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February 17, 2006

Living Your Purpose Through Your Company

Going to the business school at NYU for my undergrad degree, I had to immediately face the decision over which path my career would follow. Would I follow the glamorous, high-paying track of becoming an investment banker/consultant that most of my peers were following or would I become an entrepreneur.

My decision was to become an entrepreneur. This decision was fairly easy for me because my previous experience of starting and running my own business had been so empowering and rewarding.

Now, one year after graduating, Sheena and I are being sustained by the business, and a new question is arising. Do I want to be a high-growth entrepreneur or a lifestyle one. In other words, do I want to be a part of a company whose main goal is to grow large and then sell or go public? Or do I want to be part of a business whose main goal is to give me the lifestyle I want and make a difference.

To be honest, this is an extremely difficult decision for me. However, I'm leaning in the lifestyle entrepreneurship direction. Here's why:

  1. Stress. For many months after graduating, I worked 70 hours a week. When I did this, the business became the filter through which I viewed life. If business was up, then I was up. If it wasn't, I wasn't. This essentially made for a life where I was stressed and constantly thinking about the business. I don't like this. For the past two months, I've been working 50 hours a week and have been taking time to exercise, read, take walks, meditate, and watch documentaries. This has made a DRASTIC difference in the quality of my life. Moving forward, I don't want to be in a position where 50 hours a week is not enough time to keep me on top of my work flow.

  2. Control. One reason I like entrepreneurship is the ability to control when I work, where I work, how I work, and with whom I work, and what I work on. By giving ownership in the company to outside individuals, one becomes legally and morally responsible to make them the largest return possible. When one sells a company, staying on as an employee for a certain amount of time is often a requirement of the sale.

  3. Making a Difference. By growing a purposeful, enduring, great company slowly and surely, I personally think I can make a difference better with the customers, employees, and community than I could by growing a company solely for making money and then giving that money away. Plus, I think it would be more fun.

  4. Money. I don't have statistics to support this, but I've seen many entrepreneurs who have profitable lifestyle businesses that make way more money then they need every year. Furthermore, they own a controlling share, which means if they sell it, than can make good money. So, while their business might be a $10 million dollar business rather than a $100 million one, they're making good money.
A growing part of me knows that this would be the most fulfilling track for me. However, another part is definitely attracted to the potential of hitting it big, becoming famous, etc. The jury is still out and Sheena and I have been talking a lot about it.

What kind of company do you want to grow?

Posted at 05:24 PM | Comments (3) | Top

July 24, 2005

Big News

On Friday, I had one of the best business meetings I've ever had with the managing editor of Inc. Magazine. I don't want to go into detail for fear of jinxing things.

However, I will say that we have a full-page ad coming up. It is due on Monday and it being designed by our friend and fellow young entrepreneur, Daniel Blank. What are your thoughts on the two preliminary designs (FYI - the comment feature on this blog is working again):

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EET_concept04.jpg

Posted at 11:17 AM | Comments (13) | Top

July 19, 2005

Speaking Brochures

I'm at the NCCEP Annual Conference in San Francisco and having a great time.

Also, we recently had great speaking and road tour brochures developed by Daniel Blank Design. They turned out really and we've been getting a lot of complements. What do you think?

Posted at 09:59 AM | Comments (0) | Top

July 09, 2005

Are You Ready For The Truth? Can You Handle It?

Over the past few months, we've been developing a feedback system that allows individuals to get quick, constructive, life feeedback from people they know. We believe that just as business enterprises do market research to better pursue their visions, so to should "human enterprises" (individuals) get feedback from stakeholders in their life. If you're interested in testing it, visit http://successmanifesto.com/feedback/.

Amazingly (to me), this system has been somewhat controversial to people we share it with. Below are some of the critiques I've heard followed by my rebuttals:

  1. Getting feedack from people is fake. What is fake about getting another perspective? I personally want to know how people view me as a friend. Do they trust me? Do they consider me a close friend? How do they experience themselves around me? Do people see strengths or weaknesses in me that I may not see myself? What patterns are there in other people's feedback? Of course, I'm all for learning more about myself through introspection, but I personally think that closing off external data is somewhat closed-minded.
  2. I don't want to know the truth. I have trouble taking feedback. I don't care what other people think. In my opinion, this is the exact reason that you should get feedback. What part of you is being threatened by the feedback? By consciously and unconsciously communicating to others that you don't want or appreciate their feedback, I think you're not only hurting yourself, but your relationship with other people too. People seem to really enjoy giving feedback to others. However, when they feel like they can't, they inevitably communicate their feelings to others (talk behind your back) or they let feelings of frustration build up until they burst or leave the relationship. How would letting people around you know that you appreciate their feedback change your life?
  3. People will use the information wrongly. This tool isn't for everybody. Also, it isn't meant to stand alone. It is meant to be used in combination with intense introspection. I personally think a lot more damage is done by the grading and testing system. If somebody doesn't have a natural aptitude for getting high grades and they are labeled as "average" or "below average" growing up, is this constructive? Consider this in light of the fact that it is pretty well documented that people who acheive massive success in business and politics were not A students.
  4. Other people's feedback is tainted by their own biases. Furthermore, feedback dampens my creativity. This goes into the art of getting feedback, which I think one learns as they practice getting feedback. I wrote a blog entry on this earlier, which has my thoughts.
What do you think?

Posted at 10:32 AM | Comments (0) | Top

May 10, 2005

Road Trip Status

The road trip is buzzing along. We're recruiting some incredible extreme entrepreneurs, such as:

Also, we're pushing hard for corporate sponsors and foundation support. This process has finally given me a push I need to get over my limiting beliefs and fears related to selling. In the past, I've avoided making phone calls and gave up after two follow ups, because I didn't want to "nag" a person. Furthermore, I've given up on ideas after getting a small number of rejections or no responses!

My partner, Adam Witty from Advantage Networks, has inspired me. He says that 80% of sales are actually closed after the fifth contact. Also, the people we're pitching are so busy, that while a project like ours may sound interesting, they still have to deal with all the short-term deadlines and performance goals that are giving them stress. So, following up in the right way is actually is helping them stay on top of an interesting idea.

Regarding the number of phone calls I make, I've been inspired by Joshua Newman. I forget the exact number, but when he raises capital and he's raised millions, he makes the commitment to contact something like 100 potential funders. So many people probably give up after 5.

As I look back, I can see that lack of sales expertise on our team has pushed us back months, if not years. However, I'm happy now to be gaining the necessary experience/confidence and partnering with great people.

At any rate, I'm off to make some more phone calls!

Posted at 12:55 PM | Comments (2) | Top

April 17, 2005

Announcing the Exteme Entrepreneur Tour

In partnership with Advantage Networks, I'm proud to announce the first ever collegiate entrepreneurship road tour. The Extreme Entrepreneur Tour(EET) brings together America’s top young entrepreneurs to spread the entrepreneurial mindset to their peers at a grassroots level. EET will travel to 150 college campuses in a RV and reach over 100,000 students starting in the Fall of 2005 with 1-day program. Young entrepreneurs who’ve made, earned, and sold their company for millions and/or made a huge impact before 25 have already been recruited as speakers.

Currently, we're in the process of securing support from foundations, corporate sponsors, and schools. If you're interested in being a speaker or bringing the tour to your school please feel free to contact me directly at michael@successmanifesto.com. Also, we'd love to hear your ideas via email or comments on this blog.

For more info, visit http://www.extremetour.org. I'll be posting here until we set up a blog for the tour.

Posted at 07:05 PM | Comments (2) | Top

March 27, 2005

Campus Speaking Photos

These are some photos from my February speaking engagement in Elko, Nevada. Also, below the photos are all the verbatim evaluations and comments that I received.

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Working on a group activity during the workshop

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With the director of the entrepreneurship program

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Another group activity during the workshop

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I was very surprised to see everybody in this student club was older than me.

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With Anna Kinkaid, who did an incredible job orchestrating the whole event. She is also an artist. This is a portrait of me she did to promote the event. This photo was taken at the airport as I rushed to catch my plane, which I almost missed.

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Self-Explanatory

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Self-Explanatory

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Self-Explanatory

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With one of the participants. We were enjoying ourselves.

Please evaluate today?s program.
5 - Agree
4
3
2
1- Disagree
X - No Opinion

The course material met my expectation.

  • 5 - 17
  • 4 - 14
  • 3 - 5
  • 2 - 0
  • 1 - 0
  • No Opinion - 4
Speaker was organized and clear.
  • 5 - 22
  • 4 - 13
  • 3 - 3
  • 2 - 1
  • 1 - 0
  • No Opinion - 3

I felt my time was well spent.

  • 5 - 19
  • 4 - 15
  • 3 - 4
  • 2 - 0
  • 1 - 1
  • No Opinion - 2
The program content was:
  • Just right - 32
  • Too advanced - 1
  • Too basic - 6
Program organization was:
  • Very good - 21
  • Good - 18
  • Poor - 0
What feedback/comments do you have about our instructor and/or program? (Comments verbatim)
  • None - 19
  • I formed out that the career that I have been thinking about is the right one. I was confused and not sure of what to do. Thanks.
  • It was really good, great info. Motivates me even more to follow my dream. Thanks.
  • Michael is engaging, youthful, and appealing to student population.
  • The workshop was great; it brought the earlier information into focus.
  • Super, he was awesome!
  • I really do have better things to spend my time on . . . in my opinion.
  • It was fun, I enjoyed it. Not too much else.
  • I think he does an excellent job with training our youth.
  • Very inspiring for all age groups?he had lots of information to share?great activities.
  • The picture on the poster sucked, but presentation was good.
  • It was a great experience.
  • It was a pleasure meeting Michael Simmons. He is very inspirational.
  • Have video/electronics set up prior to meeting. Longer program day. Good hands-on activity?small group.
  • Mr. Simmons is very friendly and I thoroughly enjoyed it.
  • I think that he was a great speaker and helped me think about the future.
  • If you improve your delivery you will make a lot of money.
  • Talented young man.
  • It was good and never lost my interest. It is very educative.
  • Michael Simmons is a charismatic person that, I believe, will continue to be a success in himself and in the training of our youth.
  • Michael Simmons was great! Although his message was geared towards a younger audience, it was good to see his enthusiasm & experience towards entrepreneurial training.

Posted at 01:48 PM | Comments (1) | Top

March 23, 2005

Speaking at the Inc. 500 Conference

Last week, I had the incredible opportunity to attend and speak at the Inc. 500 conference as an alumnus of the National Foundation for Teaching Entrepreneurship (NFTE). I spoke for 2-3 minutes to an audience of 1,000. For those of you who don't know, the Inc. 500 is the 500 fastest growing companies in the USA. Surprisingly, I wasn't nearly as nervous as I expected and a number of people came up to me afterwards to buy the book and congratulate me.

On to speaking strategy... I've known about the tactic of opening with a joke for a long time. However, I've always avoided it because I was afraid no one would laugh. At this conference, I opened with a joke that received laughter and a round of applause. It was:

"People always ask my why I decided to start a business when I was 16 years old. I've thought about this for awhile, and I've traced the source to something somebody told me once. [pause for punchline] My mom told me, "Michael, get a job!" [pause for audience laughter and laugh at your own joke] I knew I didn't want to get a job, but I knew my mom was serious so I did something in between and created my own job! [start actual speech]
After successfully using a joke to start, I realize that the power of a joke is not only that it loosens up the audience and sets the tone of the speech, but that it loosens you up and makes you comfortable for the rest of the speech.

Below are some pictures from the event. The bottom picture is the other NFTE alumni who spoke and Steve Mariotti, the president of NFTE.

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Inc500_2a.jpg

Inc500_groupa.jpg

Posted at 12:01 AM | Comments (8) | Top

February 19, 2005

My Biggest Speaking Engagement Ever

This past week, I had an incredible experience speaking in Elko, Nevada at Great Basin College (GBC). While this audience was only 150 people, it was my most meaningful as:

  1. People came from hours away to listen to my talk. Normally, I'm part of a conference where there are multiple speakers.
  2. It was my longest speaking engagement ever, lasting 3.5 hours.
  3. It was different than any other audience I've spoken with. Elko and its surrounding areas are extremely rural. Its economy is very much based on gold mining and gambling and this is where many of the youth go on to work.
  4. The audience was split between people in high school and older people in their forties and fifties.
  5. The day-long event was intended to launch GBC's entrepreneurship center.
I must admit that I got quite nervous before-hand. It started on Monday evening (Valentine's Day) when Sheena and I were at the Opera. I begged Sheena to leave early because I was too distracted. On Tuesday, I spent a lot of time preparing, but I was afraid that there would be a large culture disconnect or that I wouldn't meet people's expectations. One thing that actually helped me besides meditating, was remembering a story that Anthony Robbins told in his book about the beginning of his speaking career. He was flying in on a helicopter to the arena where he would be speaking later in the day. From the helicopter, he could see thousands of people filing in, all having come to see him speak! That was when he realized the importance and excitement of what he was doing. After this memory, I felt similar, and I knew that this will only be the beginning for me and that I was exactly the right person to give the speech!

Below is the introduction of my speech:

Preface: Each student is given a red pill and a blue pill. After an introduction by one of the faculty members, a 3.5 minute clip of the Matrix is shown where NEO must choose whether he wants to take the blue pill and go back to life as normal or take the red pill and see how deep the rabbit hole goes.

Enter Me:
You have two pills in your hand. A red pill and a blue pill. If you take the blue one, you will go on with life as usual. During the next few hours you?ll see my mouth moving and my body making gestures, and by tomorrow you?ll have forgotten I was here.

If you take the red pill, I will show you a world you never dreamed was possible, a world in which people?s dreams become a reality. However, I can only show you the door, it is you who must walk through it.

Take a moment to make your choice. [PAUSE]

As we all know, America gained its freedom in 1776. The declaration of independence boldly stated:

"We hold these truths to be self evident: that all men are created equal; that they are endowed by their Creator with certain unalienable rights; that among these are life, liberty, and the pursuit of happiness."

When America was formed, the large majority of people were entrepreneurs, being either farmers or merchants. This all changed sometime in the 19th century, during the industrial revolution, as a country of entrepreneurs started to become employees. We don?t know exactly when it happened, but today most people do not exercise their rights from the declaration of independence. 71% of workers are self-described slackers (Gallup) and many do not enjoy their jobs. Furthermore, by the time people are old enough to retire, 36% are dead and 54% are dead broke!

Now, let me introduce to another world, a world that I?m on a mission to help people discover. It is a world that is hidden from you, yet you take part of it everyday, but do not realize it. Let?s start with this room. This room is filled with success stories. Everything from the chairs you?re sitting in, the clothes you?re wearing, to this computer and software are all here, in large part because of the hard-work and creativity of entrepreneurs, people who started and run their own businesses.

As you know, today I will be talking about starting and running your own business (also known as entrepreneurship). Just like the ?real world? in The Matrix, it is hard to explain the power of entrepreneurship without actually experiencing it, but today I will try my best by describing what entrepreneurship is and by talking about my story and what I?ve learned.

In the end, everything went extremely well and I gained an appreciation of the central, rural part of the the USA. Before, my main conception between the coasts and mid-America was blue states and red states. Now, I appreciate and respect the different culture. The people that I interacted with had an incredible amount of pride and were extremely kind.

Two of the most fulfilling moments were when somebody came up to me afterwards and said, "I've heard many business speakers before, but you are the most genuine, I've ever heard." Another person shared (in front of everyone) that the session had made a big difference in her life and that she had not been living up to her potential, but that now she would be focused on her dreams. Without sounding too cliche, comments like these are what it's all about for me.

Posted at 12:11 PM | Comments (3) | Top

January 15, 2005

Entrepreneurship Conference

I just finished a successful day 1 at theUnited States Association for Small Business and Entrepreneurship Conference in sunny Palm Springs, California. Here, I'm cementing relationships with a lot of old faces and meeting new ones. After just counting the business cards I recieved, it appears that I met about 50 new people.

I REALLY like attending conferences with entrepreneurship professors, administrators, and teachers. Out of any group, they are the ones who 'get' Extreme Entrepreneurship the most. People were eager to get copies of the book and a fair amount asked about me speaking at their school. More specifically, I was asked about giving two keynotes later this year.

It is a really good feeling when something you're doing is valued. It is at times like this when I realize how powerful it is when you have a product that a certain market wants. For example, many people came up to me saying that a colleague highly recommended talking with me. Others were eager to directly introduce me to people who would want the book or have me speak.

This begs the question, "What product could you offer to which market that would make your customers stampede for the product and tell everyone they know about it?"

Something to think about.

Posted at 12:44 AM | TrackBack | Top

January 01, 2005

EEEC in the Stern Small Business Incubator

In exciting news, The Extreme Entrepreneurship Education Corporation (pronounced triple-e-c) was recently accepted into the Stern Small Business Incubator for Spring 2005. Most notably for us, this includes pro bono legal, accounting, management consulting, and help from Stern MBA. I'm really excited for it.

Posted at 10:33 AM | TrackBack | Top

January 07, 2004

Money First, Passion Second?

Today, I spoke at The Alfred E. Smith High School, a vocational high school in the Bronx Burrough of New York City twice to conduct a workshop for The Fleet Youth Entrepreneur of the Year Award for NYC. Sheena and I conducted the first workshop together and then I did the second one alone. This was actually the first time we?ve ever spoken together. I was really impressed by Sheena?s poise and ability to project a powerful image. We complement each other very much, and I really look forward to speaking with her more.

The major lesson I learned on a emotional/core level today is that focusing mostly on money gets student attention big time. I?ve known this at some level for awhile now, but I?ve sort of resisted focusing on it during talks because I feel so strongly that entrepreneurship is about much more than money.

However, moving forward my feelings on Extreme Entrepreneurship are?I would like to focus more on money first and then more on other benefits as people become more of an Extreme Entrepreneur. This approach will contrast the current approach of equally blending all of the benefits. Interestingly, my partner and I initially started our web development business in 1998 mainly because we saw the money potential. It was only after experiencing being an entrepreneur that I began to appreciate its other benefits. Perhaps, this new approach would maximize the money and the overall message in the long-term by simply giving the right messages at the right times to the right people?

Some of my worries following this approach are:

  1. Company Bramding. Will talking about money first, influence how we people perceive what we talk about later? For example, if the Da Lai Lama spoke about how to be a millionaire now, it might hurt the whole ?spirituality? thing he has going on.
  2. Personal Branding. Will people be more cynical of the idea in the short-term?
  3. Artistic Integrity. Does this approach sacrifice Extreme Entrepreneurship?s artistic integrity (see my recent post entitled The "Sell Out" / "Starving Artist" Dilemma) no matter what? What if this approach sends the same message and is more effective in the long-run?

Posted at 07:52 PM | TrackBack | Top

Books, Books, and More Books!

Carrying 2,100 books up four flights of stairs is not for the weak body or mind.

Posted at 07:03 PM | TrackBack | Top

December 01, 2003

Team Work

Sheena (my business partner and girl friend) and I have had trouble connecting lately to have a much needed meeting on the strategic direction of the company. I would love to say that we've been really busy (which we have been) and believe that this is the reason why we haven't met. However, we've been following this pattern for a few months now.

More realistically, the reason is that we have difficulty having strategic meetings without getting into arguments or prematurely ending the meeting. As a result, I think we are both subconsciously avoiding having the crucial meetings because we want to avoid the stress of arguments.

Having a relationship with a loved one (family or significant other) is very interesting. On the one hand, we have a trust and interrdependence that it would be extremely difficult to have with anybody else. We're so intertwined that a win for her is truly a win for me and vice-versa. On the other hand, as a result of being so close, we take liberties with each other that business partners wouldn't normally make. Small issues that shouldn't be brought up are brought up. For example, during one meeting it was particularly annoying to me that Sheena was biting her nails. I knew it shouldn't bother me and so I didn't say anything, but the annoyance kept on growing until I finally said something. Asking her to not bite her nails got her angry and then an argument ensued. Looking back, it's comical that such a small thing could blow up.

Things don't tend to be so-so. For reasons that I don't fully understand, they are either better than ever or let's just say, "other than better than ever."

But in the end, we are both committed and our relationship is improving and in so doing we're each going through major personal growth that affects the business and our lives.

Posted at 01:27 AM | TrackBack | Top

November 14, 2003

If you were us, what would you do?

Sales
As of right now, we have 174 people who've pre-ordered the book for the Amazon.com bestseller. This is less than half of our original goal of 400. However, we have a few hundred books in the sales pipeline (which may or may not materialize) and many email newsletters, which have not been sent out yet.

Bestseller Date
We've decided to move the bestseller day to November 22nd, one week after the original bestseller day. This was a challenging decision because we lose the PR hook of it being my birthday and because it pushes back the date people who preordered the book receive it. We're compensating for this inconvenience to our customers by contacting them via email and apologizing for the delay, telling them exactly when they can expect to receive the book, and reminding them that they are entitled to a refund if they so desire.

Cash Flow
In addition, we're still being faced with cash flow problems. The books are at the printer, but they need the first half of the payment ($1,880), to proceed. However, we're still waiting on the check from NYU for over 600 books, which we invoiced for 10 weeks ago, which would allow us to pay this.

Video-Recording
Although my keynote address went very well, the tape we have is a blank! This is very disappointing because we spent the whole day preparing for it and testing it. Ryan Allis was kind enough to let us use his camera so he is checking today on whether there was a mix up with one of his tapes. The worst case scenario is that we will have to record it again next week.

Posted at 03:14 PM | Comments (1) | TrackBack | Top

October 30, 2003

New Amazon.com Bestseller Partner

I just got off the phone with Dhrumil Purohit (see pic above), the principal & creative director of Dharma Boost who I met a few months ago through Doug Evans, founder of Servador who I met a few months before that at a National Foundation for Teaching Entrepreneurship (NFTE) New York Metro Advisory Board Meeting, which I got invited to because I was an alumni of NFTE, which I got a scholarship to because I was the first place winner in the Fleet Youth Entrepreneur of the Year Award for New York City for 2000, which I found and applied for after randomly spending 7 hours one day in late January 2001 looking for entrepreneur awards (funny how things work).

Anyway, DharmaBoost, which does web, ecommerce, print, and new media design, may be helping to make the Amazon.com bestseller campaign a success. More on this later.

Posted at 02:07 PM | Comments (1) | TrackBack | Top

30% Amazon.com Discount

Today I found out that Amazon.com is offering 30% off on books over $15. As luck would have it, my book costs $14.95. To take advantage of the opportunity, I submitted for a price change, which takes 4-7 business days. Even though this leaves a lot of buffer time until the 15th, I'm still nervous that something will go wrong so I will be following up with Amazon as much as I need to.

Posted at 01:13 PM | TrackBack | Top

October 29, 2003

Google and Amazon to Change Book Searching

ZDNet -10/29 - Google is in talks with several publishers to build a service that would allow Web surfers to search the full text of books online, according to a report this week from Publishers Weekly's online site. Google spokesman David Krane declined to comment. But such a service would likely allow people to query a database for keywords and then view exerpts from books where those keywords appear, according to the report. So far, Google has made agreements that give it the ability to scan as many as 60,000 titles, the report said.

The discussions come after a newly introduced service from Amazon.com called "Search Inside the Book," which is similar to the one Google is reportedly discussing. Amazon's book search, which launched last week, lets people search millions of pages of books for keywords, view passages and purchase books directly from the site.

The ability to search for books based on their text and not just their title is very interesting. Below are some of my thoughts/ruminations:
  1. When I type "The Student Success Manifesto" in Amazon's search, only my ebook comes up now. In fact, the only way I can find to get to my paperback book on Amazon's system is by going to the ebook page and then clicking on a link. This is definitely annoying.
  2. With the text of books being fully searchable, finding content online changes. Google would probably either integrate the book results with the Internet results or give it its own category. Either way, I imagine this would have a positive effect on the publishing industry as a whole.
  3. The potential for book marketers to alter the content of books they're marketing to target specific key words or phrases is interesting. This is already widely done on web sites, but with books it may be a touchy subject.
  4. Perhaps publishing companies will hire copy editors to create multiple versions of books with each version targeting a different key word. If done in the right way, I could see being a the top of a key word resulting in thousands of purchases over the course of a year.

Posted at 08:36 PM | TrackBack | Top

October 21, 2003

Bad Dream

I was happy to wake up this morning and see that all the ratings for the book on Amazon.com were 5-stars today like the day before. Last night, I had a dream that somebody rated the book a 1 out of 5-stars and that 56 of 71 people agreed.

Posted at 03:59 PM | Comments (2) | TrackBack | Top

Cash Flow Concerns

Follow up on ... Michael Simmons - Young Entrepreneur Journey: 900 and Counting

On September 9th, I made a posting about how we were waiting on $7,000 to come in. Well, this number has risen to $8,000. Everyay, Sheena and I go to the mailbox expecting a check, but instead get a bill or the most recent Land's End catalog. We've followed up with the organizations and it just takes a long time for their systems to process the checks.

Things have become more difficult in the past week as a result of making investments over the past month as if we we're going to receive the checks in the mail on the next day. Some lessons learned/thoughts are:

  1. Be prepared for the worst case and best case scenario. In our case, we weren't prepared for some large orders and then the checks to take so long to process.
  2. We're lucky we aren't at a cash intensive phase of our business where we have a large payroll to meet every other week.
  3. I feel stupid having things like a $300 air purifier that I bought over the summer, while I'm changing my eating habits to fit the cash crunch.
  4. I never want this to happen again!

Posted at 12:19 PM | Comments (1) | TrackBack | Top

October 17, 2003

From Intern to Consultant

After three short weeks, we've decided to change Patricia's title from Intern to Consultant. This title more accurately reflects the major amount of creative energy she has been bringing to team.

Hopefully tomorrow will be another marathon day of progress.

Posted at 10:20 PM | Comments (1) | TrackBack | Top

New Business Idea Test

We're very tentatively exploring the idea of creating a community of extreme entrepreneur blogs. We would be very interested in your feedback on:

  1. If you don't have a blog yet, would you be interested in having one if it were easy to set up and free? Why or why not?
  2. Would you be interested in having your blog be part of the extreme entrepreneurship community? Why or why not? (This would be mean you'd get visitors from the network, but your site would have to have a similar look to other blogs in the network and be hosted by us.)

Posted at 06:14 PM | Comments (2) | TrackBack | Top

October 15, 2003

Great Mentor Meeting

Today I had my first meeting with my mentor from The New Venture Mentor Program, which is part of the 80K NYU Maximum Exposure Business Plan Competition. My mentor is currently the President of The Associated Blind and has a lot of publishing industry expertise including growing a company to 9 million in sales. After our nearly 2-hour meeting (the time definitely flew by!), I came away with three pages of notes. Below are some of the key take-aways I had:

  1. Strategically leverage your assets. As the company grows, we will have content, which we can repurpose and license/franchise to different market niches and geographics. For example, if we were to write a book for student entrepreneurs by student entrepreneurs, 75% of the content might be applicable to anybody who wants to become an entrepreneur. Therefore, we could license the model and content to organizations from market niches such as inviduals with disabilities or individuals over 60 years old, both of which may be more prone to starting a business than the general population.
  2. "As you do things, you become invested in them and think of them differently." I notice that one pitfall of students interested in entrepreneurship often make is that they get stuck in planning or coming up with a billion dollar idea and never actually start anything. If instead, they started small, but moved forward, they would begin to see more opportunities and move in the right direction instead of staying stagnant. For example, many Fortune 500 companies were started by "small-time" entrepreneurs who evolved their companies over the matter of a few decades.
  3. The government is one of the largest competitor of information providers. In the past private enterprises were able to compete by organizing the information in a more usable way then the government. However, as the government digitizes and organizes more of its information, it becomes a larger competitor. While this doesn't affect me right now, I thought it was very interesting.
  4. Be comfortable being uncomfortable. She said that during one period of her life, anytime she wanted to say, "Nahh, I don't want to do that", she would force herself to do it. I really like this idea of pursuing what one is uncomfortable with as a way to grow and I think I will start doing this more!

Posted at 10:24 PM | TrackBack | Top

October 12, 2003

Making Progress

Yesterday was a full day of work/fun. Sheena, Patricia, and I worked over 30 hours combined with Patricia coming to our home-office at 10:30am and leaving in the evening. Sheena worked the entire day on the workbook. Patricia worked on organizing our plans/strategies and finding resources, which we will put on the site with in the next month or two. I worked on organizing and beginning to pursue the Amazon bestseller strategy. The following is the powerpoint document that we created, which outlines our bestseller plans.

Posted at 01:04 PM | Top

October 06, 2003

Cofounder Starts a Blog (Finally)

My girl friend and business partner, Sheena, started her blog today on Extreme Entrepreneurship at http://successmanifesto.com/blogs/sheena/.

I personally look forward to reading and commenting on it. I think it will be very interesting for readers to see a new perspective on Extreme Entrepreneurship.

Early in our relationship, I remember feeling nervous introducing Sheena to my friends and family. I was used to being judged based on only my qualities (Sheena is my first girl friend). Now, the same thing has happened with Extreme Entrepreneurship.

For the past few months, my voice (via my blog) has been the only voice of Extreme Entrepreneurship. While reading Sheena's first blog entry I felt pangs of nervousness the same way I did when we first started going out. However, I must quickly get over this. From this point forward, Extreme Entrepreneurship's brand will be determined based on what we both say as a team. As more authors, partners, interns, and employees join the team we will lose direct control over the brand.

Posted at 09:27 PM | Top

September 28, 2003

Notifications Form Fixed

It has just come to my attention that the notifications form on the left bar was not working (no wonder nobody was subscribing!). It is now fixed. So feel free to enter your email if you would like to be notified when I make new blog entries.

Posted at 03:09 AM | Top

New Blogger

Later this week, Sheena is going to start her own blog and eliminate the unavoidably biased view of the company that I provide. Should be interesting.

Posted at 02:56 AM | Top

Smooth Start With New Team Member

Earlier in the day, Sheena and I had the first meeting with Patricia, the intern, to get the ball rolling. Learning from past mistakes, I spent many hours preparing a document that would help her hit the ground running and explicitly state what we wanted. The meeting went extremely well and set a great foundation for moving forward. Even though Patricia still knows fairly little about our business, she had some surprisingly good ideas.

Posted at 02:51 AM | Top

September 24, 2003

A New Team Member Joins the Fray

Starting this week, Sheena and I are going to be begin working with an intern who will be working for free. She is a sophomore at the NYU Stern School of Business and is a perfect match. She has worked at Merill Lynch for the past two years and a lot of her family is involved in the education field. Although we met her at the NYU Career Fair, she had purchased the book before hand, which was a very good sign!

Although, we had received over 30 resumes at the career fair of people who were interested in an internship, she was the only one we decided to interview. Looking at resumes from an employer perspective, differentiation is key! Since most people had a good GPA and some work experience, these didn't differentiate applicants. We were looking for people who stood out and it felt like all the resumes just blended together. Going through hundreds of resumes and picking the ones to follow up with must be difficult.

Posted at 08:52 PM | Top

September 14, 2003

Detailed Site Statistics

You can now access detailed site statistics of successmanifesto.com. You will always be able access the link from the "book updates" table at http://successmanifesto.com/michael/. Examples of the information you will now be able to access includes:

  • # of visits
  • # of page views
  • length of visits
  • referrers
  • entry pages
  • exit pages
  • etc.

Posted at 04:14 PM | Top

August 28, 2003

Tabling Update from NYU Career Fair

Tabling at the NYU career fair went fairly well two days ago. Special thanks to the NYU Office of Career Services for letting us table for free and saving us over $200. At our table, we had flyers, a banner, books, and information about the company and unpaid internship available.

Some observations:

  • It is very funny to look at the different types of job seekers. Some were unshaven in shorts while others were in expensive suits. Some had there resumes binded while others had the worst resume layout I've ever seen.
  • We started off many conversations by asking people what they were interested in. Some were quick to respond with their interests or admitting that they were open. Others seemed to pause nervously, covertly glance at our materials, and tell us they were interested in marketing and student success, which happened to be exactly what we were looking for. Coincidence?
  • Standing for four hours is not easy.
  • Saying what our company vision is and who we were hundreds of times allowed us to get a much clearer picture of what the company is.

Posted at 11:02 AM | Top

August 21, 2003

Unsolicited Testimonials

"I just finished reading your book and I'd like to congratulate you. It is very inspiring and it made me realize that I've been losing time thinking that I need a degree in order to follow my dreams. I am very passionate about creating a day/night care center for children where the main goal is to teach them basic computer skills..."
- Stern School of Business, Nermis Rosario, Sophomore

"Just wanted to say thank you for your site. Your goals/plan have inspired me to persue my own business. I've been into business for a few years now (I'm 18) and have dreamed of owning large corporations, airlines, and what ever else I can get my hands on..."
- Lance Frasier, Student

Posted at 08:50 PM | Top

August 20, 2003

Expanded Idea of Student Authors

This entry is a follow up on a July 9th blog entry I made entitled "Preliminary Idea of Student Authors".

NYU has been extremely helpful thus far (much more than I expected). Some people that have been very helpful are:

  • VP for Student Affairs & Services, Career Services
  • VP for Student Affairs & Services, Housing & Residence Life
  • Associate Director, Advising & Student Services, Stern School of Business
  • Dean, Stern School of Business
  • Manager, Public Affairs, Stern School of Business
  • VP of Budget/Resource Planning, Campus Stores

Moving forward, we'd like to make inroads with:

  • President, NYU
  • Director of Admissions
  • Manager, Public Affairs (all-NYU)
  • VP for Student Affairs & Services, Office of Student Life
  • Director, NYU Press

One question I've asked myself is, "Why would NYU be so supportive of a student author?" I think it is because it helps NYU administrators accomplish two goals:

  1. As a student of NYU, I am their product. The more successful I become and the more people know about my success, the more I serve as a testimonial for NYU.
  2. The Student Success Manifesto helps students make the most of their NYU experience.
How does this relate to student authors?
Today I was brainstorming the idea of recruiting extremely successful students from large schools to author short success guides specifically for their school and to co-market these guides with The Student Success Manifesto book and workbook. We would help them by sharing all of the marketing lessons learned from marketing from NYU/other schools and giving them a percentage of sales from The Student Success Manifesto book and workbook. I think this idea would work very well because:
  • All of the current student success books are broadly focused. There are no very well-written student success guides for specific schools written by successful students who go to those schools (at least to my knowledge). While these books would not have a broad appeal, they could have a few thousand sales a year and they would be trojan horses for other Extreme Entrepreneurship products to get into schools.
  • Schools would support their student authors for the reasons given above.
  • Authoring a short guide would be a good credential, be easy, and bring in some good money for student authors.

Posted at 06:20 PM | Top

August 14, 2003

NYU Marketing Countdown

NYU orientation begins on 8/25 and lasts for about one week. Sheena and I have spent the last few days frantically getting our promotional materials together (something we should have done earlier). In the spring, I spent about 40 hours designing a brochure, but in an effort to clear space on my hard drive on Sunday, I accidentally deleted it! We're back on track now though. Below is digital version of what the poster will look like:

Sheena and I believe that targeting freshman before they've spent all their money and when they're very open to trying new things is key. We are going to be marketing through:

  1. Tabling - Setting up and manning tables inside dorms
  2. Postering - Placing posters with self-adhesive, tear-off pads in dorms and around campus
  3. Flyering - Handing out flyers wherever we can
  4. Speaking - Speaking wherever we can
  5. Bookstore - Getting book placed in NYU bookstore (hopefully)
  6. Seeding - Giving books to opinion influencers
  7. NYU Part-Time Career Fair - Setting up a booth
  8. T-shirts - Wearing Extreme Entrepreneurship t-shirts wherever we go.
We look at marketing at NYU as an opportunity to test various marketing strategies. Once we have an effective model at NYU, we plan to role out to other campuses. We're not sure exactly how this will be done yet. We may use a network of campus reps who receive a percent of each book they sell. If NYU proves to be very profitable, then being a rep could be an easy, proven way for students who embody the Extreme Entrepreneurship philsophy to make some money.

Posted at 03:58 PM | Top

August 05, 2003

The Power of Networks

I'm extremely interested in the power of networks. I was reminded of this when I read an article on Yahoo called, "Friendster Network Grows in Popularity", which is about a web site that used this power to grow to a few milllion registered users in a matter of months with very little money while still in beta.

Moving forward, the major way that Extreme Entrepreneurship will be marketed is through this power. Some ways Sheena and I are thinking about doing this are:

  1. All authors having a blog (online journal).
  2. Open Source: Creating a system where readers can evolve the Extreme Entrepreneurship philosophy by giving feedback and creating there own ideas.
  3. Giving away the ebook for free.
  4. Making it as easy and valuable as possible for people to tell others about Extreme Entrepreneurship.
  5. Having an interactive workbook that generates word-of-mouth.

Posted at 02:46 AM | Top

August 01, 2003

Speaking Gigs in the Works

I just found out today that I might be addressing the freshman class at the Stern School of Business of New York University (my school). That's over 500 students and would be my biggest speaking engagement yet.

In addition, my girl friend has it potentially in the works for us to speak to all incoming freshman who are living in dorms. This would be thousands of students, but in small audiences.

I think we could add a lot to these audiences and really make a big difference on the school if we do a good job. This is all very exciting and now I need to brush up my speaking skills. The biggest thing I want to work on is relaxing enough to show my enthusiasm more.

Posted at 09:54 PM | Comments (2) | Top

July 13, 2003

Extreme Entrepreneurship in Ten Words

"Be the change you wish to see in the world." - M.K. Gandhi

Posted at 03:58 PM | Top

July 09, 2003

Preliminary Idea of Student Authors

Sheena and I are exploring the idea of extending the Extreme Entrepreneurship brand by digitally publishing youth who embody the principles of Extreme Entrepreneurship and who are experts on specific topics that have a wide appeal to high school and college students.

Who is the Extreme Entrepreneur Author?
eBooks are evolving communities of ideas based on intimate, real-time author-reader and reader-reader relationships. Taking advantage of low variable costs and quick time to market, each work will be an evolution of ideas rather than a static piece of work that is published once. Centuries ago, books were often created as responses to other books. As such, the original ideas that the original authors created were evolved. Extreme Entrepreneur Authors and readers work in tandem to create an evolving body of empowering ideas targeted at youth.

The Extreme Entrepreneur Authors are responsible for:

  1. Creating empowering ideas and spreading them through ebooklets, which are shortened (15-50 pg) version of ebooks that cover topics related to Extreme Entrepreneurship such as:

    • Starting and Running a Business
    • Investing
    • Buying Real Estate
    • Winning Scholarships, Awards, and Competitions
    • Leveraging School
    • Going to Seminars and Conferences
    • Taking Time Off
    • Strategic Volunteering
    • Traveling
    • Shadowing
    • Informational Interviewing

  2. Moderating a discussion board related to their book.
  3. Maintaining a blog with updates on their own life.
  4. Updating their ebooklets.
Extreme Entrepreneur Author Compensation
Authors will receive:
  1. Percent of overall ebooklet revenue - similar to About.com Guide model (not definite).
  2. Percent of revenues of their book.
Submissions
Submissions from authors will be taken on an ongoing basis. However, there will be a yearly EE Author Competition that recognizes the best EE Authors (not definite). Top authors may be selected to have their work become part of the "Extreme Entrepreneur" series.

Thoughts?

Posted at 05:51 PM | Comments (1) | Top

June 25, 2003

Unappreciated eBook Features