In the Wednesday, September 23rd issue of the Wall Street Journal, Andy Steggles of www.HigherLogic.com wrote a valuable article about the risks of social network. The internet has been a good place to educate customers about various companies, but keep in mind that social networks can also cripple a company very quickly. You must have someone in the company that is keeping a close eye on what people are saying on social networks such as Facebook and Twiiter. A top prioriety of every company should be protection. If you find that someone is displaying negative press about your company, you must act quickly to squash the damage that is being done. Andy Steggles provides us with a good example of an unhappy airline customer, who wrote a song about how this particular airline broke his guitar:


This is truly an amazing example of how social networks could hurt a company. This video has had nearly 6 million hits on YouTube and the song is also available on iTunes!

20 DAYS LATER

It has been over twenty days since my last post! It is safe to say that school has been keeping me very busy and the semester seems to by flying by. My previous post was the initial idea that I developed for the Business Elevator Pitch Competition at Canisius College. Today was the official competition and my final pitch was as follows:

My name is Scott Robinson and I am the President and Co-founder of ­­DiscountGuru.com with my partner, Dave. Our mission is to provide consumers with the one of the largest varieties in office equipment at the best price on the market. We buy office equipment at a 70 to 80 percent discount and with services like EBay and our private website, we sell back that equipment at just below market value. We are consistently making margins of 50 to 60 percent. The advantage of our company is our expense ratio. Unlike our competitors, we do not spend money on flashy storefronts or on expensive marketing and advertising campaigns. In a matter of minutes, we are able to post products to 40 million potential customers and understand that our “virtual store” is open 24 hours a day, 365 days a year. We are active in all the largest markets around the world and we have a 6th sense for opportunity and risk. We are looking to raise $1 million in order to take advantage of a buying opportunity that we have pinned as the world rebounds out of a recession. We predict that we will be able to return 20 - 25 percent on your investment within just two years. Now, you money is in good hands. I work closely with a professional mentor who has built his business in a similar fashion to $65 million in annual revenue. So please, if you’re interested, my name is Scott Robinson, contact me with my business card and I’ll be happy to setup a time to meet with you.

The experience of competing in an elevator pitch competition and receiving feedback from a panel of multimillion dollar entrepreneurs was very valuable. Sometimes we can learn the most by just participating in activities or events the might be outside our comfort zone. If you want to learn more about something your not familiar with, just take the plunge.

BUSINESS IDEA PITCH

Investor: Hi Scott, what line of business are you in?

Entrepreneur: I am the Vice President of Research and Development at Chemical Solutions Inc. and I am introducing a new service to the fabric industry. It is a common misconception that waterproof fabrics will remain waterproof for a very long time. I understand, that the coating that allows water to bead up and run off fabrics, fails quickly. I am providing a service that will clean, retreat and bring the material back to its original capabilities. There is no other company that provides this service. The market is large and includes the clothing, rental and furniture industries. We will be selling this service by offering contracts to large parties like the military, summer camps and cleaning services. We are looking to raise $500,000 in revenue loans and we project that if you invest $25,000 into Chemical Solutions your return will be $100,000 within the first five years. If you are interested, please leave your contact information and I will be happy to set up a time to meet with you.