Inspirational Quote: Be Yourself -Never Stop Fighting,

To be nobody-but-yourself – in a world which is doing its best, night and day, to make you somebody else – means to fight the hardest battle which any human being can fight; and never stop fighting.

e.e. Cummings

Startup -Due Diligence before meeting VCs -Venture Funding (II)

Each and every Startup must conduct the Due Diligence phase before meeting VCs  for Venture Funding.  This stage primarily evaluates the viability of the business concept for the investor or an entrepreneur. This largely overlooked, or at the very least underrated task is of utmost importance in the lifecycle of a deal. Before we go investing often-scarce resources on a venture, we must make sure that it can achieve a sustainable competitive advantage in the marketplace. Most entrepreneurs would like to get to market before the competition and so in their haste make a tactical mistake of sacrificing due diligence. It’s that run fast or die mentality again. The reality is that one must not only get to market as expeditiously as possible but also allocate sufficient time to researching the business issues. Otherwise failure is eminent. That having been said, the process of due diligence, which involves a great deal of probing and the asking of thought provoking questions, comprises of the following nine steps:

4. Marketing strategy

 The primary purpose of the marketing strategy is to convince the investors that the market can be developed and penetrated. The sales projections made in the marketing section will drive the rest of the business plan by estimating the rate of growth of  the operations and the financing required. The marketing strategy revolves around three primary drivers:

•  Pricing
• Distribution channels
• Promotion

 Obviously, the key here is market penetration. Analyze each of the criteria mentioned above in great detail to arrive at factual data.  Then, with Machiavellian passion, we must position our business to achieve competitive advantage and an increasing market share.  Do you want to buy out your competition, or do you simply want to build up your customer base? Also, what’s the optimum amount you should spend on advertisement? This step will involve a lot of money talk; so don’t be afraid to call up that industry veteran or accountant friend of yours. A comprehensive cost analysis of how you will deal with the competition must be made before any actual steps are taken.

 5. Intellectual Property Considerations (IP)

 This seems to be the issue of the day. In this Internet-driven world, is it really possible to copyright ideas? Well, however you stand on Napster, it is necessary that you create an environment in the market that will protect your idea. Needless to say, protecting intellectual property is foremost on the entrepreneur’s mind. Entrepreneurs are anxious to protect ideas, trade secrets, designs, and innovative techniques along with confidential information. Whether you business will be website-based or not, it is highly recommended that you retain an attorney to draft legal documents to protect your intellectual property.  The following are few of the issues that can be handled by your attorney:

•  Non-Competition Agreement
• Confidentiality Agreement
• Safeguard Trade secrets in accordance with the Uniform Trade Secrets Act
• Employment Agreement protecting Trade secrets, Inventions and Patents
• Licensing Agreement
• Foreign Licensing for Patents and Technical Assistance Agreements
• Franchise Agreement
• Research & Development Agreement with Outside Company

 You will want to sit down with your attorney to go over patents and copyright infringement analysis and to develop service documents, such as user agreements and permitted usage rules.

6. Competition

Whether you are first to market or not, each and every product or service will face competition. You should focus on who your competition is and what they or a hypothetical, “best-case-scenario” competitor may have, that you don’t.  With market and timing in mind, you really have to explore why a customer would want to pick you.  To begin with, understand your core competency.  What is your business really good at?  What are the products or services that you are planning to provide? What are the strengths and weaknesses of your offering when compared to your competition?  Capitalize on your strengths and improve upon your weaknesses.  In order to meet and beat the competition you must first and foremost understand your product line or service offering and then the competition. The entrepreneur must explain how the market’s need is currently being met and how the new product will compete against the existing solution.  The venture capitalist will be looking to see how and why the firm will beat the competition.

Add URL, Site Verification, Webmaster Tools, Add a Site to Google, Yahoo, Bing using Meta in WordPress

I have come across several posts where in frustrated bloggers are unable to verify their blogs because there is no place to copy and paste the META Code. Here is the quick and easy way to Add URL, perform a site verification in webmaster tools to Google, Yahoo, Bing using Meta in WordPress.

To begin with you must have a login that is a user account to the search engine you with to add the url to.
Next go to My Dashboard
Select the blog you want to add the META to
On the left margin select the icon for Tools
Click on Tools
At the bottom of the page under the heading Webmaster Tool Verification paste the appropriate META for Google, Yahoo or Bing.
Save Changes

It does help to have another web browser window open with the webmaster verification page so that you can verify the blogs once the Meta has been saved.

Here is the link from WordPress Suppport also:

http://en.support.wordpress.com/webmaster-tools/

Good Luck

Small Business, Entrepreneur Advice, Don’t wait until everything is perfect

Ask this cfo’s advice to startups, entrepreneurs and small business.

Don’t wait until everything is just right. It will never be perfect. There will always be challenges, obstacles and less than perfect conditions. So what. Get started now. With each step you take, you will grow stronger and stronger, more and more skilled, more and more self-confident and more and more successful.  – Mark Victor Hansen

Startup -Due Diligence before meeting VCs -Venture Funding (I)

Each and every Startup must conduct the Due Diligence phase before meeting VCs  for Venture Funding.  This stage primarily evaluates the viability of the business concept for the investor or an entrepreneur. This largely overlooked, or at the very least underrated task is of utmost importance in the lifecycle of a deal. Before we go investing often-scarce resources on a venture, we must make sure that it can achieve a sustainable competitive advantage in the marketplace. Most entrepreneurs would like to get to market before the competition and so in their haste make a tactical mistake of sacrificing due diligence. It’s that run fast or die mentality again. The reality is that one must not only get to market as expeditiously as possible but also allocate sufficient time to researching the business issues.  Otherwise failure is eminent. That having been said, the process of due diligence, which involves a great deal of probing and the asking of thought provoking questions, comprises of the following nine steps:

1. Concept validation by Subject Matter Experts (SME)

More often than not, would-be entrepreneurs come up with their ideas because they have observed inefficiencies in business operations or are visionaries in their field of expertise, being able to hypothesize the natural evolution of technology and business processes. Simply put, ideas are entrepreneur’s response to finding a solution to a perceived problem.  Whether you are ill or are trying to start a new company, getting a second opinion always helps.  It is an unbiased view on a given situation. That is the essence of concept validation by SME.   One must seek out an independent SME to review the content of the business concept and then have them opine on its viability.  SME’s have the advantage of having deep skills in their area of expertise and can postulate whether the idea can indeed be converted into reality.  Some of the possible outcomes of such validations are:  

• Excellent idea – can be implemented into a successful business.
• Current technology is unable to support the idea.
• Market is already saturated with similar ideas.
• Idea has been tried before and failed.
• Great idea but needs improvement.

 Entrepreneurs tend to get obsessed with their pet projects and loose their objectivity.  Hence, a second opinion is needed.  Have true industry experts who know every facet of the game, test the concept out. Has it been tried in the past, and to what end? Will it work? These expert opinions are key. Listen to them.

 2. Market analysis.

Rather self-explanatory: This task involves deep analysis of not only the environment in which we wish to thrive, but also the competition. After all, in times of a recession, it may not be wise to try and sell luxury goods. First, thoroughly define the target market to be served using recent market data and analysts’ estimates of current and projected size and growth rates (again, don’t be afraid to ask for help from those you trust).  Keep in mind exactly what percent of the market the company plans to capture and envision who will buy the product and why, in light of hypothetical or actual competition. Take note of the distribution/selling strategies used in the industry, and carefully choose which one(s) you plan to use to penetrate the market. The Business Plan chapters will further elaborate upon this topic.

 3. Organizational structure.

Ask yourself tough questions about the organization: what do we want to look like? Of course we want the best for our business. Can we do true justice to our idea? But we need to be careful in choosing the most appropriate people for the job, and not necessarily the “best”. So, who do you want in management? What do you want your creative teams to look like? This is where you want to be very self-critical. You must identify your strengths, weaknesses, and needs; then, you must address them realistically. Also, you will want to start giving thought to your board of directors, and whom you would like to see as your CEO (Chief Executive Officer) and CFO (Chief Financial Officer). You may want a couple of insiders whom you trust in order to make sure that your interests are served.  On the other hand, you may also want some powerful industry-types who know others in the industry: people who can provide extremely valuable input and contacts. And don’t forget: additional subject matter experts and legal contacts can be just as valuable!  Above all you will need to define and build an organization that believes in your vision and will do whatever it takes in making it a success.

Can we solve the healthcare crisis – Bluetooth 3M™ Littmann® Electronic Stethoscope Model 3200

 The healthcare debate rages on and yet pragmatic solutions to resolve the issue are scarce.  I believe that scientific innovation and creative thought will pave the way to providing faster, betther and cost effective healthcare.  Do you believe that we manage healthcare costs.

In light of this philosophy, the 3M Littmann Electronic Stethoscope Model 3200 with Zargis Cardioscan receives special mention; it is the step in the right direction.  This electronic Stethoscope transmits the patients heart beats (lub, dub) via bluetooth technology to a Physician’s Notebook, which in conjuction with a proprietary software decodes the information for abnormalities.  This little device may save or eliminate the need for 8 million electrocardiograms and cardiologist vists each year. 

This is value creation for under $400.  Imagine the cost saving, imagine the higher effeciency, imagine the reduction in wasted man hours.  These are the kind of healthcare initiative that will provide us with the greatest benefits as opposed to a Government run health program.  It is innovation, thinking out of the box that will change the healthcare in this country and around the world.

Reviews”

Gearlog
http://www.gearlog.com/2009/11/bluetooth_stethoscope_wins_pop.php
Popular Science:

http://www.popsci.com/bown/2009/product/3m-health-care-littmann-electronic-stethoscope-model-3200-zargis-medical-corp-cardioscan

Dr. Vijay and Dr. Daxa Vaishnav are MDs in homeopathy. They are the founders and chief physicians of “Dr. Vaishnav’s Homeopathic Family Practice” in Mumbai (Bombay), India, where they have been healing and counseling patients for over 24 years.

http://homeopathicure.wordpress.com
www.drvaishnav.com

Who is a “Business GURU”

Fun Facts – Our definition of GURU is as follows

G – Great
U – Understanding
R – Relatively
U – Useless

Try Again – A Third Grade Lesson for Small Business

It is especially important for Small Business Owners, Entrepreneurs to develop an indomitable spirit.  This little poem inspires me when I feel like a hampster on a wheel.

TRY AGAIN
from THE BEACON THIRD READER by James H. Fassett with a copyright dtd: 1914.

Drive the nail aright, boys,
Hit it on the head;
Strike with all your might, boys,
While the iron’s red.

When you’ve work to do, boys,
Do it with a will;
They who reach the top, boys,
First must climb the hill.

Standing at the foot, boys,
Gazing at the sky,
How can you get up, boys,
If you never try?

Though you stumble oft, boys,
Never be downcast;
Try, and try again, boys,
You’ll succeed at last.

Using the Min Function in Excel (Minimum Value)

The Excel MIN (Minimum) function will identify the minimum number in a range of cells.
Select the cell where in you want the formula to be entered. (Cell B14)
Next Click on the Sigma  ∑ sign.  The drop down menu will give you a choice of functions - select Min.
The formula =Min(number1,[number2]….etc, Select range of cells, hit Enter Key.
Or type the formula =MIN(B2:B13)  in the example shown below.

Using the MAX Function in Excel (Maximum Value)

The Excel MAX (Maximum) function will identify the maximum number in a range of cells.
Select the cell where in you want the formula to be entered. (Cell B14)
Next Click on the Sigma  ∑ sign.  The drop down menu will give you a choice of functions - select Max.
The formula =Max(number1,[number2]….etc, Select range of cells, hit Enter Key.
Or type the formula =MAX(B2:B13)  in the example shown below.