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Thursday, February 10, 2011

My goal, reward, and punishment for the next month or so

Goal: From now until 3/27, not counting two weeks in there where I'm on vacation, I will book 15 hours per week of focused, concentrated work on business ideas. I recently discovered slimtimer.com which allows you to time yourself and tag what the time was used for.

Reward: My baseball team, the Milwaukee Brewers, play in my current city, Cincinnati, on OPENING DAY 3/31. A friend with season tickets gave me the chance to buy 2 tickets, which I've purchased. If I make it, I will go to opening day. As a twist, I will treat the 2nd ticket to a friend who's been a peer mentor for me in the entrepreneurship world. This will not only get me motivated to complete this, but he will also be motivated to help me!

Punishment: I will sell or give away the tickets and donate $50 to a charity of a team I hate. I'm thinking New York Yankees right now, I'll hafta do some research on that.

Thanks again to Neville for providing the inspiration for this type of goal setting!


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Friday, February 4, 2011

A major announcement

Hello everyone. I'm happy to announce that I've joined the ranks of the people who've taken the plunge. Last week, I resigned from the Fortune 50 company I've worked at for 10 years. Originally, I was going to go cold turkey into entrepreneurship, but I got a great opportunity to work part time as a consultant while doing entrepreneurial ventures on the side.

More to come. Thanks to all who read this blog (should we call it "Preneur" now?) for your advice and support. It's a little surreal to me after reading about everyone else doing it, that I've done it myself.


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Monday, January 10, 2011

Lessons from a Kindle

Over the holidays, I received an Amazon Kindle for my birthday. I turned it on, took a look at the first page, and swiped my hand across the screen to go to the next page.



It took me a good 3-4 swipes before I realized that I needed to press the ">" button to go to the next page.

That got me thinking. The Fortune 50 company that I work for always laments about "Habit Adoption" being such a challenge. Many blamed failed product launches on habit adoption issues. We dump tons of marketing money into helping people form different habits. Why had I formed such a strong habit from my iPhone that it took me that much time to unlearn it for the Kindle?

Because it's freakin' intuitive. Run your hand across the screen, the page moves with it. It's really easy to get used to something that's intuitive. My Fortune 50 company (and other ones out there) should put the challenge to our design folks to make the product so freakin' easy to use that you don't hafta worry about habit adoption.


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Tuesday, January 4, 2011

How to answer the "So what do you do?" question

Paraphrasing from the movie The Social Network:

Hot Stanford co-ed, getting out of bed: Where do you work?
Lucky guy still in bed:  I'm an entrepreneur.
HSCE: So you're unemployed?

One thing that I've wondered about is if my social status would take a hit if I didn't have a full time job (I don't have that much social status to begin with). How many people would understand I did it by choice? Although analyzing the situation more, the lucky guy was asked that question the next morning. Continuing with the dialogue:

Lucky guy: You ever heard of Napster?
HSCE: Yup
Lucky guy: I invented it
HSCE: Wow, I slept with the guy who invented Napster.

The moral of the story: If you don't have a full time job by choice, you can increase your social status by doing something cool, even if it doesn't make money. I.E., if you're gonna quit your job, go invent Napster!


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Thursday, December 9, 2010

My fears - 4 months later

Four months ago, I posted my fears for all to see in the hopes of shrinking them down to size. Another benefit to posting them out there was it gave me something tangible to go off and work on. I'm happy to say 4 months later, although I haven't eliminated all of those fears, I've gotten a handle on them and feel really empowered to go after what I want. Here's an update to each:

Former Fear #1: My dad will be pissed/scared/hurt

One of the recent "thought experiments" I've done is to imagine I'm 90 years old and telling stories to people. When I say "60 years ago, when I was in my 30's, I..."  there were two ways to complete that sentence. 1. I quit my job and went and got my MBA in real life. I (totally succeeded/totally bombed) and learned a lot and had a lot of fun. Or 2. I stayed in a well paying job where they didn't really use my skills and hung out for 30 years because I was afraid my dad (your great great grandpa) would be pissed/scared/hurt. Suddenly, it was clear what life was all about. My dad would get over it.

It was also very helpful that my younger sister and I are our biggest supporters. My sister, who lives near my parents, told me recently that she started working on my dad for me. She told me the whole line of questioning she used, starting with something like "Don't you want him to be happy? He's not happy where he is... he'll be fine, he's smart and resourceful." She's paying me back for our entire childhood where I paved the way for her (including the time she asked a girl to the Homecoming Dance for me, so when she got to high school our parents would let her go). She basically is saying "do what you need, I'll take care of dad."

Former Fear #2: I'll fail miserably and hafta take a job that's much worse than the job I left

In a corporation, they grade on a curve, so to speak. 6% of the organization has to be rated "below expectations." I joined this 6% club, mainly because my organization doesn't value entreprenurial type people. One of the reasons was I didn't use our standard tools for my non-standard projects. Doesn't that actually sound like a reason to promote someone? So I ask myself this question: Why do I need to take this?

I also put together another thought. If I quit and go get a "real life MBA" so to speak, doesn't that make me more attractive to the type of company I'd like to work at, should I decide to go back to a company? I also went out and talked to all my friends who own businesses to see if there were things I could offer them. One particular friend was very interested. So I'm covered, I won't crash and burn right away at least.

Former Fear #3: I just don't have the drive to do what it takes.

This trait of mine still rears its ugly head. I've done a lot of work trying to figure out why I'm like this and what would get me out of it. I recently read The Birth Order Book: Why You Are the Way You Are, and it talks about first borns (which I am) and how they're perfectionists. I'm far from a perfectionist, but I read on anyway. Then it got to a part where it talked about another type of perfectionist: a frustrated perfectionist. This person is a perfectionist at heart, but is so afraid of criticism he gives up and doesn't finish things. This point hit home so much. I'm still working through this, and even looking to see if I can get some coaching.

I tried to work through this issue over the last 2-3 months by doing the 5 hours a week = iPhone 4 method. I tracked my work and booked hours, and I was able to do 5 hours a week for 2 months. After that, I upped it to 6 hours a week for a couple more weeks. This way I didn't have time to think about making something perfect, just book the hours. However, the last 3 weeks I haven't done any work on my projects. Blogging tonight is an attempt to get back on track. I think the issue is my project was to the point where I was close to involving other people; and that's when the fear of imperfection and criticism kicks in.

Former Fear #4: I'll never find a mate.

One thing I've started doing was to work on meeting people outside of work. Interestingly, Adam McFarland just put up a great post entitled Maintaining a social life after leaving the corporate world. I'm not necessarily doing it to find a mate, but more to prove to myself that a social life exists outside of the company. I've joined a minority young professional group (while I can still call myself a "young" professional) and met some great people there. And yes, I've also met a couple of people that interested me that didn't work for my company.

So things have gotten pretty clear to me. I'm taking the holidays to reflect on my next step, but my biggest fears have been brought under control.


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Sunday, November 7, 2010

Fantasy Stats Blog

I have started a new online experiment with Fantasy Stats Blog.
For a few years now, I have been doing my own statistical rankings for Fantasy Baseball and Basketball leagues. Without going into all the bland details, I find that rankings tend to overvalue Points in basketball and HRs and RBIs in baseball. I also use it to balance my teams across each of the 8 normal categories used in Fantasy.

So I created this page to sell my rankings and team optimizer. For the few weeks before the NBA season started, I was using Google Adwords to try and sell my program for $9. Various football programs and subscriptions go for up to $25.

I sold a few but it did not cover the costs of Adwords. On Dale's advice, I have lowered the price for the rest of the post draft season to $1 to try and build a database of people who are willing to try it. Hopefully if they see the value in it for $1 they will be more likely to pay $9 next year to be able to draft with it.

Let me know any of your thoughts or comments. I think right now I have a defined product but need to work on the business model and marketing.


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Saturday, October 23, 2010

A money experiment - CP style!

I've been taking some cues from Neville's Financial Blog lately, including setting up goals and giving yourself a punishment (like donating money to the Chicago Bears charity) for not hitting it and getting a reward (like an iPhone 4) when hitting it. Read about it here.  I'm taking another cue from Nev today, and that's his Money Experiments, where the idea is you can make money with very little money. Nev's tried a few things, the most famous being enlisting a homeless guy to sell bottled water on the street.

My idea came on a recent trip to New Orleans. Walking down Decatur Street, where there are a ton of street artists, one particular piece of art caught my eye. It was a fabulous, slightly abstract painting of a jazz musician silhouetted against a lampost with "Bourbon Street" painted on it. It was painted on a wooden plank and looked like it would go great on my wall. And that's saying a ton, because I really don't care about decorating my house at all (the only decorations I had before cleaning it up to sell the house was a display of Univ of Wisconsin football ticket stubs from 1996-2000, a Yao Ming jersey, and a stadium chair from the old County Stadium in Milwaukee). The art was fabulous, so I immediately bought one for myself. I asked they artist if he had a website or if he sold his art on Ebay. He said no, it cost too much to ship, and something or other about someone else having a better website. I told him it was great and he should think about doing that.

A few days later we went back (the food is too good on Decatur Street) and I figured I'd buy one for my sister and one for my parents. Since he had a deal where if you buy 2 you can get the 3rd for half price, I thought I'd go ahead and buy a 3rd one and see if I could sell it on Ebay and make a profit. Hence, the beginning of my money experiment. I completed the experiment today, and I'm looking forward to showing you my results in the coming blog entries!


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