TrueNYC -- Where Ideas & Entrepreneurs Meet

Keep Bouncing

Did you ever wish that you had more confidence in the decisions that you made, both personally and professionally, in your day to day life? Of course you did, we all do. Well there is a new book from prominent speaker, author, and entrepreneur Barry Moltz, entitled Bounce, that you should check out.

Bounce takes you through stories of failure and success to show you that life is supposed to be made up of ups and downs. It is the low points that make you appreciate the high points, and the high points that keep you pushing forward through the low points. True business confidence is developed through a number of different experiences, all of which lead you to where you are today, and where you will be in the years to come.

Failure is no fun, we all know that. But it happens every day. Do not fear it or run from it, use it to drive you to success. The book uses the metaphor of a rubber band ball to show you that true Bounce, or business confidence, is something that you build up through the years. It is made up of a number of things, such as humility, and continues to grow with experience. 

In the end, you will be left feeling motivated to conquer whatever challenge lay ahead. Whether it is a simple decision you have been putting off for days, or a difficult position you must take on an issue at work, you will be able to see the big picture much clearer, with a newfound confidence and determination.

What's In a Name

Naming a company or a product is harder than it sounds.  Anyone who has started a company or runs a small business knows that.  What seems so easy at first becomes an issue of debate as soon as you take the time to think about it.  The reason that many people struggle over a name is that it is so permanent.  Once you announce a name, that is your brand and that is how it will be known forever, no matter how successful or unsuccessful something is.

There are a few schools of thought when it comes to naming a company/product.  One school of thought is to say exactly what you mean.  Name something so that it describes or tells the consumer exactly what it is.  A good example of this is Toys ‘R’ Us.  This type of name attracts the right kind of consumers and makes it easy to brand your company with the type of products and services you offer.

The second school of thought is what I like to call the Mom and Pop naming technique.  In this category, the founder(s) use their name or the name of someone close to them as the business’s name.  Some good examples of this style are McDonald’s and Ford.  In this case, the person becomes permanently associated with the company.  They become a symbol for what the company stands for, which may or may not end being a good thing.

The final school of thought, and perhaps the most common, is to come up with a name that has nothing to do with the founders or the product.  In this case, anything goes, and that is where it can get tricky.  While there is no wrong or right answer, the name of a company can permanently affect the way consumers view the business.  The best names have always been short and easy to remember.  Avoid things like making up words or making something difficult to say.  Good examples of simple, strong brand names are Nike, Google, Apple, and Coca-cola.

So with no real definitive solution, how do you go about finding a name that works?  Try a few things, ask the advice of those around you, and test out images and logos.  Sometimes seeing something written out on a paper can change the way you think about it.  Get a group of people together, brainstorm, write out options on paper, and in the end go with your gut.

P.S.  In today’s internet driven world, another good thing to think about is the domain name for your company.  If you come up with a company name and you cannot purchase that domain name for whatever reason, it may not be the best choice.  Just something to think about…

Entrepreneurship and the Art of Selling

If the movie “The Pursuit of Happiness” teaches us one thing, it is that when a father and son play a father and son in a movie, it is very believable. And if it teaches us another thing, it is that a never say die attitude is necessary to achieve success. As entrepreneurs, the way we present ourselves can be as important as what we actually do in a lot of cases.

In early classes on marketing and selling, you will always learn that professionalism and confidence in yourself can go a long way toward making you successful. You have to present the look of success and people will be much more likely to believe in what you have to say. Not only are you selling the product or the service, whatever it may be, but you are selling yourself.

In Will Smith’s case, he was playing Chris Gardner, a man who went from a struggling medical supplies salesman to a top stock broker. He did this by constantly communicating to people that he was competent, and willing to lay it all on the line to get the job done. He never gave up and it paid off in the end as he went on to open up his own firm.

As an entrepreneur, it is vital to display an attitude and a look of success right from the very beginning. Start with the end in mind and build your business as if it is successful before you ever start “selling”. Find out what people expect from you and then give it to them. This will ultimately instill a confidence in your customer and clients, and keep them coming back for more. In addition, they will relay the message about how great your company is to their friends and colleagues, leading to more business for you. When you present the look of success, you are calling success to you, and you will be much more likely to grow and achieve your goals.

Are You Crazy?

The more you learn about the world of small business and entrepreneurship, the more you learn of the hardships that one must go through to follow their dream. The road for an entrepreneur is often times not very smooth. You will have to face more challenges and hurdles than you knew existed. Every time you solve a problem, a new one will pop up right in front of you. Sometimes it can be hard to find the courage to keep moving forward.

The most successful entrepreneurs have to be a little crazy about their business. The kind of passion it takes to succeed in any small business environment is not possessed by most people. That is why others around you will constantly challenge what you are doing, saying things like, “why don’t you just get a normal job?”

The easy thing to do is just give up and get a job. Join the rest of the working class and wait for your paycheck at the end of the week. But, as entrepreneurs, we have a responsibility to ourselves to hold true to our vision and see it through to the end. People with that kind of drive and determination will always come out on top when it is all said and done. So embrace the “crazy” inside of you and channel your energy toward achieving success.

What is your Model T?

How do you make a car that is affordable to the masses? That is the question and the challenge that Henry Ford was dealing with when he was designing the famed Model T. Up until that time, cars were luxury, more expensive than the average annual salary of a working man in the United States. Each car was custom built, and only affordable to the elite. Ford turned all that around in the early 1900’s with a new production system in a state of the art facility and a car designed for “everyone”.

Henry Ford did not invent the car, and he did not invent the assembly line, but he combined the two in one of the greatest innovations in US history. A true entrepreneur at heart, Henry Ford continually challenged the status quo in the automobile industry. Often going against the wishes and demands of investors, he pioneered the way cars were produced, and made them affordable to the every day working man. He had a vision, and worked hard to achieve it long before anyone else could see what he saw.

That is a key success factor that every entrepreneur needs to realize. Your ideas and vision might differ from everyone else around you. If it is not something that people are familiar with, they will be quick to doubt it. You have to have the courage and the determination to see your idea through all of that until it is complete. The Ford Motor Company increased car production more than 100% every year for the first 5 years until they owned nearly 50% of the US car market in the 1920’s. Henry Ford took his small car manufacturing plant and turned it into a powerful company and one of the “Big 3” automakers in the United States with vision and passion. What is your vision?

The Life of a Serial Entrepreneur – Wayne Huizenga

Negotiating and deal-making are important skills to have for any entrepreneur looking to grow his business, especially in the early stages. When you look at some of the most successful entrepreneurs, they all seem to have an uncanny knack for getting a deal done. Nobody exemplifies this more than Wayne Huizenga. For those of you who do not know, Wayne Huizenga is the founder of Waste Management Inc., Owner of the Miami Dolphins, former owner of the Florida Panthers and the Florida Marlins, and mastermind behind the growth of Blockbuster.

Wayne came from a modest upbringing and started in the business world with next to nothing. He turned a one truck garbage business into a multi-billion dollar empire with Waste Management Inc. He was able to accomplish this by acquiring local garbage and disposal companies across the country. His ability to work out a deal, scout talent, evaluate business models, and handle people allowed him to successfully build one of the largest waste disposal companies in the world.

He left the company when he decided it had grown too big and the excitement of rapid growth was replaced with the chore of management and maintenance. But Wayne could not stay away from the business world for too long. He started a small company, Huizenga Holdings, and started to buy out many small service businesses in Florida. Operating almost like a venture capitalist, he would buy a controlling interest in the companies and keep the current owner on to manage the day to day operations.

Wayne is probably most famous for his success with Blockbuster. He took the company from a few movie rental stores to a national leader in movie rentals in approximately 7 years. Because of this he was named Financial World Magazine’s “CEO of the Year” five times and Ernst & Young’s “World Entrepreneur of the Year” in 2005.

His story is very inspiring, especially to those of us who have nothing more than an idea and a dream. He turned his dream into a reality, and he did it with hard work and determination. He is proof that when you set your mind to something you can accomplish it. For more detailed information about his life and business successes I would recommend the book, The Making of a Blockbuster, by Gail Degeorge.

How do You Define Success

Success - How do you define it? Dictionary.com first entry says “the favorable or prosperous termination of attempts or endeavors.” After reading that definition, I felt disgusted. Not only with the wording of the definition, but with the entire thought process that must have gone into it. How can we define success as the end of something, as if once we achieve it, we are done?

I believe very strongly that success is not the end goal that we must work towards, but rather success is the way of life that we must work and live with. It is a mindset that can be learned, practiced, and perfected as we develop our passion.

As entrepreneurs, you have to be doing what you love in order to achieve great things. But is it not a success to be doing what you love? I think that the two go hand in hand, and the very nature of the entrepreneurial spirit is to have the mindset of success. Sure monetary success will come later, but you have to start somewhere. I don’t believe that you can call what most entrepreneurs do a “failure” just because their companies don’t blow up or go public. Doing what you love is a success in my book.

And if you think like that, then the hard work that you put into starting a company can seem all that much easier. Sure the work is no different, but when you have the mindset that you have already achieved something, the end goal seems a little clearer. And when that weight of potential failure is lifted off of your shoulders, SUCCESS is the feeling that follows. Work creatively, work confidently, work successfully…

TrueNYC Interview with Health Entrepreneurs

Peter K, founder of Peter K Fitness, ane he explains how he branched out from the traditional route of being a fitness consultant. In addition to creating his own fitness program, he focused on building a unique brand, teaching through seminars and becoming an experts in his areas by researching and writing books.

He not only discuss this businesses, but also provide some great tips on little things entrepreneurs can do each day to stay in shape.

View Interview with Peter K

USA Today Dream Job Contest Winner Interviews TrueNYC's Founder

Recently, I was approached by USA Today in regards to an essay writing contest they held where college students described their dream job. One of the winners, Frank Furbacher, a junior at Manhattanville College wrote his dream job was to be an entrepreneur.  USA Today asked if Frank could shadow me for the day and see what it is like to run two companies at the same time.

Of course, it was my pleasure and Frank visited our offices in the Financial District shortly after to get hands on experience. During the course of the day Frank performed a multitude of tasks that my team and I perform on a daily basis.  He did everything from helping us prepare for an upcoming trade show for Lawline.com, working with our customer support team, sitting in one of our strategic meetings, to conducting two interviews for TrueNYC. 

The first interview was with me and I must say it certainly felt strange being on the other side of the table. His second interview was with Peter K Fitness & Health IQ which will be online next week.  Not only did Frank do a great job with both interviews, I hope he got a true experience of being an NYC entrepreneur.

View interview with David Schnurman

In addition, I would like to introduce you to a great new addition to our team, Meredith Gansman. She is majoring in broadcast journalism at NYU and has a great deal of experience in theater and production.  She will be hosting many of our upcoming interviews, she will be involved in most of the post production work as well. Those of you who were at our most recent entrepreneur event you got to see her in action.  Below is video of the event held last month.

View TrueNYC Event Coverage -- By Meredith Ganzman

We have great interviews in the hopper and are looking forward to sharing them with you in the coming weeks!

Lastly, to those of our viewers who our lawyers, I would like to offer you a 10% off on any courses or bundles at our other company, Lawline.com, which provides Online Continuing Legal Education programs. 

10% off Coupon Code: truenyc10






Best Regards,

David Schnurman
Founder, TrueNYC Inc.

 

What would you do with $135 million?

Most entrepreneurs that we know, do not have the opportunity to even imagine this scenario. However, in this week’s interview you can learn what New York Law School plans to do with $135 million. Richard Matasar, Dean of New York Law School, is not a CEO or business owner in the traditional sense. Yet, he shows us how important it is to have the mindset of an entrepreneur in order to successfully run a law school. Dean Matasar discusses the $135 million sale of their library, the business of running a law school, and what he does on a day-to-day basis.

To be able to juggle the needs of current students, alumni, professors, and the law firm employment market is an enormous challenge. Learn how Dean Matasar does it!

View Dean Matasar’s Interview:
http://www.truenyc.com/lawstudents/dean-matasar.html

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Video Highlights of TrueNYC’s Recent Networking Event:
www.truenyc.com

View Photos from Event:
http://www.startupbusinessschool.com/press/december-2006-nyc-event.html

Event Coverage - Women's Entrepreneur Network

In TrueNYC's continuing effort to bring you new and innovative entrepreneurs, our team is now covering entrepreneur events.                   

We will walk around the event, set up our traveling studio, and interview members of your entrepreneur organization.  Every business owner has an interesting story to share and now they have the perfect opportunity.

The first event we covered was held by the Women's Entrepreneur Network at a Midtown restaurant Butterfield 8.
                   

To find out how we can cover your next event please email  Kelli Kalimi or call us at 646-316-2182.

View Event Coverage:
http://www.truenyc.com/entrepreneur-events/wen.html

Show #38 - Barbara Corcoran

A few weeks ago, we brought you an exclusive interview with Julie Aigner-Clark at the NY Times Small Business Summit. I also had the privilege of meeting the Keynote speaker    there, Barbara Corcoran. This week, I will share with you our one-on-one conversation, including some of my favorite parts of her speech.

My first impression of Barbara was that she was extremely down to earth. Growing up in New York City, it is next to impossible to not have her name branded in your mind as the "Queen of NY Real Estate." However, by the end of our conversation      I felt so comfortable, it was as if I had know her for years.  Both in our personal conversation and in her speech, she emphasized  that everything is really based on perception and most things are actually based on bulls**t. I found this refreshing.

Barbara Corcoran started her real estate brokerage with a $1,000 investment and eventually sold it to Cendant for a reported $66 million. Now she owns a TV production company, and gives speeches and seminars on real estate and entrepreneurship.                    

View my favorite highlights from her speech.
http://www.truenyc.com/interview/barbara-corcoran.html

To see Barbara at her next speaking engagement visit: http://barbaracorcoran.com/home?/see_me/see_me_in_person/                    

Show # 37 -- Kenny Dichter, Founder of Marquis Jet

Kenny Dichter has been an entrepreneur in sports marketing, manufacturing  and retail for close to 20 years. His company, Marquis Jet is the global leader in private jet cards. Through its exclusive alliance with NetJets, Marquis Jet provides fractional aircraft ownership program 25 hours at a time. The Marquis Jet Card is available throughout North America and has reached half a billion in sales this year alone. 

In this 9 minute interview Kenny tells it like it is, I hope you enjoy!

Listen to audio interview
http://www.truenyc.com/interview/kenny-dichter.html

                   

Show # 36 -- Julie-Aigner Clark, Founder of Baby Einstein

At the recent NY Times Small Business Summit David Schnurman sat down with Julie Aigner-Clark , founder of Baby Einstein and The Safe Side. Anyone who has had a baby in the past 10 years is certainly no stranger to the company's line of baby videos. Julie sold her company to Disney 5 years ago which is now worth an estimated one billion dollars. During their interview, Julie discussed starting her company, she explains how it grew to over $20 million in sales, and what her reasons were for selling it. In addition, she discusses her most recent venture, The Safe Side, where she has partnered with John Walsh to create videos on stranger safety for pre-teens.

Read Interview:
http://www.truenyc.com/interview/julie-aigner-clark.html
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---------TrueNYC Sponsor-----------New Entrepreneur Event-----------------

You are invited to attend the next Gotham South Asian chapter dinner networking event in Manhattan on Tuesday, September 26 at 6.30pm. Venue will be Bukhara Grill located at 217 East 49th Street (between 2nd and 3rd avenue), New York, NY 10017. Ph. 212-888 2839.

For those of you who will be attending for the first time, membership is not limited to South Asians only. This is targeted to those doing business with the South Asian community, are of South Asian descent or want to start working in this market.

Please visit www.gothamnetworking.com to learn more about membership and other chapters in NY.

---------TrueNYC Sponsor-----------New Entrepreneur Event-----------------

Show #35 - Nathaniel Younger, Founder of Beyond Limits

Nathaniel Younger, 21, is the founder of the rising companies Beyond Limits and NY&Co., LLC. An entrepreneur since his early teens, Younger's businesses are achieving prominence by their highly creative retail sales strategies and savvy ability to quickly adapt to new needs in their individualized markets. Earlier this year, he was awarded Bank of America's 2006 Youth Entrepreneur of the Year. He has recently entered a partnership with 212city.com and soon expects to open a subsidiary company as an expansion to that company.

View Preview of Interview
http://www.truenyc.com/interview/nathaniel-younger.html

Show # 34 - Jason Henrichs, Venture Capitalist

Jason Henrichs has significant investing and operating experience in early stage  companies. His experience includes serving as a Managing Direct at Rock Maple Ventures, a $80MM early stage technology fund, the Chief Operating Officer of U.S. Genomics, a Boston based developer of information technologies for the biotech industry and a Director of ctr!Ventures, a conception stage venture capital firm.

Previously, Mr. Henrichs was a strategy consultant at Monitor Company, where he specialized in strategy design and industry restructuring through acquisition and alliance. Prior to joining Monitor, Mr. Henrichs was a project engineer for Deluxe Corporation.

He is a director of Blacksmith Applications, Decision Biomarkers, MedVantx, Memento, Morphotek, and Seahorse Biosciences. Mr. Henrichs is the past-President of the Massachusetts's Service Alliance, a member of the Board of Directors of Britemoon, Inc. (sold to ClickTactics).

Watch Interview Video:
http://www.truenyc.com/interview/jason-henrichs.html

TV Show #33 -- Ari Meisel, Founder of Arise Development

Ari Meisel is the founder of ARISE Development, a company providing consulting to  those interested in redevelopment of old buildings.  Having grown up in the original SoHo, and with years of experience in real estate development and construction, Ari is in a unique position of being able to provide services that other companies cannot.

Ari has always had a head for business.  He started his first company, Liontex, a website design company, at the age of 12. When he was 16, he started Menus-To-Go.com, an online listing of take-out and delivery menus in New York and Philadelphia. He started TEK, a technology consulting group, doing home theater, computer networks, and other home and business technologies, when he was 17. Now at 22, Ari is finishing up the first phase of the North Depot Loft project.

He has been featured in "Management: Would-Be Entrepreneurs Shun Dot-Coms" (New York Times May 2, 2001) and "Who Wants to Be an Entrepreneur?" (Link Magazine, May 2000). Most recently, the New York Times did a story on the DEPOT project in May of 2004 entitled "A Son of Lower Manhattan Sees SoHo in Upstate."

Watch Interview Video
http://www.truenyc.com/interview/ari-meisel.html