Jun

27

10 things I taught in prison.

Filed Under Miscellaneous, Entrepreneurism, Leadership, Sales 

I occasionally speak at the Prison Entrepreneurship Program (PEP) to new ’students’ on consideration or ruminations related to starting their new gig.  A few weeks ago I was speeding up the road, running late , in my oh-so-smooth new car (Jaguar XK-R) and my wonderful devoted wife was scribbling notes I was dictating to her as I kept Jelly-watch between Houston and Huntsville.  After I gave my little speech, to a crowd of aspiring entrepreneurial hopefuls, I felt this was something worth sharing for all… so here are ten thoughts to consider, in rough order, if you want to start a new business:

  1. Develop a personal brand - Beyond the idea of networking, you need to make sure people in your community know who you are and associate you with something other than a fun guy to drink Heineken with on Friday night.  This is old-school networking, combined with personal business development, add a splash of social media (LinkedIn, Virb, etc.) and “wallah”…you have branded yourself as the “Go-To” guy or girl in the community for ___________  (something besides ‘a good time’).
  2. Learn the language of early stage finance - Can you say “Ramen Soup”?  In reality, whether you are funding this with your credit cards, the hard working dollars your family has earned over the balance of their lives, that old Star Wars collectibles figurines set you just put on Ebay, or from a serious legitimate investor…you need to speak the language of early stage finance.  Understand your growth projections…uh…have growth projections.  Income Statement, Gross vs. Net, Balance Sheet and all those other nifty words you heard your Professor using while you were still kinda dreaming about that Heineken.  Along these same lines; how are you planning on living during those lean early weeks / months / years?  Make a plan now, because a failure to plan in this area will lead to your untimely and, likely, short-lived demise. 
  3. Invent a Bionic product or service - BETTER - FASTER - CHEAPER !!!  That is your mantra.  Not..”I know some guys in Boise are doing it and making a killing man…pass the Heiney”.  Plan early on differentiating yourself.  Talk to prospective customers, suppliers, vendors, and SOLVE a PAIN in the marketplace.  That will make much of your business life a tiny bit easier.  Do a Google search, make sure 300 people in you neighborhood are not doing the exact same thing.  If so…it is easier to change course in the beginning than after you have started building your army.

More to come…I’ve got to hop on a plane and order myself a $5 Heineken.

Comments

8 Responses to “10 things I taught in prison.”

  1. Dan Schawbel on June 28th, 2007 4:15 am

    I agree that your first step is your personal brand discovery and then creation. It takes a lot of investment, but in the end it will be worthwhile.

  2. Katherine on July 3rd, 2007 6:01 pm

    I came accross your blog through my husband’s linkedin page (go web 2.0!). The mention of prison entrepreneurship caught my eye. As I was reading and nodding to myself about your partital list, I was thinking to myself… yeah well, I would imgaine some drug dealers would know a thing or two about being a successful entrepreneur… Lo and behold… I go to the page and read things like 90% net margin and repeat business.

    I am both impressed and amused. So there. Your blog has done its job. You have communicated with a stranger and opened another mind. Isn’t that the whole point? ;)

  3. T. Johnson on July 5th, 2007 2:06 pm

    Nice Car!

    Hopefully i’ll reach the level of $5 Heiny’s some day. I stick to $2 bud locally for now. It all starts with money, right. Then talent, then desire.

  4. JimBo on July 13th, 2007 2:33 pm

    BUMP for the remaining 7 things…

  5. Gene on July 15th, 2007 8:05 am

    Thanks for the BUMP…just posted another Rule (numero quatro). Feel free to kick me in the arse if it takes me two weeks to make another post ;-)

  6. Jennifer Conde on September 23rd, 2007 4:34 pm

    “Knowledge, brought on by reading and studying those before us, is the foundation for wisdom.”

    That’s a great quote with wonderful insight. I am looking forward to working for/with you. Have a great day!
    jen

  7. Jim McCubbin on December 13th, 2007 8:45 am

    I enjoy your words of wisdom/advice and your humor.
    In addition I am very proud of you.

  8. Gerald Weber on July 13th, 2008 5:03 pm

    I want a $5. Heiny! ;-)

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