The only difference between people who want to be entrepreneurs and the ones who actually are is the work and the risk of getting started. If you feel like you want to be an entrepreneur but aren’t certain if you’re ready yet, here are five questions to help you determine your capabilities.
1. How comfortable are you with being uncomfortable?Entrepreneurship will mean a lot of uncertainty. If you’re the kind of person who needs a lot of control and a strictly scheduled life, you may not be able to handle the ambiguity that surrounds entrepreneurism. That being said, don’t think just because uncertainty makes you nervous you can’t be an entrepreneur. If you find you have a need for a controlled schedule, that trait could actually work in your favor.
Entrepreneurship requires long hours, hard work and dedication when you start out. Being able to manage your schedule and control your environment could help you with the organization of your business. However, you might want to plan before you leap in. A few great ways to do this are to stockpile savings, already have a business plan you’re prepared to work and seek out a community of support to talk you through the tough times.
2. Are you disciplined? You are totally responsible for yourself. Right now, wherever you’re at, whatever you’re doing -- it’s your choices that got you here. How do those statements feel to you? If you feel yourself bristling and ready to argue, then you might not be in the right mindset for entrepreneurship yet. When you start, you must take full accountability for everything -- there’s no back-up plan on why you got passed over for a promotion or why you didn’t get your report done on time. Clients won’t want excuses and they’ll drop you.
Even when it’s their fault you have to be prepared to deal with the possibility that you’ll have to handle it. You need discipline to survive and stay ahead of your work, ahead of your bills and to grow your business. If you struggle with accountability and discipline, don’t rule out entrepreneurship forever. Take stock of ways your current situation could be improved by better decisions and try holding yourself accountable.
3. How’s your health? Taking care of your body is important for everyone, but can have particularly far-reaching implications for the entrepreneur. There are no sick days in entrepreneurship when you’re getting started. There’s a chance there won’t be for years. That’s going to mean you have to be productive, even when you don’t feel good, or risk missing business opportunities. You have to keep yourself in good health with diet and exercise that keeps your body strong and your mind keen.
If you aren’t a healthy person, you may want to figure out a plan for improving your lifestyle before you transition into entrepreneurship. Also important, think of how you’ll cover health insurance and medical needs when you start your journey. Get a plan for your health and work it.
4. Do you love what you do and are you good at it? There are going to be long hours in entrepreneurship. If you enjoy what you’re doing and are passionate about your project, that intense amount of work is enjoyable. Don’t fool yourself into thinking money alone will be enough to motivate you.
Make sure you’re passionate about what you’re intending to pursue as an entrepreneur and that you have the skill set to get to work. If you don’t, consider how you can improve your skills before making the leap and how you might get involved in something you’re passionate about doing.
5. Do you play well with others? You might think entrepreneurship is a solo activity, but the truth is that having great relationships is crucial to long-term success. It's not only for the value that comes from referrals and the camaraderie of close relationships, but also for the support you will need. If you’re starting out as an entrepreneur, you’re going to have periods where you need to rely on the strength, wisdom and friendship of others.
Look for opportunities to build your network: mentors, mastermind groups and other programs will help you find the right people. Just be sure that you invest in them, too. Relationships are based on give and take. Build strong relationships and open yourself up to the great support and learning that comes from others.

Other Ways Entrepreneurs Can Use Crowdfunding

23:02 Posted by Unknown , , , , ,

There’s a lot more to the crowdfunding concept than just indiegogo and Kickstarter. While they are a major force in getting cool projects off the ground, there are other outlets and uses for crowdfunding that may surprise you, including platforms that enable you to act like an investor and back other entrepreneur’s projects.
Under the JOBS Act (Jumpstart Our Business Startups) that was put into effect by President Barack Obama, the playing field of investing has opened up to smaller accredited investors. Think you might be interested in participating in a crowdfunded startup or maybe a commercial real estate investment through crowdfunding? Here are three ways entrepreneurs can get in on crowdfunding for investment or as a means for raising capital, not just rewards.
1. Fundable is a nice crossbreed of the two uses for crowdfunding: investment and investing. Co-founded by serial entrepreneur Wil Schroter, Fundable wants to change the way startup founders get access to capital and the investment options of backers.
What’s the main difference if you’re looking to crowdfund your business using Fundable over another platform such as Kickstarter or indiegogo? With Fundable, you choose whether you want to go the rewards route or the share-options route for getting the capital you need. The ability to choose how you get your funding puts more options in your hands for getting the capital you want.
2. Asset Avenue. Get involved in commercial real estate with this crowdfunded property-purchasing powerhouse. Backed by Adam Chapnick, one of the principals of indiegogo, this crowdfunding platform allows you to get involved in commercial real estate by funding property deals as an investor.
Asset Avenue breaks down the complex and high barrier to entry of commercial real estate projects so that you can participate as an accredited investor and help crowdfund projects with confidence in the hard asset of property. It’s also reassuring that it’s a crowfunding platform whose growth is being managed by a crowdfunding expert.
3. Fundrise is another cool investment platform that is founded on the idea that anyone can and should be able to get involved in real estate in their area. Co-founded by Daniel Miller and Benjamin Miller, their combined expertise and experience in finance and real estate led them to realize there was a better way to do real estate deals that involved the “little guy” and tons of transparency about fees and ROI.
Fundrise offers up plenty of low price-point entries (starting at $100) and in localized regions so you can make more informed investment decisions based on the areas you already know. The platform wants you to enjoy the rewards of backing real estate that impacts your community, in ways you can understand and see.
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