It’s that time of year again. Thousands of qualified college graduates are getting set to enter the workforce. They were promised that their hard work and diligence will earn them an attractive job and a high chance of success. With ambition, motivation, and dreams, scores of young men and women will forge their way into the business world. Some of them have lofty goals of entrepreneurship. Many are under the impression that whatever works for high profile examples of successful leaders in business will also work for them. Public information and theory are often misleading, and so is attempting to imitate another company’s or leader’s blueprint. According to some experts, new college graduates often make five brutal mistakes as they try to navigate their own potential new enterprise.
1. Recent college graduates think they know a lot more than they do upon graduation. Implementation is different to theory and ideas, so you need to be able to bring operational performance and many other skills to the table. Knowledge is one thing, but true execution will provide the experience you really need.
2. Many do not understand how funding works and the capitol needed in the initial phases of a business. Inexperienced people are misled when it comes to startup funding and what is needed to begin and grow a business. Often young founders don’t think about basic concepts like unit economics, which is selling something for more than what it costs to make. Even some very well funded startups tend to ignore this.
3. Raising funds does not equal success. Many young entrepreneurs are focused on the superficial belief that the more money they raise, the more successful their business is going to be. While it’s true that, everything else being equal, having more money to spend on your business is good, there is a lot more to it than that simple formula. Plenty of businesses fail because they raised too much money and it encouraged them to do things that didn’t make sense. Many other businesses fail because they raised money that they believed would fund all of their dreams of growth, but it wasn’t nearly enough. Other businesses fail because they raise the wrong kind of money, such as debt they can’t repay on time or equity that causes them to lose control of their business.
4. Inexperienced founders often overestimate their own importance and don’t appreciate the importance of the team they build around them. It is not easy to find skilled people who also happen to be a good fit for the culture and mission of your enterprise. This takes a lot more time, effort, and trial and error than many founders realize if they haven’t done it before. You need a great team to build a great team. But that the classic chicken and egg problem you have to solve. You have to be careful, and realize you will make mistakes, about who you hire early in the life of your company. Only offer substantial equity and responsibility to those who have proven themselves. Recognize your hiring mistakes and correct them quickly. Teams often don’t rise to the level of their best people. They often sink to the level of their worst people. Keep that in mind as you build your company.
5. Know and own your limitations. Young innovators especially, though it applies even to more experienced entrepreneurs, tend to lack self-awareness of their own weaknesses. These blind spots can be disastrous. Most highly successful people understand their weaknesses and surround themselves with others who can do what they cannot, who share a similar vision, and with whom they can collaborate. Inexperience can lead to overconfidence. This is an especially dangerous pitfall for early stage startups and new entrepreneurs.
Elizabeth Holmes and Theranos is a good example of a culmination of all 5 of these mistakes and what inexperience can do to a business idea. She raised $900 million. Her company was worth billions. She was on the cover of magazines and featured on TV shows and one of the best founders in a generation. But it ended in failure and she may go to prison for her behavior.
There are real world, and sometimes life altering, consequences for making these mistakes. Think through your decisions carefully and be aware of the risks you take as you pursue your exciting and hopefully rewarding entrepreneurial journey.
About the Author
Christopher Grey is the co-founder and COO of CapLinked, and enterprise software company offering an information control and risk mitigation platform for the sharing of confidential or sensitive documents and communications outside of the enterprise. Previously, he was a senior executive and managing partner in private equity and corporate finance for 15 years and directly involved in the deployment and management of billions of dollars of debt and equity investments in various industries. Christopher founded two companies, Crestridge Investments, a private equity firm that made debt and equity investments in micro cap and middle market companies, and Third Wave Partners, which made debt and equity investments in distressed situations, and was managing director of a subsidiary of Emigrant Bank, the largest privately owned bank in the country. Most recently, he is a co-founder of TransitNet, a platform for security token issuers offering title verification, chain of ownership tracking, and other post issuance tools for improving the security and reliability of security token ownership.
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Managing a project to an on-time, on-budget completion has become increasingly difficult in the ‘do more with less’ reality of today’s business world. But what many project managers fail to realize is that their project is doomed from the start. Activities associated with a project’s roll-out and needed organizational change management often go unscoped and unfunded because they don’t directly contribute to the creation of the produce or service being developed. The cost of these activities is very real in terms of personnel and financial resources and the project’s ultimate success relies on their performance.
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Seldom do leaders assign work to individuals based on the corporate goal of achieving something.
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In a world of e-commerce and online activities, trade shows can be overlooked; however, this offline alternative is far from being unimportant. Contemporary trade shows offer the opportunity for an entire industry to put their best foot forward, attracting potential investors and customers. A myriad of competitors shall be vying for trade show revenue, and the first impression of a trade show stand can make or break a sale. Naturally, the first step in creating an engaging and approachable stall is to have sturdy pop up stands; nothing is more uninviting than a collapsed stand.
Modern trade show stall formats tend to utilise open curved fabric stands as they are approachable from the front, right, and left, rather than the conventional booth or cubical format. The open format permits the engagement of more potential customers, because it’s generally more inviting and interpersonal, as customers are free to come as they please without the barrier of a booth between the salesman and the customer.
The Display
The fascination with a stall begins with what observers can passively see before they decide whether or not to further engage with the stall. Images and brand names are conventional passive marketing materials. A projected video or slideshow, however, tends to generate more interest as it allows observers to passively view a demonstration of a product or service. Passive marketing materials are designed to generate interest and proffer brand awareness, comparable to a giant advertisement.
Gimmick style materials, such as pens and caps, are popular and can be used to promote brand awareness outside of the trade show; however, these should only be handed out after a customer engagement as a reminder of the brand.
Active marketing materials then advance the cause of passive materials and commonly constitute leaflets, business cards, brochures, booklets, and even interactive displays. These materials are designed to engage potential customers on a deeper level by:
Building customer relationships,
Establishing the expertise of a company or business, and
Delving into the question of ‘why’ a company or business is better than its’ competition.
Active marketing materials contain the information a potential customer needs. Interactive kiosk displays and tablet devices generally have higher levels of engagement; however, leaflets and booklets can be taken home for consideration in an environment outside the exhilaration of a trade show.
The Continuation
Trade Shows are merely an entry-point for customers and the attained sales leads must be developed into business. A resourceful method is to categorise sales leads into different priority groups, for example:
Group 1 – Very Interested
Group 2 – Somewhat Intrigued
Group 3 – Hesitant
Each group must be treated differently as resources ought not to be wasted by attempting to convince hesitant customers and allowing interested customers to slip away. Naturally, very interested clients ought to be contacted first for any follow-up processes, followed by group 2 and then group 3.
The Strategy
Prior to committing to a presence at a trade show, a marketing strategy must be created. While potential customers are seeking business, a stall must still outrank its’ competition, and the mere presence at a trade show does not guarantee engagement, nor does it guarantee sales.
What are the primary and secondary goals of attending the trade show?
The objectives of trade show marketing can differ, for example, a business may wish to:
Generate sales or leads
Build business relationships
Build brand awareness
Reinforce existing leads
Promote recent developments for training opportunities
Attaining a sale or leads is generally the primary objective; however, during a trade show, this may encounter some resistance. As a secondary objective, for group 2 and 3 leads, consider promoting other avenues of engagement, such as email / social media subscriptions, or proffering brand awareness to increase direct engagement with the company when they are considering a business proposal.
Trade show stalls ought to create a lasting impression and a memorable experience.
This is commonly assessed within the first few seconds of an engagement, which is why the first impression is crucial. Sales scripts and pitches must reflect this objective and the different avenues a potential customer could be taken down should be mapped out. This will proffer a smooth experience and when combined with active marketing materials, shall greatly assist in achieving the stall’s predetermined goals.
Trade show events differ; choose one which matches the goals of the business.
Trade shows can be in the form of:
Networking events,
Industry events,
Seminars,
Conferences,
Sponsored events, and
Webinars, amongst others.
If the primary objective of the business is to increase brand awareness or build business relationships, then a networking event may be the most suitable.
Finally, assess the results.
Consider what factors constitute a successful campaign, what was popular and what was not.
Were the primary and secondary objectives achieved?
Did leads materialise?
Are people talking about the brand?
How many people subscribed?
How many are actively engaging with the company?
Let the numbers do the talking and assess the results. This shall determine whether another trade show should be attended, or whether other marketing avenues ought to be considered.
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The most difficult question to answer when starting an Artificial Intelligence project is often to determine where to begin. The tendency is to jump straight into the technology without fully defining the problem or examining the market.
Before starting, define what problem needs to be solved and who needs the solution. It’s important to be very specific about your audience because these are the people who will actually purchase or use the product or service. What the end users need can be discovered using a variety of techniques, including market research, surveys and so on. Without defining the problem and the market, it’s likely the ROI will be weak and making sales will be difficult. Often, this is seen as technology for technology’s sake, or doing it just because it can be done. In other words, start with a business problem, an unused data set or survey the new AI techniques, which might identify a problem, a solution and a customer.
To operationalize an AI framework, use the concept of People, Processes, Data and Technology. With People, the concern is with building a team with the right skill set and organization. Processes deal with how the project is developed and the different methodologies available to achieve the goal. With Data, have a data strategy and focus on quality not quantity, as well as accessibility. Finally, Technology provides the software and hardware considerations on which to build the project. This approach can be molded and customized to fit the needs of any project. Just to be clear, this is a blueprint and is not intended as a straitjacket. Use the framework to enable progress, not to restrict your freedom of action.
If an organization is just starting with AI, which many are, change management strategy is very applicable. Change management helps build advocacy and a shared vision within organizations. The thing that many leaders understand is people implement change and that you can’t exclude people from the equation. Plans and processes are necessary but change often fails because the human side is not appropriately factored into the process.
For an AI project to be successful, somebody must ‘own’ it. This doesn’t imply that the project needs to be restrictively managed; rather, one or more senior stakeholders in the business must support the project, its goals and the team. And where the project sits depends on how your company is organized. No matter how a company is organized, the AI team must be embedded within the business and not siloed. If an AI team is isolated from the rest of the business, then their efficiency will be reduced, and they may not consider the needs of end users and stakeholders within the organization.
There also needs to be consideration of how data scientists and AI engineers work together. Are they working as one team or are there multiple teams? Do they work for the same organization? These and other questions must be addressed from the outset. First, you need to define the role of the data scientist. Are they a business or domain expert, statistics expert, programming expert, data technology expert or a visualization and communications expert?
To infuse AI into a company’s culture, communicate throughout the business to increase awareness and acceptance of AI, and build an understanding of the purpose, terms and options available. Your business can also provide educational opportunities to bring members of your organization in all areas of your business up to speed on the concepts. The team can be based out of IT, which would be IT-centric, integrated between data science and IT or a specialized group with team members from throughout the business.
Ultimately, start with the problem and work towards the solution with AI. AI is a profoundly powerful tool to get to that solution, yet there are many things to be considered; including the people who staff the projects and their skills, specialties and experience. However, choosing the right strategic AI framework will guide the project to success.
About the Author
Chris Duffey is author of Superhuman Innovation: Transforming Businesses with Artificial Intelligence, and the Head of Artificial Intelligence Innovation and Strategy at Adobe. Chris spearheads Adobe’s Creative Cloud strategic development innovation partnerships across the creative enterprise space.
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5 Mistakes New College Grads Make as They Enter Entrepreneurship
/in Entrepreneurship/by Christopher Grey1. Recent college graduates think they know a lot more than they do upon graduation. Implementation is different to theory and ideas, so you need to be able to bring operational performance and many other skills to the table. Knowledge is one thing, but true execution will provide the experience you really need.
2. Many do not understand how funding works and the capitol needed in the initial phases of a business. Inexperienced people are misled when it comes to startup funding and what is needed to begin and grow a business. Often young founders don’t think about basic concepts like unit economics, which is selling something for more than what it costs to make. Even some very well funded startups tend to ignore this.
3. Raising funds does not equal success. Many young entrepreneurs are focused on the superficial belief that the more money they raise, the more successful their business is going to be. While it’s true that, everything else being equal, having more money to spend on your business is good, there is a lot more to it than that simple formula. Plenty of businesses fail because they raised too much money and it encouraged them to do things that didn’t make sense. Many other businesses fail because they raised money that they believed would fund all of their dreams of growth, but it wasn’t nearly enough. Other businesses fail because they raise the wrong kind of money, such as debt they can’t repay on time or equity that causes them to lose control of their business.
4. Inexperienced founders often overestimate their own importance and don’t appreciate the importance of the team they build around them. It is not easy to find skilled people who also happen to be a good fit for the culture and mission of your enterprise. This takes a lot more time, effort, and trial and error than many founders realize if they haven’t done it before. You need a great team to build a great team. But that the classic chicken and egg problem you have to solve. You have to be careful, and realize you will make mistakes, about who you hire early in the life of your company. Only offer substantial equity and responsibility to those who have proven themselves. Recognize your hiring mistakes and correct them quickly. Teams often don’t rise to the level of their best people. They often sink to the level of their worst people. Keep that in mind as you build your company.
5. Know and own your limitations. Young innovators especially, though it applies even to more experienced entrepreneurs, tend to lack self-awareness of their own weaknesses. These blind spots can be disastrous. Most highly successful people understand their weaknesses and surround themselves with others who can do what they cannot, who share a similar vision, and with whom they can collaborate. Inexperience can lead to overconfidence. This is an especially dangerous pitfall for early stage startups and new entrepreneurs.
Elizabeth Holmes and Theranos is a good example of a culmination of all 5 of these mistakes and what inexperience can do to a business idea. She raised $900 million. Her company was worth billions. She was on the cover of magazines and featured on TV shows and one of the best founders in a generation. But it ended in failure and she may go to prison for her behavior.
There are real world, and sometimes life altering, consequences for making these mistakes. Think through your decisions carefully and be aware of the risks you take as you pursue your exciting and hopefully rewarding entrepreneurial journey.
About the Author
Project Management Warning Flag 1 – Unfunded Activities
/in Premium, Project Management/by StrategyDrivenHi there! Gain access to this article with a FREE StrategyDriven Insights Library – Sample Subscription. It’s FREE Forever with No Credit Card Required.
In addition to receiving access to Project Management Warning Flag 1 – Unfunded Activities, you’ll help advance your career and business programs through anytime, anywhere access to:
Best of all, it’s FREE Forever with No Credit Card Required.
Tactical Execution Best Practice 1 – Priority System Alignment with Mission Goals
/in Premium, Tactical Execution/by StrategyDrivenHi there! Gain access to this article with a FREE StrategyDriven Insights Library – Sample Subscription. It’s FREE Forever with No Credit Card Required.
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Additional Information
The following StrategyDriven recommended best practices can be used achieve the priority alignment discussed above:
What You Need to Know About Trade Show Marketing
/in Marketing & Sales/by StrategyDrivenIn a world of e-commerce and online activities, trade shows can be overlooked; however, this offline alternative is far from being unimportant. Contemporary trade shows offer the opportunity for an entire industry to put their best foot forward, attracting potential investors and customers. A myriad of competitors shall be vying for trade show revenue, and the first impression of a trade show stand can make or break a sale. Naturally, the first step in creating an engaging and approachable stall is to have sturdy pop up stands; nothing is more uninviting than a collapsed stand.
Modern trade show stall formats tend to utilise open curved fabric stands as they are approachable from the front, right, and left, rather than the conventional booth or cubical format. The open format permits the engagement of more potential customers, because it’s generally more inviting and interpersonal, as customers are free to come as they please without the barrier of a booth between the salesman and the customer.
The Display
The fascination with a stall begins with what observers can passively see before they decide whether or not to further engage with the stall. Images and brand names are conventional passive marketing materials. A projected video or slideshow, however, tends to generate more interest as it allows observers to passively view a demonstration of a product or service. Passive marketing materials are designed to generate interest and proffer brand awareness, comparable to a giant advertisement.
Gimmick style materials, such as pens and caps, are popular and can be used to promote brand awareness outside of the trade show; however, these should only be handed out after a customer engagement as a reminder of the brand.
Active marketing materials then advance the cause of passive materials and commonly constitute leaflets, business cards, brochures, booklets, and even interactive displays. These materials are designed to engage potential customers on a deeper level by:
Active marketing materials contain the information a potential customer needs. Interactive kiosk displays and tablet devices generally have higher levels of engagement; however, leaflets and booklets can be taken home for consideration in an environment outside the exhilaration of a trade show.
The Continuation
Trade Shows are merely an entry-point for customers and the attained sales leads must be developed into business. A resourceful method is to categorise sales leads into different priority groups, for example:
Each group must be treated differently as resources ought not to be wasted by attempting to convince hesitant customers and allowing interested customers to slip away. Naturally, very interested clients ought to be contacted first for any follow-up processes, followed by group 2 and then group 3.
The Strategy
Prior to committing to a presence at a trade show, a marketing strategy must be created. While potential customers are seeking business, a stall must still outrank its’ competition, and the mere presence at a trade show does not guarantee engagement, nor does it guarantee sales.
What are the primary and secondary goals of attending the trade show?
The objectives of trade show marketing can differ, for example, a business may wish to:
Attaining a sale or leads is generally the primary objective; however, during a trade show, this may encounter some resistance. As a secondary objective, for group 2 and 3 leads, consider promoting other avenues of engagement, such as email / social media subscriptions, or proffering brand awareness to increase direct engagement with the company when they are considering a business proposal.
Trade show stalls ought to create a lasting impression and a memorable experience.
This is commonly assessed within the first few seconds of an engagement, which is why the first impression is crucial. Sales scripts and pitches must reflect this objective and the different avenues a potential customer could be taken down should be mapped out. This will proffer a smooth experience and when combined with active marketing materials, shall greatly assist in achieving the stall’s predetermined goals.
Trade show events differ; choose one which matches the goals of the business.
Trade shows can be in the form of:
If the primary objective of the business is to increase brand awareness or build business relationships, then a networking event may be the most suitable.
Finally, assess the results.
Consider what factors constitute a successful campaign, what was popular and what was not.
Let the numbers do the talking and assess the results. This shall determine whether another trade show should be attended, or whether other marketing avenues ought to be considered.
Designing an AI Strategy for Superhuman Experiences
/in Organizational Performance Measures/by Chris DuffeyBefore starting, define what problem needs to be solved and who needs the solution. It’s important to be very specific about your audience because these are the people who will actually purchase or use the product or service. What the end users need can be discovered using a variety of techniques, including market research, surveys and so on. Without defining the problem and the market, it’s likely the ROI will be weak and making sales will be difficult. Often, this is seen as technology for technology’s sake, or doing it just because it can be done. In other words, start with a business problem, an unused data set or survey the new AI techniques, which might identify a problem, a solution and a customer.
To operationalize an AI framework, use the concept of People, Processes, Data and Technology. With People, the concern is with building a team with the right skill set and organization. Processes deal with how the project is developed and the different methodologies available to achieve the goal. With Data, have a data strategy and focus on quality not quantity, as well as accessibility. Finally, Technology provides the software and hardware considerations on which to build the project. This approach can be molded and customized to fit the needs of any project. Just to be clear, this is a blueprint and is not intended as a straitjacket. Use the framework to enable progress, not to restrict your freedom of action.
If an organization is just starting with AI, which many are, change management strategy is very applicable. Change management helps build advocacy and a shared vision within organizations. The thing that many leaders understand is people implement change and that you can’t exclude people from the equation. Plans and processes are necessary but change often fails because the human side is not appropriately factored into the process.
For an AI project to be successful, somebody must ‘own’ it. This doesn’t imply that the project needs to be restrictively managed; rather, one or more senior stakeholders in the business must support the project, its goals and the team. And where the project sits depends on how your company is organized. No matter how a company is organized, the AI team must be embedded within the business and not siloed. If an AI team is isolated from the rest of the business, then their efficiency will be reduced, and they may not consider the needs of end users and stakeholders within the organization.
There also needs to be consideration of how data scientists and AI engineers work together. Are they working as one team or are there multiple teams? Do they work for the same organization? These and other questions must be addressed from the outset. First, you need to define the role of the data scientist. Are they a business or domain expert, statistics expert, programming expert, data technology expert or a visualization and communications expert?
To infuse AI into a company’s culture, communicate throughout the business to increase awareness and acceptance of AI, and build an understanding of the purpose, terms and options available. Your business can also provide educational opportunities to bring members of your organization in all areas of your business up to speed on the concepts. The team can be based out of IT, which would be IT-centric, integrated between data science and IT or a specialized group with team members from throughout the business.
Ultimately, start with the problem and work towards the solution with AI. AI is a profoundly powerful tool to get to that solution, yet there are many things to be considered; including the people who staff the projects and their skills, specialties and experience. However, choosing the right strategic AI framework will guide the project to success.
About the Author
For more information, please visit: https://www.koganpage.com/product/superhuman-innovation-9780749483838