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Leonard Kim

Discussion  - 
 
 
How to Overcome the Biggest Obstacle Entrepreneurs Face


Entrepreneurs make this mistake every day. Are you one of them?

Over the last decade, I have seen hundreds of pitches–maybe even thousands. Some, I heard at networking events and others at startup competitions.

Luckily, in controlled scenarios such as competitions, there is a time limit for each pitch. Otherwise, I would be pulling out my hair.

Why?

Because when startups pitch in a non-competition setting, they tend to go on and on and on about what they do.

They don’t know how to give a proper pitch.

A few months back, I met Ryan Foland–an entrepreneur who oversees digital marketing for 25 programs at the University of California, Irvine. He is also a Partner at InfluenceTree, where he and his team teach people how to build their brand, get featured in publications, and growth hack their social media following.

He pitched me something that I was actually interested in. But how did he gain my interest when everyone else lost it?

He explained his revolutionary concept for pitching called the 3-1-3.

I had a chance to sit down with Ryan to have him explain the details. Here is how it works:

Step 1: Tell your story in 3 sentences.

Ryan identified the 3 most important elements of a pitch:

Problem
Solution
Market
This is common knowledge preached by many books and gurus. Yet, what makes Ryan’s approach unique is the limitations he puts in place. He challenges people to explain each of these 3 components in 1 sentence.

When working through this process with his clients, Ryan helps them discover the biggest problem they are solving, then works to explain that issue in only 1 sentence. The same process goes for describing the solution and the target market.

Ryan explains that the problem, solution and market are the keys to communicating your idea clearly and quickly. If you can limit yourself to explaining each in 1 sentence, it will help you get your core message to your audience without overwhelming them with unnecessary information.

If the person you are talking to is truly interested in your idea, he or she will then start to ask questions. You can get into more detail about how your idea works, but only after they begin to ask you questions.

Step 2: Refine your pitch to 1 sentence

Ryan shares that the way to shrink your pitch from 3 sentences to 1 sentence is easy. You take the problem (P), solution (S) and market (M) and combine them into one sentence.

Here’s an example of a 1 sentence pitch:

I help career driven people (M) build their personal brand through teaching them how to gain more social proof (S), so they stop getting overlooked for jobs (P).
Ryan is disenchanted with the popular concept of an “elevator” pitch. He is on a mission to eliminate it. He feels that it makes entrepreneurs seem rehearsed and disingenuous.

On the other hand, the 1 sentence pitch has been tested hundreds of times. It has never failed to pique someone’s curiosity.

When you only share the essence of your idea, people are are curious and want to learn more.

Step 3. Refine your pitch to 3 words.

Yes, 3 words!

Ryan explains that the trick to refining your pitch to 3 words is through the use of relational connectors, such as ‘of’, ‘meets’, etc., to associate with other words and ideas that people already know.

By using existing ideas, concepts, words, people and companies as the foundation of the relation, people will think on their own about what you are doing. This puts your idea into their head even when you aren’t pitching to them.

If you can find words, ideas, or even companies that have already invested millions in a marketing message, or that are easily recognizable by your audience, you can use them to describe your idea or business in relational terms.

Here’s some examples of a 3 word pitch:

Blacksmith of Branding
Carpenter of Surfboards
Uber of Massages
Oprah of Blogs
The biggest advantage of describing your idea in 3 words is how quickly your idea resonates with the person you are talking to.

Is it a proven science? That, I am not sure about.

But I am sure about my really low attention span.

If people can only explain what they do in a lengthy and unorganized way, it is confusing and takes away from my ability to connect with the idea, no matter how good it may be.

Ryan’s 3-1-3 process allowed me to keep asking questions and kept me hooked on learning more.

If he had a product to sell at the end of the day, I would have bought it.

What do you think about elevator pitches? I would love to hear your stories, comment below.

http://leonardkim.com/how-to-overcome-the-biggest-obstacle-entrepreneurs-face/
Entrepreneurs make this mistake every day. Are you one of them? Over the last decade, I have seen hundreds of pitches–maybe even thousands. Some, I heard at networking events and others at startup competitions. Luckily, in controlled scenarios such as competitions, there is a time limit for each ...
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Goby Savvy

Discussion  - 
 
Make it easy for your customer to find precisely what they’re looking for.
The truth is, your users are a fickle bunch. Countless marketing campaigns, surveys and strategies have tried to give us even the smallest glimpse inside the customer’s mind, only to end up with contradictory and complex results. But for many website owners, there’s an overwhelming user base that’s browsing their site and muttering to themselves about this feature or that price. They’re dreading pressing the “Calculate Shipping” button and all...
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Suyash Gupta

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Join Business deck where you can connect to people with same interest and designates. We currently have 4 private channels running named: #entrepreneur … - Suyash Gupta - Google+
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Jorge Jimenez

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Seedstars World, a global seed-stage startup competition for emerging markets, kicked off its 2016 contest awarding Acudeen Technologies.
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Sqfeed Journal

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Now is a good time hunting for Grade A+ office space in Singapore as rents decline further in Q1 
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I used to think that empathy was lame being it's just about the mushy stuff. But then I realized that being amused of solving the struggles of your customers is the first part of leading your business towards success. Find out why Empathy is definitely a skill need for your success!
Empathy is not just to get mushy with people. It creates healthy environments to learn and understand how you can work with people and their priorities.
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Mary Shulzhenko

Discussion  - 
 
35 Inspiring Customer Service Quotes from Leaders

Some of the most successful businesses have one thing in common - great customer service. This Infographic provides 35 most insightful and motivating quotes from leaders to inspire your customer service team to deliver outstanding service to your customers: http://goo.gl/PEU0rz #businessinspiration
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How to Measure #CustomerSatisfaction Using Survey with an iPad:

Imagine people attending a conference are queuing to enter a venue before a mainstage event. That’s a perfect moment for your survey taker to have a friendly chat and find some undistracted attendees who would be willing to take a minute to fill out the survey. It’s always best to give the survey taker a time estimate for how long the survey should take to complete.
If you have enough staff, two-person teams can work even better in collecting survey data. By bringing different personalities together, you can help make sure your team is equipped to interact with all kinds of customers.
With both one- and two-person teams, being able to move freely at an event is a real advantage, to ensure your survey is there when and where customers are able to complete it. So when everyone moves to a new area of an event for lunch, your kiosk can’t follow them but your human survey givers can. Still, depending on the circumstances of the event, a booth may be your best option.
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Benjamin Doda

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My first high school job was driving an ice cream truck. Here's what it taught me: http://bit.ly/1TT4Ni9
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Life is a sum of all of your decisions. And this includes the future of your businesses. Master the skill of making decisions like a Samurai and you'll be prepared to earn your success.
#Entrepreneur #Productivity #Lifeskill 
All the decisions we've made have created the reality we live. Do you want to improve? Check out the article to learn to make decisions the samurai way.
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About this community

Welcome to Silicon Valley Entrepreneurs & Startup Group, world's largest mobile entrepreneurs meetup community! Add organizer to your circle https://plus.google.com/102386250212617344639/ From App to Startup! Meet other local entrepreneurs /founders/Hackers/Developers,/Investors/VCs, and leaders for the mobile / Internet industry, including Android, iOS, WP, HTML5 , Cloud, Facebook, Chrome! Come to our events to network and share your stories. Hear how others have overcome hurdles and achieved success. All are welcome! This fast growing Entrepreneur community is the the place to network with the like minds. And also, its a great place to help individuals, especially developers, engineers to become successful Entrepreneurs. Be a volunteer: http://goo.gl/BvleX Be a speaker: http://goo.gl/8D29i Type of events: * Monthly Pitch & Demo day (Saturday morning) * Entrepreneurs / Co-founders Mixer Every month in SV and SF. * SVE Accelerator / Boot Camp Share your story, listen to stories from like minds. * Startup Contest * Entrepreneur Social Hiking

Mary Shulzhenko

Discussion  - 
 
Building Customer Loyalty in the Internet Age

Even though today the web has enabled much more communication between customers and the businesses that serve them, gaining and retaining customer loyalty hasn’t gotten any easier. This article offers some ideas on building customer loyalty in the Internet age: http://goo.gl/zAd6lZ
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Don't you hate when you're overwhelmed with so many decisions? Newsflash: it's going to keep happening as we go deeper into the information age. Learn how to narrow down your choices and get some clarity!
Sharing is caring ...This world if full of confusion and it’s not a secret. The complexity of modern-day society is such an intricate web of art and experiences and we are supposed to find out exactly what we want, this includes from choosing what to cook,
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Suyash Gupta

Discussion  - 
 
There is a Nation Wide Business Plan Campaign underway..It's in soft launch phase for now.
Sign up.
Get access to registration deck.
Register your Business Plan / Idea.
Get evaluated by experts
If your plan has the minerals
Then get a face to face with potential investors
Where you can pitch your plan / idea to them
and have a chance at funding.
http://questfincorp.com/TheCatalyst
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Leonard Kim

Discussion  - 
 
 
Your Pricing Strategy Is Wrong If You Aren't Doing This


We have all heard of the 80/20 principle. But how far does it reach?

Growing up, I thought I understood the 80/20 principle.

80/20 says 20% of your efforts will lead to 80% of your results. The other 80% of your efforts will only generate 20%.

That was as far as it goes. Or so I thought.

As time progressed, the concept began to mean less and less to me. It just became a buzzword people used when they were referring to clients, work, productivity, etc.

Never would I have imagined this principle was anything beyond a simple rule of thumb.

That is until I watched Perry Marshall, author of 80/20 Sales And Marketing speak at Entrepreneur’s Growthcon conference.

Perry went into details of exactly how far the 80/20 rule reaches:

80/20 is an exact science

The 80/20 rule doesn’t just apply to efforts at work. It applies to nature. Everything from the craters on the moon to sand in a jar, the 80/20 rule is universal and has far reaching implications.

80/20 rules the stock market

80/20 can be 70/30, other times 90/10. But that inequality is always there. 30% of the stocks on the S&P 500 generate 70% of the growth.

80/20 rules the Forbes 400.

30 percent of the Forbes 400 own 70% of the wealth.

But here’s where it gets interesting.

Within every 80/20, there is another 80/20 inside of that, then another 80/20 inside that.

To demonstrate, Perry made each of us stand up. He asked people who had over 5 pairs of shoes to remain standing. Then he asked people who had 10 to continue (to stand). Then 50. Then 100. Then 200. Then 300. He kept doing this until no one was left standing. He did the same thing with web domains.

In the audience, there were a few people who had more than 250 pairs of shoes! There were also a few people who had over 300 web domains!

But what does this mean?

This means that if you are not adhering the pricing of your products to the 80/20 principle, you are losing money!

With simple math, Perry explained that if you break down the 80/20 principle, it can help you to understand more about your customers:

4% of your customers will generate 64% of your revenues
1% of your customers will generate 50% of your revenues
.2% of your customers will generate 40% of your revenues
How does that calculate?

Perry laid out a great example.

Let’s say you have a coffee shop. Each cup of coffee you sell is for $1.40. If you sell 10,000 cups of coffee, you will make $14,000. But for every 10,000 cups of coffee you sell, one person will spring for a top of the line espresso machine.

Let’s say you sell it for $2,700. 80/20 nearly guarantees you’ll make one $2,700 sale on top of the original $14,000. All of a sudden you’ve made nearly 2,000 times the money from your top customer as you made from someone who bought a $1.40 coffee. What if you could find a way to leverage that knowledge to make more money with less effort?

The question companies need to ask themselves is: “Do we have a high end espresso machine we could sell?”

Many companies fail because they don’t offer that higher-end experience.

What Perry recommends is that you multiply the most expensive product you have by 5-10X to increase your returns, then to do the same for the next product, then the next, then the next.

For example:

If you have 10,000 customers who are buying a membership for $10 a year, and that is your only product, you will be earning $100,000 a year.

But if you add a $40 membership, 80% (8,000) of your clients would still only spend $10, earning you $80,000. But the other 20% (2,000) are probably willing to buy that $40 package instead of $10. This generates an extra $60,000. By creating this second package, your yearly earnings go up 60% to $160,000.

Now, if you add a third tier at $160, 4% (400) of your clients will buy, picking up an additional $48,000. Your revenues rise again by 30%, to $208,000.

What if you included a fourth package at $640? Just how much more you would be earning each year? You now have 80 clients paying $640 a year. That’s an additional $38,400 a year, on top of what you were already earning. Your total revenue is$246,400. You were only bringing in $100,000 with single-tier pricing.

In total, you are probably leaving as more than half your money on the table if you are not obeying the 80/20 product pricing rule.

The rule is simple: 1/5th the people will spend 4 times the money. This keeps going until you literally run out of people.

So if you have a product with only one or two price points, now is the time to reconsider your pricing structure. If you don’t, you may run the risk of leaving money on the table, or worse yet, failing, because other businesses who do follow the 80/20 pricing strategy will be better capitalized than you.

The same principle applies to bad customers, product defects and missed revenue streams that drain resources. We will discuss that in a future article. If you aren’t compensating for low-revenue accounts with higher ticket sales and providing commensurate additional value, you will ultimately be doomed.

Have you tried a premium-priced offering recently? How has it worked in your business? I’d love to hear more! Comment below.

http://leonardkim.com/your-pricing-strategy-is-wrong-if-you-arent-doing-this/
We have all heard of the 80/20 principle. But how far does it reach? Growing up, I thought I understood the 80/20 principle. 80/20 says 20% of your efforts will lead to 80% of your results. The other 80% of your efforts will only generate 20%. That was as far as it goes. Or so I thought.
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Tony Ramirez

Discussion  - 
 
WOW! I just signed up only a few minutes ago and I already made $13.36! This is AWESOME! Hurry and Click Here To Join Now!
http://socialcashrobot.com/?karinavillavicencio
WOW! I just signed up only a few minutes ago and I already made $13.36! This is AWESOME! Hurry and Click Here To Join Now! #socialcashrobot #passiveincome
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Raviraj Hegde

Discussion  - 
 
If any of you guys are looking for trusted web and mobile development companies then check out Codebrahma
https://codebrahma.com

#android #webdevelopment #mobileapp #appdevelopment 
Codebrahma provides best in class custom web and mobile application development. Our expertise include Ruby on Rails, NodeJS, Angular JS, Android, iOS.
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Colluide Shares

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Art posting contest to capture the moment for our 1st draft of website & app release on May 30th. We intend to use our products to grade posts and profiles on social media to fill the internet with positive posts via the contest on www.colluide.com ‪#‎fixtheinternet‬ ‪#‎startup‬ ‪#‎memorialday‬
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Ruben Ugarte

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How Hubspot Predicts Usage Metrics Ahead of Time

We are all tracking key metrics but sometimes we can't see the final numbers until its too late. You can build simple models that can help you see if you will hit your goals before the week/month is over.

An easy way to predict your weekly or monthly usage metrics so that you can respond to changes in patterns more quickly.
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