Author name: Steven Imke

Some Equity-Based Crowdfunding Statistics

Some Equity-Based Crowdfunding Statistics

Crowdfunding / , , ,

CrowdCube is the largest equity-based crowdfunding platform in the United Kingdom. Since its founding in 2008, it has facilitated more than $60 million in transactions to date. Combined, those transactions have involved nearly 88,000 investors and over 140 successfully funded ventures. The average individual equity-based investment was approximately $4,000, although investments ranged from as little […]

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Crowdfunding 101

Crowdfunding 101

Crowdfunding / ,

Generally speaking, crowdfunding is divided into creative campaigns, reward-based campaigns, and equity campaigns. In creative campaigns, such as a Michael Moore movie, the backers support the message or the “art” and make donations to help promote the cause. Creative campaigns have been around forever, however reward-based and equity campaigns are relatively new. In reward-based campaigns,

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Are Large Corporations Past Their Prime?

Are Large Corporations Past Their Prime?

Small Business Operations / , , , ,

One has to ask “Are corporations past their prime?” Corporations came into being to allow multiple investors to invest a portion of their capital across several risky, but potentially highly profitable endeavors.  Corporations Come Into Existence When sailing ships were constructed to carry on world trading, it was a highly lucrative proposition but was fraught

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How to Value an Existing Lifestyle or Micro Business

How to Value an Existing Lifestyle or Micro Business

Buy or Sell a Business / , , , ,

When it comes to buying a business, size does matter. Most lifestyle or micro businesses have under 1 million in annual sales. When it comes to lifestyle and micro businesses, the owner is also the top manager. For valuation purposes, a good rule of thumb for a marketable lifestyle or micro business is that the

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Testing Your Customer Segment and Value Proposition Hypothesis

Testing Your Customer Segment and Value Proposition Hypothesis

Small Business Operations, Learn to Think Like a Customer / , , , , ,

Once you have made a hypothesis regarding your customer segment and value proposition, you need to gather insight to validate your hypothesis by designing questions or experiments to take to potential customers. If you are designing questions, it is important to avoid questions that will influence the customer’s response. In other words, avoid leading questions

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Testing Your Value Proposition’s Ability to Deliver Gains

Testing Your Value Proposition’s Ability to Deliver Gains

Small Business Operations, Learn to Think Like a Customer / , ,

Now that you have a potential list of products or services that you plan to incorporate as part of your value proposition, you need to see if it creates the benefits your customer expects, desires, or would be surprised to see. You can use the following questions to test your value proposition’s products and services

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Testing Your Value Proposition's Ability to Alleviate Pain

Testing Your Value Proposition’s Ability to Alleviate Pain

Small Business Operations, Learn to Think Like a Customer / , ,

Now that you have a list of potential products or services that you plan to incorporate as part of your value proposition, you need to exposed them to the first test. You can use the following questions to test your value proposition’s products and services. These questions will help you determine if your products or

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Defining Your Value Proposition’s Products and Services

Defining Your Value Proposition’s Products and Services

Small Business Operations, Learn to Think Like a Customer / , ,

After you understand the customer’s job, their pain points, and their gain points, it is time to define a value proposition to deliver to them. The products or services that you will provide can come in four different flavors: With these flavors in mind, make a list of all the products and services your company could deliver.

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Understanding Customer Segment Gain Points

Understanding Customer Segment Gain Points

Small Business Operations, Learn to Think Like a Customer / , ,

Once you have a pretty good idea of the job your customer segment has to do, it is time to ferret out and define their gain points. Use the following questions to describe the benefits your customer expects, desires, or would be surprised to receive. After answering these questions, attempt to rank your customer’s gain

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Understanding Customer Segment Pain Points

Understanding Customer Segment Pain Points

Small Business Operations, Learn to Think Like a Customer / , ,

Once you have a pretty good idea of the job your customer segment has to do, it is time to ferret out and define their pain points. You can use the following questions to more accurately describe the customer’s negative emotions, undesirable costs and situations, and risks they experience before, during, and after their job.

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Understanding Customer Segment Jobs

Understanding Customer Segment Jobs

Small Business Operations, Learn to Think Like a Customer / , ,

Once you have a good idea of your target customer segment, it is time to dig a little deeper. To do this, describe the specific tasks your customer segment is trying to do in their core job, the problems they are trying to solve, or the needs they are trying to satisfy. Besides the customer

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Serving Economic and End User Customer Segments

Serving Economic and End User Customer Segments

Small Business Operations, Learn to Think Like a Customer / , ,

When fleshing out your business model canvas, you need to define your customer segment and value proposition. However, it is sometimes necessary to consider both the economic buyer and the end user when defining your customer segments. For example, the other day I took my grandson to a Chuck-e-Cheese. The end user was my grandson

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Barbie, Seeing Things Others Do Not

Barbie, Seeing Things Others Do Not – Business Lessons From Elliot And Ruth Handler

Lessons From Successful People /

Izzy (later change to Elliot) and Ruth Handler were husband and wife that complemented each other’s skills when it came to business. Elliot was the dreamer, who I have often referred to in business as the Oracle or someone who can see things that others can not. Ruth, by contrast, had a business mind and

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Inside Out Business Model

Inside Out Business Model

Small Business Operations / , , , , ,

Ignore the status quo and don’t build a better mousetrap. Stop focusing on what your competitors do. Instead, challenge orthodoxies. To do so, start with any of the nine business model building blocks and build outwards. While we typically start with customer segments to build a customer-driven business model, there are four common starting points.

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Red Ocean vs. Blue Ocean Strategy

What is a Red Ocean vs. Blue Ocean Strategy

Small Business Operations / , ,

The term “red ocean” refers to all the industries in existence today, otherwise known as “the known market space.” Blue oceans, by contrast, denote all the industries not in existence today, otherwise known as “the unknown market space.” Red oceans are contested markets while blue oceans are untainted by competition.

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Critical Thinking About Macroeconomic Forces

Critical Thinking About Macroeconomic Forces

Small Business Operations / , , ,

When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at macroeconomic forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into four categories:

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Critical Thinking About Industry Forces

Critical Thinking About Industry Forces

Small Business Operations / , , ,

When completing a Business Model Canvas, it is helpful to guide the discussion through the use of questions. When it comes to looking at industry forces that will affect your business model, the following set of questions should help you in thinking more critically about your business model. These questions are broken into three categories:

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Revenue Streams - Business Model Canvas

Choosing a Revenue Stream

Small Business Operations / , , , , ,

When it comes revenue streams, they are generally either “transactional,” resulting from a one-time payment, or “recurring,” resulting from ongoing payments that deliver value or provide post-sales support. When it comes to defining a business’s revenue streams, I find it helpful to consider a list of different types of revenue streams to guide me and

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Value Proposition - Business Model Canvas

Choosing a Value Proposition Type

Small Business Operations / , , , ,

When considering your unique value proposition, I find it helpful to consider a list of common value propositions to help guide me and my client’s thinking. To that end, here are eleven common value propositions that businesses might offer to their selected customer segment. Review the following value proposition types and determine which one is

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Customer Segment - Business Model Canvas

Choosing a Customer Segment Type

Small Business Operations / , , , , , ,

The first step for a new business or an existing business coming out with a new product line is to define the customer segment they are targeting. During the early stages of the process, I recommend starting out with a broad definition of the customer segment. The following is a list of five common customer

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Customer Service Is More than a Slogan

Business Lessons from Mickey Drexler – Open Communications Is More than a Slogan

Lessons From Successful People /

Mickey Drexler hates emails and memos but loves to communicate face to face or over the phone. He prefers personal interactions so he can be sure that others are listening to him. When Drexler was hired as the new president of Gap Inc’s Stores Division in 1983, his first order of business was to fire

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The Coming Cottage Manufacturing Revolution

The Coming Cottage Manufacturing Revolution

Small Business Operations / , ,

The only parts that make it into the mainstream are parts that can be manufactured in the tens of thousands. These large batches then require complex distribution channels and warehousing of inventory that ties up precious capital. With small-scale 3D printers, laser cutters, and CNC machines, parts can be produced at the point of sale.

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The Final 4 Principles to Influence a Sale (Scarcity, Likeability, Indifference, & Commitment)

The Final 4 Principles to Influence a Sale (Scarcity, Likeability, Indifference, & Commitment)

Small Business Sales /

Over the past three days, we discussed the first twelve principles to influence a sale from the book, “Rain Making Conversations,” written by Mike Schultz and John Doerr. Today, we will cover the last 4 principles. 13. Scarcity – “Buy it now! Only 2 left!” is a phrase we often hear. Scarcity is the most

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Another 4 More Principles to Influence a Sale (Stepping Stones, Ownership, Involvement, & Desire for Inclusion)

Another 4 More Principles to Influence a Sale (Stepping Stones, Ownership, Involvement, & Desire for Inclusion)

Small Business Sales /

Over the past two days, we discussed the first eight principles to influence a sale from the book, “Rain Making Conversations,” written by Mike Schultz and John Doerr. Today, we will cover the next 4 principles: 9. Stepping Stones – People are more interested in things they are familiar with. A good salesman takes the

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4 More Principles to Influence a Sale (Emotional Journey, Belief, Justification, & Trust

4 More Principles to Influence a Sale (Emotional Journey, Belief, Justification, & Trust)

Small Business Sales /

Yesterday, we discussed the first four principles to influence a sale from the book, “Rain Making Conversations,” written by Mike Schultz and John Doerr. Today, we will cover the next 4 principles. 5. Emotional Journey – As we pointed out in the blog, “Stories to Create a Great First Impression,” a goods salesman is a

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4 Principles to Influence a Sale (Attention, Curiosity, Desire, & Envy)

4 Principles to Influence a Sale (Attention, Curiosity, Desire, & Envy)

Small Business Sales

Have you ever wanted something so badly that you would do anything to get it? That feeling does not happen overnight; a sales process created that yearning inside you. In their book, “Rainmaking Conversations,” Mike Schultz and John Doerr list 16 ways to make your customers reach that level of desire. Over the next 4

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Critical Thinking About Macroeconomic Forces

Macroeconomic Forces and the Business Model Canvas

Small Business Operations / , , , , , ,

The next and final environmental forces block is “Macroeconomic Forces.” This section is used to determine if your business model can adjust to macroeconomic shifts. This is where keeping up with current events is important. In addition to watching the world and local news programs each day, I use an internet news aggregator that searches

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Critical Thinking About Industry Forces

Industry Forces and the Business Model Canvas

Small Business Operations / , , ,

The next environmental forces block is “Industry Forces” and this section is used to determine if your business model will have a competitive edge today and tomorrow. To understand industrial forces, you need to assess who your competitors are. A tool called Data Axle Formerly called Reference USA (available at many libraries) is a valuable

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Critical Thinking About Key Trends

Key Trends and the Business Model Canvas

Small Business Operations / , ,

The next environmental forces block is related to key trends. The “Key Trends” block is used to evaluate if your Business Model Canvas takes advantage of emerging market trends. Are there any new technologies on the horizon that may undercut your business model? Don’t just look at the advances in your industry that may affect

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Critical Thinking About Market Forces

Market Forces and the Business Model Canvas

Small Business Operations / , , , ,

The first environmental forces block is related to the market forces of the customer segments in your Business Model Canvas. The purpose of the “Market Forces” block is to verify that your model is in line with the evolving needs of your chosen customer segment. When you are looking at market forces, you should start

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Four Environmental Forces Affecting Your Business Model Canvas Design

Four Environmental Forces Affecting Your Business Model Canvas Design

Small Business Operations / , ,

When you have completed the 9 blocks of the Business Model Canvas, you may have a well thought out business model. However, will it stand up in the real world? In the real world, your business will compete for market share and fight for survival every day. For the most part, the 9 blocks that

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Cornelius Vanderbilt

More Lessons from the Railroad Titan Cornelius Vanderbilt

Concepts Entrepreneurs Need to Know /

This is part 2 in the series on Cornelius Vanderbilt. For the full text see Valuable Business Lessons From The Shipping Tycoon Cornelius Vanderbilt With the emerging Industrial Revolution, Vanderbilt saw that the railroad business was the future and would soon replace much of the ferry business. He began a campaign to take over the

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Stage 3: The Athletes and Performers of Business

Stage 3: The Athletes and Performers of Business

Small Business Operations / ,

For a business to advance from stage 2 to stage 3, the business undergoes a substantial shift from being on the offensive and growth-oriented to becoming more defensive and focused on process improvement through business segmentation. The business segmentation associated with stage 3 sets up the business for shared leadership and management by creating multiple

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