How Great Entrepreneurs Think

“I always live by the motto of ‘Ready, fire, aim.’ I think if you spend too much time doing ‘Ready, aim, aim, aim,’ you’re never going to see all the good things that would happen if you actually started doing it. I think business plans are interesting, but they have no real meaning, because you can’t put in all the positive things that will occur…If you know intrinsically that this is possible, you just have to find out how to make it possible, which you can’t do ahead of time.” – advice from an expert entrepreneur

What distinguishes great entrepreneurs? Click here to read about an academic study whose goal was to get inside the mind of great entrepreneurs and determine how they think.

Tandaa Symposium on Growing Your Brand Online

The content of this post is courtesy of Tandaa.

Delivering your brand promise in an increasingly digital world requires a whole new marketing strategy.

A recent TNS study* indicates that internet usage in Kenya has more than doubled in the last two years. An estimated 4 million Kenyans have access to the internet and according to TNS, 76% of Kenyan internet users are on Facebook. With increasing access to laptops, broadband internet and web enable mobile phones, Kenyan consumers are changing the way they interact with their favorite brands.

So should your brand be on Facebook? How should you manage your Twitter handle? The first Tandaa Symposium of the year will explore the opportunities and risks the Internet and social media offer Kenyan brands today.

The internet may seem like an overcrowded platform in which to compete. With real-time news, celebrity gossip and millions of intriguing web pages to browse–not to mention engaging and all consuming social media sites–attracting and holding consumer’s attention may seem like an uphill task. But today’s savvy marketing or brand manager must find innovative ways to maximize online spend in a crowded and competitive platform.

Beyond offering a platform to communicate your brand promise, the Internet, especially social networks, also offer the unique opportunity to better understand your customer. The data and insight from online social interaction with consumers can contribute significantly to how your company designs new products and campaigns.

Understanding how to effectively grow your brand online is therefore crucial for every marketing or brand manager. The Tandaa Symposium will give you insights on how to update your marketing strategy to make the most of today’s digital world.

Register Here.

How to Open a US Bank Account

This post was made possible by sobbayi.

There are many reasons why one may want to open a US bank account, including wanting to withdraw money from PayPal. Now to open a US based bank account as a none US resident is still possible.

The only catch is that you cannot open it online, you have to physically go into the bank with your passport and a second form of identification eg your DL (no need for social security number if you tell them you are not a resident).

You then fill the forms AT THE BANK and you set up you internet banking details right there as thats where all your transaction Bank transfers etc will take place.

Once you are done you must deposit some money into the account immediately and you will walk out with you temporary ATM card. You then need a Kenyan address and a US address. The US address is where they will send the permanent ATM card within 10 days and other documentation whenever they need to as they wont send it out of the country. Once you have your ATM card and are going back to Kenya there is a number you will need to call to activate your card to work in Kenya. Make sure you get that number before you leave the bank.

This information is based on Bank of America. (Not all banks offer accounts to non residents living abroad). Their ATM cards work just fine in Kenya but it will cost you 5 bucks ($5) per use so be careful.

EVERYONE Can Be An Entrepreneur!

In his article 8 Alternatives to College, James Altucher brilliantly tackles one of the largest myths about entrepreneurship: “not everyone can be an entrepreneur”. This is a myth, and this is why it is wrong to say that not everyone can be an entrepreneur:

First off, there’s no law against being an entrepreneur. In fact, everyone can be an entrepreneur. So what they really mean is: “not everyone can be a successful entrepreneur”. And as far as I know, there’s no law against failure either. When someone loses a tennis match or a chess game. how do they improve? They study their loss. As anyone who has mastered any field in life knows: studying your losses is infinitely more valuable than studying your wins. I failed at my first three attempts at being an entrepreneur before I finally learned how to spell it and I finally had a success (i.e. a company with profits that I was then able to sell).

Failure is a part of life. Better to learn it at 18 than at 23 or older when you’ve been coddled by ivory blankets and hypnotized into thinking success was yours for the taking. Get baptized in the river of failure as a youth so you can blossom in entrepreneurial blessings as an adult.

What do you learn when you are young and start a business (regardless of success or failure):

  1. you learn how to come up with ideas that will be accepted by other people
  2. you begin to build your bullshit detector (something that definitely does not happen in college)
  3. you learn how to sell your idea
  4. you learn how to build and execute on an idea
  5. you meet and socialize with other people in your space. They might not all be the same age but, lets face it, thats life as an adult. You just spent 18 years with kids your age. Grow up!
  6. you might learn how to delegate and manage people
  7. you learn how to eat what you kill, a skill also not learned by college-goers

Source: 8 Alternatives to College

Interesting Kenyan Sites #18

Nairobi Living – is a local search and business directory. I find the site to be well thought out and nicely designed. Kudos to the makers! Though one is tempted to say “….yet another local directory?”.

Shameless Clones
Tokea Online – it seems to be an East African social network (like facebook, but for EA). it looks brand new and so it is “sparse” as far as content goes. But the design, I must say, is well done. Let’s wish them luck!

Update 7/2/2011: it seems that TokeaOnline is a shameless clone of a site design and setup freely available all over the net. Another site using the same setup is FunKenya. it is good to try and build an online business, but one could surely do better…

Flops
mmiarch – this seems to be the website of “mmi architects”. Even by the presumably low Kenyan standards, this website is particularly poorly done. One wonders what the hell the “web designer” was doing…

beckyzshoes – an online shops selling men’s shoes. Except that it is run on a .blogspot blog. FAIL. I cannot believe that these guys actually advertised on Facebook!! if you want to sell anythign online, 1) do not do it from a free website and 2) use professional e-commerce software (like DukaPress which is 100% free).

Turning Your Critics Into Evangelists

As a business owner, you have undoubtedly come across customers or potential customers who speak so badly of you that you wonder where they get all the venom from. What do you do with these people?

I am of the school of thought that a business should choose its customers i.e. do not go against your convictions, beliefs, morality and better judgement just because someone is paying you money. However, I also believe that all businesses exist solely to serve their customers. As a business, you should strive to delight everyone that you deal with.

From my experience, your worst critics can be turned into assets – into evangelists who will spread the good news about your business far and wide. You know why? Because if someone is very critical of you as a business, it automatically means they care enough to form opinions about you and communicate them to you. I see this as an opportunity to turn your worst critics into people who speak exceedingly well about you.

Now, as it turns out, many of your critics criticize you from points of little information. All it takes to show them that you are not as bad as they think is to be patient, to listen to them and to address their queries step by step in a clear and respectful manner.

For example, the guys over at DukaPress once received a very harsh email from a potential customer. They could have responded with equal venom or just ignored the critic. However, they chose to engage him in a conversation and address his concerns. Less than five emails later, the critic had made his first purchase at the DukaPress shop! Since then, he has made more purchases and even referred people to DukaPress. Imagine that…

So the next time you get a call or an email from a venomous critic, seize the opportunity to acquire an evangelist!

KBC Interactive Game Show Fraud (with pics)

This article was generously contributed by Mutwiri.

Earlier this month there was a huge debate on this forum about an error KTN had made on their interactive game show. The issue was with the simple arithmetic – 11 x 2 + 32 – 21 + 5 x 3 + 5 x 1 The answer that won cash was 120, which off course was WAY off.

Well, yesterday KBC ran something similar on their show.

23 – 12 x 5 + 112 – 20 + 3 x 8 + 12

The choices were -125, -170 and 250

I took screen shots:

KBC interactive game show fraud

The Question (click for larger)


The answer that won Kshs.50,000 was 250

So how did they arrive at 250? Here’s their calculation:


KBC interactive game show fraud

The Fraudulent answer (click for larger)

If you look at the pictures closely, KBC actually changed the question and then awarded 50,000/- to….”the winner”. Theft in broad daylight!

What are your thoughts on this? Where can a complaint be made?

Update
Even the fraudulent answer does NOT add up to 250!!!!