Tag Archive for ‘Start-ups’ at DrivenLeaders.com

moneyideaslightbulb Turning Ideas into Profits: A New Tool for Entrepreneurs At one point or another we’ve all had that million dollar idea for a radical new product that fits some unmet need. Yet no matter how good the concept, more often than not, busy schedules, lack of funds, or just plain apathy for the process, result in us taking no action to making it reality.

This week I was intrigued to learn of a new website designed to assist and empower those with entrepreneurial spirit. The aptly named LaunchYourLine.com, launched today, aimed at walking entrepreneurs through every step of the process from incorporation, to writing business and marketing plans, to finding manufacturers, and finally distributing the final product. In essence it is a platform that connects the inspiration with resources, all at no cost to the entrepreneur.

The company’s press release provides a little more clarity as to its rationale;

LaunchYourLine.com CEO Ruben Navarette first developed the idea for the website when his sister approached him about wanting to start her own line of cosmetics. “I had started a few businesses before and knew what it took to launch a line of products,” Navarette said. “But as I began figuring out what it would take to help my sister make her dream possible, I realized the process could be very complicated and overwhelming to someone who had never done this.”

Throughout his year-long research, Navarette took meticulous notes on every step of the process and began thinking about a way he could simplify the process not only for his sister but also for other entrepreneurs who might be interested in launching their own line. “I thought if someone could create something on the web, it would be able to help many more people do this on a massive scale,” Navarette said.

The result? LaunchYourLine.com, a free website that walks entrepreneurs through every step of the process from incorporating to marketing to writing business plans to finding a manufacturer and a distributor.

To learn more, check out their “How it Works” page. It will be interesting to see how well the site catches on, but from my vantage point, anything that enables innovation and supports turning ideas into action, is a step in the right direction.

Best Practices for Aspiring Entrepreneurs (drivenleaders.com)
Starting Up in a Down Economy: Is it Wise? (drivenleaders.com)
Personality Traits of Winning Entrepreneurs (startupprofessionals.com)

questionmark Starting Up in a Down Economy: Is it Wise? Is it counter-intuitive to start a new venture in a down economy? Few will argue that the current environment provides the perfect breeding ground for success, however, amidst the negativity, opportunities do exist for new ventures to succeed. Many well-known businesses have been started during down economic cycles. Major brands, such as Hewlett Packard, Coors, Disney, Super 8 Motels, and even Microsoft were all started during periods when economic forecast was far from sunny. The question should be, “Who will be next?

In today’s environment, being a successful entrepreneur requires a solid strategy, unwavering commitment, a specific niche that will produce results. One niche that has been generating conversation recently is the growth of on-line retailing.

In an article from Entrepreneur.com, Jeffrey Grau, retail e-commerce senior analyst with eMarketer, believes that this may be the one bright spot amidst the fairly dark retail category. According to Grau,

“Online retail continues to grow at a pretty nice clip. If you look at total retail sales, annual growth is in the low single digits. However, the online channel has been growing in recent years in the low to mid-20 percentile.”

While the economic downturn is undeniably slowing e-commerce sales, Grau says that online sales are still growing at triple the rate of store sales, and believes that its is “still a very desirable marketplace.”

With the fluctuations in gas prices and the upcoming holiday season, it will be interesting to see how his prediction pans out. Furthermore, to support his belief, Grau provides 3 quick tips to keep in mind for those looking to move into the world of e-commerce.

Have a niche or focus on a specialty category. Since you’re essentially competing with box retailers like Wal-Mart or Target when you enter the online retail space, “be sure [you're selling] something niche-oriented, such as fashionable maternity wear or urban street wear,” Grau says. “Or focus on a specific category, like shoes, but that’s all you do. But offer great custom service, such as making it easy to return shoes.”
Offer an innovative marketing technology. A good example of this is Diapers.com, a small web retailer. “[The company is] very successful in part because it has an innovative referral program where if a Diapers.com customer refers somebody else to the company, that customer gets a discount. That is one way it has built up its customer base.”Grau also says Diapers.com uses innovative packaging that enables it to cut down on shipping costs. Finally, the company is innovative in its focus on convenience; it makes it easy for young parents to have diapers delivered to their door without having to make a midnight run to the store because they are out of diapers.
Keep pricing in mind. Even if you are selling a niche product, always keep pricing a priority.

Whether it’s a small on-line venture or the next Microsoft, the fact is, there are opportunities today for those willing to pursue them. I think Fabrice Grinda sums it up nicely when referring to entrepreneurs during this period…

“Your mettle will be tested and you will need all your grit, tenacity and passion, but if you stand the test of time and take advantage of the opportunities the crisis offers you, you will be richly rewarded!”