Life of Riley

practice what you preach

As a business owner/manager/supervisor one of the greatest, most important clichés to live/work by is Practice What You Preach. That is, make sure that you are following the same rules you set for your employees and work to lead by example. Making sure that you do so will show your employees that you care about business as much as they need to and you are just as invested in the success as you want them to be. Making sure to lead by example will help to garner the support needed from them and will help to build and sustain a strong, viable team.

 If you want your employees to work extra hours, don’t come in late and leave early because you can.

 If you want your employees to shoulder extra responsibilities, don’t spend the day on the phone and take extended lunch breaks.

 There are so many more that I could come up with, but I will stop there and leave it to you to come up with other examples.

art of money getting

I was recently pointed to a great service called DailyLit, which is an online service that emails portions of books to you at pre-determined intervals. There are many titles from which to choose...many are free and some require a small fee. I chose to start with Art of Money Getting by P.T. Barnum.

This is a great book on many levels. There is inspiration for life as well as business. There are many lessons to be learned for the eager entrepreneur as well. I am only a little past half done with my installments, but I figured now was as good a time as ever to share. The author delves into topics such as avoiding debt, hiring and dealing with employees, running a business, creating and maintaining success, and perseverance.

Although it is written in an old style with many outdated references this is certainly worth a read for anyone in the business world, anyone looking to start a business, anyone in need of some good advice, or anyone who just likes a good book. His advice is on point and many of his suggestions still hold true today.

I will put together a more detailed review of the book at a later date once I finish the whole thing, but for now I will share a little piece that I read today and really enjoyed. There is a relayed conversation where a student asks an old lawyer whether there is room in his profession and the lawyer replies that "The basement is much crowded, but there is plenty of room up-stairs." This is true in so many ways today...we need good people in (almost) all fields and there is always room for those who work to become the best. It is those that choose mediocrity that fill the basement, so to speak.

So no matter what the chosen path, aim for the top, work hard and almost surely you'll end up up-stairs.

iRadio Advertising

I was lucky enough to snag a pair of speakers to hook up to my computer about a month or so ago. Since hooking them up I have listened to quite a few different radio stations online; both online versions of broadcast stations and online-only stations. I have noticed quite a few distinctions as well as some interesting things worth noting.

First, I am not at all surprised at the huge disparity between the amount of ads on online-only stations compared to those on internet versions of broadcast stations. Way back when, Darren and I attempted to get an online radio station up and running (another one of D's ideas...I was more or less along for the ride). We tried like hell to secure advertisers to support the station, but continuously fell short. At the time it seemed as though we were ahead of the times, but still today online radio advertising is nearly non-existent...on online-only stations. It makes sense, though. People flock to the internet for no-nonsense content. We do not want to deal with pop-ups or view countless banner ads...so why would we want to listen to stupid commercials? With so much competition out there, online broadcasters have to be careful not to scare away their listeners to other stations.

Second, the differences in ads is sharp across 'stations'. I listen to Mike & Mike in the morning on ESPNRadio in the car and then when I get to my desk. The advertising is bold and apparent...you almost cannot not listen to the ads when they come up. They are the same online as they are over the air...same ads, same order, same length. And, like on tv, there is always the lead into the commercial segment.

In the afternoon I will sometimes listen to The River, which is a local broadcast station, over the internet. The advertising model on this station is very different from that on ESPN. There are no similarities between the ads payed via the radio and those streamed online. The first, and most apparent, distinction between the two is that ads are actually toned down...way down...to the point they are nearly inaudible. It is shocking to me that advertisers are still paying to place ads online when they are drowned out & toned down. The next thing is that none of the ads broadcast are played online. I would be curious to know why...at first blush I would say that it would be to create and maintain a separate revenue stream. But with the lack of advertising online, I would say that this isn't working out too well for them. So, the stream is forced to fill the space between segments and ads with 'best of' clips from the morning show...but again this is almost useless since they too are toned way down. Very odd station.

Then there is B95.5 online station. I listen to this station every once is awhile on the radio and it is what my dogs listen to throughout the day at home. The internet stream, however, requires registration in order to listen. I have not registered yet, and am not sure that I will. I know that they offer contests and whatnot based upon the registration, but it is still a nuisance to join in order to listen. I am one potential listener that they have missed out on b/c I do not want the hassle of signing up with them. It makes sense because their listeners are absolutely quantifiable, but it still makes me wonder how many others are turned off and what their true potential is.

Then there are all those stations left out there whose technology doesn't work on my computer or forces me to open a different browser. For instance, PYX 106, a Clear Channel station, requires the use of IE in order to stream music. This is a pain since I always use Firefox. It may seem petty, but it again is a convenience thing with me...so sometimes I simply choose a different station simply so that I do not have to open a new browser. I have listened, however, and their advertising model is similar to that of ESPN, where ads are bold and apparent...though they are different from those that are broadcast. This is one instance of a good leveraging of an internet property to generate a new revenue stream.

Lastly, it is interesting, but not so much surprising, that internet streams more often than not are full of national advertisers and not many, if any, local advertisers. Even if a local broadcast station has a reliable advertiser, the ads do not often make it online. Of course there are some local ads on local streams, but I would think that the idea is that ad money is better spent reaching an audience that can actually patronize you or your business.

It is an interesting medium and one that is certainly still trying to figure out how best to embrace digital media and make money with it.

friends & family

I have thought a lot about this posting and how I can write it without offending too many people...hopefully no one. Well, what follows are my brief thoughts about the influence and impact that friends and family can have on start-ups.

First of all, friends and family are the greatest support group that an entrepreneur can have. There is no other group, unless you are lucky enough to gain the support of VCs or angels, that wants to see you succeed more than your friends and family. They have a vested interest. Your family wants to brag; your friends want you to shoulder the beer tab next weekend. In all seriousness though, this group of people is where you can go to vent about your employees, look for encouragement, or simply look for simple advice. Sometimes the hardest answers can be solved by those who are looking in from the outside.

That being said, sometimes they can get a little too vested in what you are doing and can become so excited that your expectations become unrealistic. The results can be disastrous at best. Your friends and family want you to succeed so badly that they see nothing else but your success. They will encourage bigger risks; they will tell you there is nothing but to press forward; they will tell you to never quit...even when any of those are bad ideas.

Then there is you. When was the last time you wanted to see Grandpa and tell him that great idea went bust or your buddy from high school and tell him you need to borrow a couple of bucks? Those situations aren't on the top of my favorite things and probably not on yours either. So when it comes to pressing too far or stopping/stalling for the moment, you will inevitably think of these situations and move forward.

My best advice in this situation is not don't listen to friends and family. I am not saying that this group of people won;t provide you with any insight, experience, or help. What I am saying is that you need to be careful when pressing forward. Make sure that you do your planning and stick to that planning. If you can't/don't/won't meet you expectations, milestones, or goals, it is best to step back and figure out why. Don't listen to Mom when she chalks it up to "shit happens." Don't just think that you can buzz through the bad and make it out unscathed...or even alive.

Make a plan. Stick to that plan. Analyze the plan and compare your results to that plan. Do not go on whims or proceed because Mom wouldn't steer you wrong...she may not mean to, but sometimes excitement will get the best of everyone. Be careful and be deliberate. When you make it you will be thankful that you were.

testing, testing, 1, 2, 3...

So I sit here at work today with the bar exam still looming large above my head. I sit here having taken the NYS notary exam yesterday. I think of all of the tests that some people must take in order to get where they are and all of the 'tests' that are never taken by others.

Think about it...really think of all the professions that require an exam to be licensed. A lot of these exams are more than necessary, but some are utterly stupid. I mean, I wouldn't want an unlicensed doctor performing surgery. But a license test to cut hair or apply makeup?? An exam to verify identity? Come on...

But here is what gets me...no tests (formal at least) are required to (1) run a company, (2) be a politician, (3) run the country. These three come to mind because they are probably some of the most important people in the world today. Companies impact our everyday financial world; politicians impact our personal freedoms and rights; and, well, the president & other high-level executives impact the national atmosphere (social, political, and economic), as well as the global atmosphere. Why no test here?

There are so many brilliant lawyers who can't practice b/c they don't test well and there are so many bad, idiotic lawyers who can practice b/c they do test well. I am sure this is true with doctors, dentists, and other professionals as well.

I wonder how many top business executives, entrepreneurs, and politicians would be where they were should they have had to take a test...

Maintaining Motivation

I took my last exam this afternoon...the second to last thing I need to complete before being conferred all the rights and privileges that come with having a law degree. If it is anything like all of the other rights and privileges that I have been conferred all I am looking forward to is a lot of student loan debt to pay off! But it is exciting nonetheless.

But along with winding down with school comes a total loss of motivation...remember the so-called senioritis? Couple that with the slow times I am facing right now with 4anagent and the 80 degree temps outside and it is a wonder how I even find myself in front of the computer right now (it's raining outside). But when I take a second to look back and reflect on how far I have come in the past three years...and more importantly the last 5-6 months...I am able to maintain focus and drive even though I am not running like crazy.

Not being so busy has had its upsides though. It has given me time to reflect on things, ponder where I want to go, how I want to get there, and what to do about it. Once I am able to fully comprehend what all of my thoughts mean, I will surely share.

New Experience(s)

Today I was lucky enough to have my first meeting with a venture capital firm. I sent my business plan to a local firm and was fortunate to have them invite me in for a chat. I am still too early for them, but the experience helped me out a great deal. I received some great feedback, a couple important insights, and a great connection that will hopefully lead somewhere. I was pretty much scared to death before hand, nervous (though confident) throughout, and satisfied afterwards. I'm ready for my next meeting...but I'll need to keep bustin' tail to get there...

On another note I had another first today...golf in the rain. Let me say that it is not fun to play in the rain. Now, I can barely hit the ball correctly when its dry, clear, and the wind is dead. Imagine what it looked like as I had to concentrate more on holding my club then hitting the little white ball in front of me...I gave slice a whole new meeting! We did have fun though and made the best out of the situation...but you won't catch me golfing in the rain again!

Business Plan Competition

Well, the notification date has come and past. I haven't heard anything, so my assumption is this is where it ends. Although I didn't win (or even advance for that matter) I did manage to get my business plan rewritten. The rewritten plan has allowed me to begin approaching outside investors for 4anagent, which I really wasn't about to do with the initial plan that I had. I'm just hoping that turns out a little better for me...

Selling Quickly

I just finished my interview for the Daily Gazette. The reporter is doing a story on things that can be done to help home sellers sell more quickly. I am pretty excited that he came across 4anagent.com and wanted to include it in his story. My standpoint is that having the right agent representing you from the get-go is the first step to a successful sale. By having the right agent you will avoid a lot of pitfalls along the way. When finding an agent make sure you discuss all that is important right at the start and make sure that you and your agent are on the same page. Things that I have seen create problems are unanticipated expenses, scheduling conflicts that arise, communication breakdowns, and lack of advertising among many others. I'm interested how the article turns out...

Entrepreneur Space

It's been a few days since Darren first discussed his entrepreneurial space that will be launching in NYC. I have thought about this again and again...and yet again. I really like this idea and secretly wish that I was in the city...not really. I wish that such an idea was feasible up here in Tech Valley.

Being able to share resources and shoot ideas off of one another is a great idea...especially at the price tag attached to the project. Add to that the knowledge resources, support network, and periodic conversations and you have one hell of a deal!

With 4anagent getting off the ground in its Capital Region test market I really can't make it to NYC...regardless of my actual desire. I've already spoken to a couple people in my area and this seems to be a decent idea to try and implement around here. I'll be speaking with a few more people before anything is done, but a co-op office space may help more people than I thought around here...the entrepreneur landscape around here may be broader than I thought.