Book Review: Crush It! by Gary Vaynerchuk

Crush It! Why Now is the Time to Cash in on Your Passion is a great read.  It reads less like a ‘how to’ or ‘for dummies’ and more like a download from the brain of Mr. Thundershow himself, Gary Vaynerchuk.  I like his ideas so much that I put signed copies up for auction on Ebay with all proceeds benefiting #socialgood–American Cancer Society, NYC Coalition Against Hunger, and Helping American Students Go Green.

Here is my take on this smart text.  I have taken tons of notes in the book and will quote Gary and offer everyone the Startup Officer / @startupofficer (“SO”) perspective where appropriate:

chapter one: passion is everything

Page 1/2    “Three years ago…if I had tried to tell you that you could build a business that creates wealth and the most happiness you’ve ever known with nothing more than passion and a willingness to work your face off, you might not have believed me.”

• SO: Success doesn’t happen overnight, but the Internet has removed many of the hurdles to make it happen sooner.

P3     “Live your passion…every single morning, you are pumped because you get to talk about or work with the thing that interest you the most in the world.”

• SO: Excitement and passion are not only attractive, they reflect another quality, authenticity which is talked about later.

P5     “Everyone knows the Internet represents one of the biggest cultural shifts since the printing press, but I think society has been slow to recognize that is represents the biggest shift in history in how we do business. Like, ever.”

• SO: Classic Gary talking here.  I agree, mostly.  I am sure there are some industrialists and technologists that can offer great advancements in business. But his point is well taken.  There is a paradigm shift occurring.  As Julien Smith (@julien) mentioned recently at the Trust Summit in NYC, ‘the hyperlink has erased the hierarchy’.

P6:    “It makes total sense that if this is where the eyeballs are going, this is where business has to go.”

• SO: totally agree.  This is how Gary shows us that the old guard platform is about to crumble.  READ the last paragraph page 6. Twice.

P9     “Everyone—EVERYONE—needs to start thinking of themselves as a brand.  It is no longer an option; it is a necessity.”

“Let me reiterate that the process I am going to be talking about takes a lot of time, effort, and focus, but not a lot of dollars, if any.”

• SO: Be the brand, don’t buy the brand.

P12   “Do what makes you happy. Keep it simple.  Do the research. Work hard. Look ahead.”

• SO: reminds me of Ted Janulis (former head of Investment Management) comment at Lehman Leadership Retreat—“Keep your head down and head up at the same time.

P13    “Ultimately this book is not about making a million dollars, although it just might help you do that.  It’s about ensuring your own happiness….”

• SO: Success can be measured in many ways; money can be part of it but not without happiness.

two: success is in your DNA

P16   “For a business guy I talk a lot about DNA…path to your successful business literally lies in the twists and turns of your own double helix.”

• SO: Some people are natural entrepreneurs, some are not.  It’s also about what’s inside you and your experience.  Maybe Malcolm Gladwell has some thoughts on how much time it takes to become a virtuoso business owner.

P17/18        “I’m convinced, in fact, that if things had been a little easier for my family in the early days, I never would have gotten to where I am now.”

• SO: Okay, so it’s DNA and hunger.

P20   “By the time I was eight years old, I had several lemonade stands and was raking in crazy amounts of cash…”

• SO: If your kid is showing a passion, give them a gentle nudge, but really they know what they want even that young.

P26   “It was there, on the New Jersey Turnpike, that I had my aha moment…  I going to use video blogs to build a whole new world for wine, and for myself.”

three: build your personal brand

P28   “Whether you’re delivering your content by video, podcast, or blog, it’s the authentic you, the one thing that is guaranteed to differentiate yourself from everybody else, including those who share your niche or business model.”

• SO: Be yourself, that’s enough to be able to compete.

P32   “Consumers want you to tell them the truth.  Sure, they want quality and service and value and entertainment, but above all they want to know that the person they’re dealing with is being honest.”

• SO: That’s good advice, nothing prosaic to add here.

P34   “You’ll crush it as long as you concentrate on being yourself.  Besides, you can’t be like me.”

• § SO: Do you see a trend here in this chapter? Just be.

P36   “Leveraging social networks…is all about building word of mouth…the Internet and social networks….have pumped world of mouth up like it was on steroids.”

• SO: Work smarter not harder. Let the internet do its work for you.

P38   “Developing your personal brand is the same thing as living and breathing your resume”

• SO: Soon it will be time to renovate your b-card to list your Twitter alias and LinkedIn or Google profile.

four: a whole new world

P41   “Business in the future is going to be a field day for everyone with talent because they’ll no longer be forced to exist within the confines of old-guard institutions.”

“The platform is sinking because of the readers are going online, which means that the ad money is going online.”

• SO: Move over telecommuting, a Paradigm Shift is coming.

P43   “There have always been people in every industry with hidden agendas, but now there is no place for them to hide.”

• SO: Hopefully this will help carry the truth around the world.

P44   “The middleman has not yet been eliminated, but we’re getting there.”

• SO: The loss of platform allows companies and people to reach each other directly without the need to pay for an intermediary.

P46   “I still want you to plan to leave and launch your own business because life is way too short to spend it working in a job you don’t love.”

• SO: Crushing it with something you love.

five: create great content

P49   “Great content is what you’re going to pump into your social media networks to draw eyeballs to your blog.  It is exists as a result of passion plus expertise, so make sure you can talk about your product like no one else”.

• Know thyself for pretenders will be exposed.

P50   “Most people talk themselves out of success before they even start.  Their passion is sticker, but they think, “There’s no way I can make a hundred grand talking about sticks.” That’s why you’re going to crush it—because you’re the type who’s going to say, “Stickers? Hell, yes, stickers!””

• SO: Hell, yeah!

P54     “There are people who belong in front of  a camera…print…on the air.  These are the extraordinary people.  The ordinary ones…vast majority of businesspeople, and entrepreneurs out there, don’t have the showman DNA.”

• SO: If you are remarkable, your content will show it and relegate the others to be backseat drivers.

six: choose your platform

P58   “If you’re self-conscious in front of a camera but have loads of personality plus a compelling voice, don’t force yourself to do a video blog, do an audio podcast.”

• SO: Choose wisely; ask someone to help you decide if you are a VJ or a DJ.

P60   “Your blog will be your home, your central location with a no exceptions open door policy where anyone can find you.”

• SO: The platform is an extension of you with a history archive

P62   “WordPress is the established leader with the most users.  Its design is a little busy, it requires a few more steps to get your content up and shared, but it’s not difficult to learn.”

“Tumblr, on the other hand, is a simply designed site is supereasy to use.”

• SO: both Blog platforms are popular, I am developing content on both and will eventually figure out which one works best for me.

P66   “Your (Facebook) fan page also allows you to e-mail everyone in one shot and allows people to interact with your page.”

• SO: Forget paying for viral marketing and email blasts, Facebook gives it away.

P66/7         “What you do with Facebook (and Twitter)…should be an absolute reflection of how you live in your daily life.

• SO: Gary keeps pounding us with that the truth does resonate.
• SO: The rest of this chapter talks about Twitter, Flickr, youtube and/or viddler, ustream.tv, analytics…WAY too much to add any value.  Like it said above – READ this chapter many times.

P82   “Vitamins can give your body a real boost, but they won’t do you much good if you don’t also incorporate exercise, proper nutrition, and even vaccines into your healthy habits.  The same goes for all of these platforms.”

• SO: Take care of the platform and it will take care of you.
• SO: general comment—read this chapter many times over.

seven: keep it real…very real

P87   “No matter how big or small you want to go, your authenticity will be at the root of your appeal and is what keep people coming to your site and spreading the word about your personal brand, service, or what-ever you are offering.

• SO: Truth conquers. And so do honesty and integrity and being nice.

P89   “Anything insane has a price.  If you’re serious about building your personal brand, there will be no time for Wii…Scrabble or book club or poker or hockey….Expect this to be all consuming.”

• SO: Don’t be scared, if you love yourself and your brand,  you will be able to feed yourself at the same time you are being consumed.  The existential snake comes to mind.

P90   “I said that you could make a ton of money being happy; I didn’t say you could do it overnight.”

• SO: Patience is a virtue, don’t be a silly rabbit and try to find a shortcut.

P93   “How did someone like me, who is so obviously not a patient guy, cool my heels for so long? Because I was 100% happy.”

• SO: Slow it down and let your happy quotient lead you.

eight: create community: digging your internet trench

P95   “Creating community is about starting conversations.”

• SO: If it’s better to give than to receive, then it’s much better to open dialogues than just talk your face off.

P97   “I would read hundreds of blog posts and leave comments on many of them.  I’d spend time on wine forums and read what other people said and then comment on those comments.”

• SO: It’s exhausting but connecting to everyone and sharing is what it’s all about.

nine: the best marketing strategy ever

P 102        “CARE.”

• SO: If you ever walk into Wine Library you will learn the meaning of the word C-A-R-E.

ten: make the world listen

P 104        “Buy both .com and .tv if possible because you never know if you’ll need them and there’s no obligation to launch both.  While you’re at it, buy the domain names for your children if you can.”

• SO: Think about the whole world, not just yours.

P 105         “7. If you’re doing video, open a TubeMogul account.  If you’re doing a written blog, sign up for Ping.fm.”

• SO: I haven’t done these yet. Sometimes there are so many websites to sign-up for that I get overloaded.  I will need to put together a spreadsheet for all this information.

P107        “Rinse and repeat.”

“We’re thinking of this brand building as a marathon, not a sprint, right?”

• § SO: Like it’s been said so many times before, it takes a lot of working your face off to achieve results.  Prepare yourself to train for the challenge of your life.

eleven: start monetizing

P110       “There are hundreds of billions of dollars in ad revenue out there that need a place to go, and they’re winding up online because it’s the best return on investment advertisers can find.”

• SO: Eyeballs equal money.

P111        “Next, start taking steps to get on the lecture circuit.”

• SO: Wouldn’t it be cool for someone to consider you an expert on something?

P112      “You could also consider doing an affiliate program.”

• SO: Say it with me, pay-per-action

twelve: roll with it

P119     “I’ve repeated over and over that in order to build a winning business you have to go whole hog with you passion

• SO: There is no holding back on happiness.

P123           “As far as I’m concerned, the biggest hurdle for most corporate brands today is their dependence on their PR people.  They’re terrified of the unfiltered message, but what they should do is encourage it.”

• SO: The old-guard will take a while to change; maybe new CEOs will be needed to understand these ideas.

thirteen: legacy is greater than currency

P127     “We’re all in the public eye now, swimming around in a clear glass fish bowl of our own making.  With every e-mail and video and blog post and tweet and status update, we add to the real-time documentary of our lives.”

• SO: Good morning, good afternoon, and goodnight.

P129     “This is why every decision I make is weighed in terms of currency and legacy.  Will this business deal make me money?  Yes? Good.  Will I be proud of how I made that money? Yes? Okay, then, let’s do this.  If the answer is no, I don’t go there, ever.  Legacy always wins.”

• SO: Let your moral compass guide you, not your greed.

conclusion: the time is now, the message is forever

P134      “I’ve offered you a blueprint of the step-by-step process…”

“If there’s any message I want you to take away, it’s that true success—financial, personal, and professional—lies above all in loving your family, working hard, and living your passion.”

• SO: Now it’s your turn to build on the plan.  Go out there and CRUSH IT.

What’s Startup Officer, who is your SO?

There are so many titles that are used to describe persons in corporate organizations – President and/or Chief Executive Officer (CEO), Chief Operating Officer (COO), Chief Administrative Officer (CAO), Chief Financial Officer (CFO), and Chief Information Officer (CIO) for example – Chief Marketing Officer (CMO), Chief Investment Officer (also CIO), Chief Technology Officer (CTO), and Chief Legal Officer (CLO) just to name a few more. These titles, while very structured and official, may not be appropriate for a less formal organizational structure where one person does it all.

What title should you give yourself if you are all of the above-mentioned for a startup company? What if you aren’t really comfortable calling yourself the CEO and yet by default have become one overnight? What if you are in charge of building and maintaining your own IT infrastructure and finances, and payroll, and hiring, and selling the brand you have created? What if you are a former CTO-type, with a great idea of how to tap into interactive media by starting up a mobile-device-application-software design firm and don’t necessarily think of yourself as a CMO or a CFO? Well, you could do yourself a huge favor and just adopt the role of ‘Chief Startup Officer’ (CSO).

STARTUP OFFICER (AKA “SO”),  is exactly that Chief Startup Officer function but outsourced.  The service is a package of key a-la-carte  sales, marketing and corporate strategy advice and guidance for a variety of complex startups such as hedge funds.

STARTUPOFFICER.COM is a valuable resource for startups to learn how to launch, market, grow and potentially monetize (sell) your idea/company to venture capital investors.

Combined they form a one-stop resource to build, brand and expand your passion from idea to profit.

Who’s your SO?

Gut Check: Trust and Responsibility.

Yesterday there was a class-action lawsuit  filed against the parent company of Cash4Gold, claiming the company misrepresented its services and defrauded customers who sent in their gold jewelry in exchange for cash.  Below is a link to the article that appeared in NationalJeweler.com and my thoughts on Trust and Responsibility with online transactions.

http://www.nationaljewelernetwork.com/njn/content_display/fashion/jewelry-fashion-reports/e3ie10589d0e3d97d5310025d2079c250f5

The three charges are:

1. Poor handling and care for your jewelry (items commonly lost).
2. Non-existant return policy (checks were dated and held so you couldn’t reject offer in time).
3. Deliberate run-around by ‘customer service’ staff (lies,  frustration and confusion).

If these allegations are true, the parent company may be barred from  ”utilizing any monies acquired by Cash4Gold’s unfair business practices,” and could be responsible for compensatory, actual and punitive damages.

The problem is that the damage has already been done, people fooled, and a creative business model tarnished.  What happened is that Cash4Gold did the worst thing possible: they broke TRUST.  Perhaps even worse is that it seems like the entire business was setup to do just that.  They pulled in customers who expected a simple and transparent transaction and good value.  Instead they got broken promises, and in some cases lost items.  If your customers can’t trust you then your brand and business are worthless.

Responsibility

This day and age we have the internet to get our message out.  If you are a consumer it is  your responsibility to fact check before you buy or sell.  Check out blogs, Twitter searches, etc.  If your instinct tells you that something is too good to be true, then stay away.   If you are still unsure, then go ahead and use your social media network to ask around.  Obviously with an internet-based business model you can’t necessarily walk into the store and shake the hands of the owner.  But you can call up customer service and ask questions.  If don’t like how you are treated, then you aren’t likely to have a positive experience.  If you think the vendor/merchant is doing something questionable, then tweet it.  On the flip side if you have a good experience, share that as well.  The power of the consumer is growing and will probably overtake what any advertisers can do for a brand.

Back to school with Social Media: Facebook and Twitter

Summer camp ends, course loads are decided, bed-in-a-bag shopping peaks, teachers brush off the lesson plan and everyone knows it’s back to school time.  We entrepreneurs also are coming out of the summer and Social Media is the hot topic.  I have been to a few events this summer talking about the importance of social media, who should tweeet, what you share on Facebook, and have learned about serial sharing through the Thunder Show.

Sure you need seed capital, infrastructure, business and marketing plans….but apparently the major focus right now is the Brand.  Individuals and companies alike are turning to social media outlets to drive visibility of their brands.  This means you can too.  You could need to hire a professional social/viral media expert to show you how, or you can just try it yourself and build up to a nice crescendo to a point where you are comfortable promoting yourself.

So who is using social media outlet Twitter?  According to Forrester Research, it’s the adults that are driving the growth of Twitter as teens seem to be flocking more to Facebook.

“More intriguing is a look at what older adults are doing online. According to Forrester, use of social media among those 35 to 54 jumped 60 percent in the last year. Half of online adults in the United States interact on social networks and more than three-fourths used social media in the last month.”  http://bits.blogs.nytimes.com/2009/08/26/why-adults-have-fueled-twitters-growth/

So what to do with the rest of the day’s afternoon? Take a cue from tennis stars Andy Roddick and Serena Williams who also now share in a 140 characther way.  http://bits.blogs.nytimes.com/2009/08/17/tennis-in-twitterland/

You can follow me on Twitter @startupofficer.  I am not sure how I am doing (low follower count) but I am happy to be sharing.  Let me help you startup a meetup group, an idea, a Porsche, or you social media & marketing campaign.  Summer’s almost over to get back in gear!

Review of Ultra Light Startups (#ULS) Legal Roundtable

Tonight I attended the ULS Legal Roundtable at the NYU Polytech campus at 160 Varick Street in Manhattan.  The event hosted by Graham Lawlor (@generationg) was a soup to nuts freebie offered by Tedd Lustig of Seyfarth Shaw LLP.  As matter of full disclosure, Tedd is my counsel so obviously I have a biased opinion on incredible success of the event.  Neverthesless I took a lot of notes and would like to share with you what the audience wanted to learn about and what Tedd delivered.  Also, some of the content below comes directly from Tedd’s presentation that was provided to all attendees.

Quick corporate items:

• Follow me on Twitter @startupofficer.
• Startup Officer is looking for business planning services and a PR agency.
• A shout out to blog by BizBriefs (Twitter @bizbriefs) a strategic social media “CONTENT” planner and consultant who guides companies through the Web 2.0 arena while providing meaningful content for each organization he works with.

Topics of Interest Presented by Startups: Process of incorporating, documentation, issuing stock, attractive venture capital, S-Corp vs. LLC, contracts, juggling being a startup while still working a 9-to-5, terms of service/privacy policy, creation and protection of intellectual property, trademarks, copyright, incentivizing employees and partners, fixing prior legal mistakes, sector specific legal issues, takeouts, spin-outs, benefits of a corporate structure, pro-bono legal work, founders agreements, sweat equity…etc.

Introduction by Tedd Lusting: Starting a Company, Legal Pitfalls to Avoid

Why do you want to form/start a company? To separate personal liability from corporate debts and obligations.  To create a structure that is friendly for angel and/or venture capital investors.  Once you decide that your idea is big enough to have customers, partners, employees, supplies, etc, you want to create a corporate structure to shield you from personal liability.  This protection is not available as a sole proprietor or general partnership.  It is created when you form a LLC or C/S-Corporation.  There are also favorable tax consequences as these entities offer passthrough of income to owners.  In order to take full advantage of the corporate protection, you should not only officially become an entity but also operate as one so that somebody  cannot pierce the corporate veil.  This means that you need to have a charter, by-laws, board of directors,  and officers.  These documents (nomenclature for S-Corp is applicable to LLCs as well) show that you are really doing business as something other than the individual and provide necessary protection.

What are the steps in creating a company? While you can create a Delaware entity (or any other by yourself) I recommend that you get a lawyer involved early in your formation to help you through the documentation and filing process.  You can do it yourself for less, but you will be well served by enlisting a professional to help you determine the appropriate corporate form and produce key items specific to your model (non-disclosure agreements, invention assignments, terms of service, privacy policy, founders agreements, etc.)  Next up are public (charter, agent of service and process) and private items (by-laws, stock ledger, Board meeting/actions, equity plans).  Establish an EIN and then take it along with public docs to a bank and open a bank account (again, separate personal and business banking).

Top 10 Pitfalls of Starting a Company:

1. Do not think that legal documents are a substitute for trusting your founders, employees, investors, customer or business partners.  This is a way of saying make sure you have got a grasp on the human part of being a business owner.  Things do go wrong so it’s important to have a cooperative and collaborative set of partners so that you can manage everyone’s expections.
2. Do not make deals too complicated or change the terms of your deals (unless you can afford it).  If your deals/documents aren’t easy to understand it will cost more to draft/review.
3. Do not assume that your Company owns its intellectual property. You need to prove ownership through documentation.  Example here is that don’t let someone else reserve a domain name on your behalf because then they will ask for money to turn it over to the Company.
4. Do not sign license or development agreements without carefully scrutenizing them. The devil is in the details, seek help to review documents and ask questions if you don’t understand a paragraph.  Further, don’t draft every document yourself unless you are proficient.  You may leave out key language of protection or give away exclusive rights without meaning to do so.
5. Do not think that you can just sell anybody stock/equity in your Company. This one is big–there are regulatory laws and procedures to offer and issue stock.  Investors need to be accredited and you need to file with appropriate federal and state agencies.
6. Do not allow your stockholder base to get too large.  The harder it is to communicate, align interests, and get consensus on corporation actions, the more costly/less efficient it will be for approval.
7. Do not allow minority stockholders to cripple the Company.  Similar to point 6, you want to be able to run the Company without having every Tom, Dick, Harry, Mary, Sue and their 1,000 closest friends be able to micromanage.  You can avoid this by having the appropriate stockholder provisions (restrictions) and implement corporate first rights of refusal should they want to sell their shares/interests.
8. Do not let angel investors purchase equity.  Most angels don’t have a true sense of valuation (and neither do you as a new startup) and therefore you do not want to dilute existing investors by accident.  A more appropriate way to treat an investor is to issue a convertible promisory notes that will will have a conversion/price at a later offering date.
9. Do not promise anyone a percentage of the Company.  Again, you don’t know the valuation and you don’t want to be burned in the future by a former employee/founder coming by years later asking for 25% of something that may have no value before but lots now.  Instead, issue shares in a formal agreement.
10. Do not give unrestricted stock to founders.  Instead have a provision whereby the longer a person stays, the more liquid and and less restricted the stock becomes.

Monday Advice: Plan out your week

Okay, so really this should be weekend advice so that you start out Monday with momentum. But, if you are a relatively new startup like me, then you are still putting together your weekly and monthly schedule.

Here is mine:

Monday-Clean up Campaign

Go through snail mail, paybills, catchup on Twitter and Facebook messages, plan out the next two weeks of meetings, meals (if you like to do that kind of thing), sales calls, networking and meetup groups etc.  Make your list short enough that you actually can check off,  but meaningful enough that you feel good about what you have accomplished.  I hope to end the day with an ultra light workout (30-40 minutes of stretching, bounding, and light running) in Central Park.

Tuesday-Make it as jam-packed as possible

Get up early and have solid high-energy breakfast.  I have a mid-morning meeting with a manager of Regus (http://www.regus.com)  to look into flexible office space for myself and other clients.  In the afternoon I have 1 conference call.  The rest of the day I will be writing website content for a client.  Don’t look too far ahead, keep my head down with work.

Wednesday-Check In

Wednesday might be called the middle of the week but a startup is always working.  It is still important to check-in with yourself, amend your to do list, and see if anything needs to be added or subtracted/postponed.  The only planned event this Wednesday is a midday meetup with another alum of Dickinson College to see how his summer internship went and learn more about him as a person.  I guess Wednesday will become a sales call and networking day and fold in some more website development.

Thursday-Hustle and Flow

Thursday should look a lot like Tuesday but I won’t be scheduling any meetings.  It will be a day to hustle, finish up the content for my client and make a few calls to catchup with former colleagues and setup some sales meeting for end of August.  With the summer nearing a close, I will concentrate on September calls to action after Labor Day when people are back from the beach and mountain lakes.

Friday-Try Something New

I want to annoint Friday as a Try Something New Day. This Friday I will be heading off to Cape Cod for a weekend of visiting old friends.  While this isn’t something “new”, I will seek out something new while traveling.

It really doesn’t matter what your schedule is comprised of; what matters most is that you plan ahead, stick to your plan, and try to leave some time for last minute changes.

The Role of Social Media in My Startup

Last night I attended the New York Social Media Roundtable (@smrt, #SMRT) sponsored by Flight Path.  I found out about this conference about 24 hours ahead of time while I was on Facebook checking status updates (thank you @Kmurph).  Here is a quick recap of the  experience, my thoughts on social media, and links.

The event  included a Q&A session, served beverages, was free, lasted about3 hours.  It was quite good.  How do I define good?  First, the moderator (someone please send me her Twitter handle) had a set plan of questions, moved it around the panel, and kept the conversation going the entire time.  Second, the panelist (ibid want to connect with them) themselves were not only perceived experts but communicated and shared their experiences at a very personal level.  The result was a conference that enlightened me to the ways that social media can be used to establish, grow and highlight my personal and professional presence.

I will admit this was my first social media conference, and a lot of the terms tossed around (social currency, gawker, foursquare, etc) were above my head.  Nevertheless,  I am determined to learn which of my social networks is most appropriate, most fun, and most developed to help grow my Startup Officer business.

Over the years I have haven’t used Yahoo or AOL chat in probably 4 or 5 years.  I joined Twitter in October 2008 under a personal handle (@pickmybrain) and quickly understood the force behind the simplicity of tweeting your mind in 140 characters and including a picture or weblink or shortened URL.  I also have a Twitter handle for Startup Officer (@startupofficer) but I am not 100% if this is how I want to be represented.  I am one person, not a large corporation trying to push/spin something into cyberspace.  I am looking to share my startup experience, learn from others, offer advice, and find prospective clients.  Unless @ev and and the “fail whale” can expand services and funcationality in the near term, Facebook will be my preferred method of social media.  Though, once this blog is done I will tweet it and the tweet will appear on my blog page.  It’s all connected.

I signed up for Facebook  shortly after Twitter mostly because my friends and family were there. I was reticent at first to be so connected at such a personal level.  I didn’t want to become a crackberry addict of FB always checking to see who was on, who posted a new picture, etc.  Then I realized that FB is a social media tool.  You only get out of it what you put in.   My goal is to build out my social network in New York, Connecticut, Massachussetts, Florida, and maybe even in the Cayman Islands.  I want to share my experienc with friends and family and make acquaintences based upon my interests (#startups, #porsche, #dmb, #travel, #tennis, #skiing, #wine, # hedgefunds, etc).

Links Related to Event/Panelists:

http://www.flightpath.com/

http://nysmrt2.eventbrite.com/

http://nysocialmediaroundtable.com/

http://twitter.com/nysmrt

http://playfoursquare.com/

http://twitter.com/foursquare

http://twitter.com/dens (run kitty, run)

http://twitter.com/naveen

http://www.facebook.com/

http://gawker.com/

Plan, planner, planning, planned, The Plan.

I am back from vacation (and a long hiatus from blogging) and ready to take on the task of planning out/up my new company.  What exactly is a plan?  http://en.wikipedia.org/wiki/Plan.

For Startup Officer, the ‘master plan’ is multi-faceted:

1) Build a network of relationships from which I can draw upon and recommend to colleagues and clients.

2) Establish a series of services (media & marketing, sales & sponsorship, corporate, and technology) where I can apply my knowledge to help other startups grow and succeed.

3) Rinse and repeat.

Here is a list of what I would like to complete during August 2009:

1)     Get Branded: work with Stefanie Noe (@snoebiz) of NimbusBlue LLC (www.nimbusblue.com @nimbusblue) to create my corporate identity as a real company. Choose a logo and get business cards and print/online branding up and running.  Feed my blog into twitter.

2)     Network: attend meetup groups of NYC entrepreneurs.  Ultra Light Startups next events are August 6 (Local Business Models) and August 18 (Legal Roundtable featuring Tedd Lustig of Seyfarth Shaw). http://ultralightstartups.com/newyork/ http://www.seyfarthshaw.com

3)     Give my time: help prospective clients with logos, web design, content, and finding sponsors.

4)     Overcome fear of tech: decide what tools are most important for me to use as a small business owner. Twitter, facebook, landline vs. cell, iPhone apps vs freemium models, etc.

….lists can go on but the whole point of lists is to keep them short so you actually get things accomplished.

Future lists:

1)     Learn how to really use the hardware/software I already own

a)     Outlook and Gmail.  Clean up database of contacts.  Develop an excel file using user/names, email, phones, # tags.

b)     iPhone

c)      www.huddle.net

2)     Pick a few new technologies to learn how to use

a)     Facebook group

b)     Skype

c)      Freshbooks

3)     Write up formal business and marketing plans.

4)     Think about getting a new computer for the business.

5)     Create a Monthly and Weekly schedule/timeline so I can maintain a healthy work/life balance.

6)     Reach out to my existing network to share my ideas and reconnect with old friends.

7)     Save money.  Spend money smartly.

8)     Maintain a Positive Mental Attitude.

Legal Considerations for “Ultra Light Startups”

This week I attended a legal round table hosted by Graham Lawlor of www.ultralightstartups.com and sponsored by Fulbright & Jaworski LLP .   Overall, the event was quite well-attended by approximately 50 entrepreneurs- who had a wide variety of mostly rapid-fire “what if” questions to contemplate.  Specifically, I thought the 3 hosts were well qualified in their respective fields of Corporate, Taxation, and Intellectual Property.  One Senior Counsel was particularly knowledgeable and offered the group current day examples of how to protect your brand and breached the discussion of what it means to operate a web-based business.  Other major categories discussed included entity formation, taxation, intellectual property (IP), employment/labor, and liability. 

I gleaned some basic legal knowledge from the two and a half hour discussion but, without guidance or structure the discussion quickly bounced around topic and was too issue-specific to really build a consensus of what legal priorities startup companies need to consider.  Those comfortable speaking up without prompting got more questions answered than those that sat idly or just with hands raised; Charles Darwin would have been proud. 

Below are my notes and thoughts on topics for Ultra Light Startups to consider.

1. Entity Formation – Since nearly half  the room was categorized as “not yet formed”, the conversations around formation kept most on edge of their seats.  There are a variety of corporate organizations (sole proprietorships, Delaware or other LLC, S or C Corporation) to choose from and your liability, funding, taxation needs will determine the choice.  The Delaware LLC is the most popular (as opposed to a New Jersey or Nevada entity).  It’s not that Delaware is a better state, it’s just that there is significant case law precedence.  The State of Delaware is kind enough to provide a 14-page PDF entitled “Why Corporations Choose Delaware”. (http://www.delaware.gov/egov/portal.nsf/portal/incorporateindelaware).   
2. Taxation – Mark Twain once said that the only sure things in this world are death and taxes.  Part and parcel with entity formation is making sure you are paying taxes to the appropriate Federal and State authorities – there were many questions from the room on this topic.  Who do I pay,? When and under what circumstances am I responsible as an individual versus the business concern? What about non-U.S. citizens – do they pay too?  If you think operating in the ‘cloud’ or outside the physical United States of America makes you exempt, think again.  We all hope to be multi-million dollar revenue models and should be forward thinking in setting up our entities with taxation at or near the top of the list.
3. Immigration and Labor – Fulbright does not maintain a services group for employment, immigration, or labor issues so the discussion was very general.  If you hire an employee you open yourself up to liability – you are also bringing in an outsider and you should protect yourself and your business from losing what you have created.  What happens if you hire a programmer or artist? Does what they create belong to them or your company?  If they leave and recreate your idea, is it stealing?  What do you legally have to provide to you employees that are for hire, interns, part-time, domestic, international, physical or virtual? All very important questions. 
4. Intellectual Property (aka IP) – this is perhaps the most difficult area of concern to boil down to a few salient points as domestic and international case law develops every day.  For that exact reason, I think IP is the service area most important to research when selecting counsel.  You need an advocate that is a creative  thinker on trademarks, patents, copyrights, and IP/brand protection.  Aside from knowing software applications and add-ons, counsel should have a well-established opinion on the use of interactive media (Twitter, blogging, LinkedIn).   I want an advisor that is more than just a barometer of another practice.   I am taking risk in life and want to select an advisor that understands the best/worst case scenario of my situation and will help me make the best decision based upon what is happening around the world.
5. Venture Funding and Monetizing Your Idea – This topic wasn’t really addressed.  You can go it alone via bootstrapping or you can seek funding from friends, family, venture capitalists, issue debt or equity, seek partnerships, or apply for small business grants.  In any case, the more you go it alone, the greater the reward.

Most importantly, I learned that there is an appropriate time to seek counsel relating to business matter–BEFORE you have a liability event such as a new investor, vendor, employee or the establishment of a new entity.   In my humble opinion, it is better to discuss your startup plan with multiple law firms even before formation so you find your best partner.  Legal advice is not just a paid service, it’s meant to be a long-term client/trusted advisor relationship that changes and grows with time.  Be proactive on this front and it will save you a lot of money and hassle in the future.

Going forward, I will conduct due diligence on selected law firms to determine which are best suited for the needs of my startup and those that are technology, retail, and service-industry focused.

Dreaming of it all, making it happen over time.

I woke up today thinking “did I just dream my decision to really make myself into new company?”.  Being my own boss has always been a dream of mine. I have spent more than 20 years earning a living while working for someone else.  Before I was legally allowed to hold an income reporting job, I did the neighborhood kid thing and mowed lawns, shoveled driveways, delivered newspapers, and sold fireworks (sorry Mom).  I was always the entrepreneur but never fully grasped the concept of creating something unique that generated enough income to live on and to re-invest into other not-so-money-making ventures.  I used the concept of work solely to make ends meet; if you call buying CDs, stereo equipment, clothes, movie tickets, gas and car insurance “making ends meet”–I was the teenage epitome of the rat race.  How sad.

I got my first work permit in West Hartford, CT at age 15. I still remember going into the Guidance Department to get permission to work up to 15 hours a week after school and weekends.  Throughout my time as a student at William H. Hall High School (go Warriors!) I worked for Crown Supermarket, French Cleaners, and helped out Marilyn Rubin with setup/cleanup of bar/bat mitzvahs.  Occasionally, I cleaned Marilyn’s Creative Cakes kitchen located in the basement of her home.

While at Dickinson College (Class of 1996, B.A. degree in International Studies and Spanish) in Carlisle aka Cardrizzle, Pennsylvania I chose not work my first year so I could focus on my studies and get acclimated to a new environment.  Years two, three, and four I worked under the Federal College Work Study Program in the Spahr Library, mostly shelving books a la the Dewey Decimal System and sitting in the A/V room while students broke their eyes on microfilm and microfiche.  In the summer, I was a Dana Intern performing research on Latin American periodicals focused on population data.  Outside of campus, I was a snack-shack guy/pantry chef at the Carlisle Country Club, a busboy at the Chester Valley Golf Club in Malvern, PA.  I even spent a few summers/vacations as a cosmetics stock boy and furniture department assistant at Strawbridge & Clothier at the Exton Valley Mall. 

It was during this last position that I learned anything meaningful.  Tom Finegan, Furniture Department Manager (only 4 years my senior) taught me the following:

1. Put your back into your work but let your mind do the heavy lifting.
2. Brown bag your lunch.
3. Working retail sucks.

Getting off the tangent of running down my employment qualifications as future middle management, all of these seemingly meaningful tasks led up to today in one way; my determination to be the best, even if all I was doing was feeding oranges into a juice machine.

You might have noticed that I have omitted 10 or so years of employment history; I will cover that formative period much later in my blog.  I got caught up in a great trend that was my friend until the end.  The dead cat has bounced.  Now is the time to take all that I have learned to create my own brand, my uber-self.

I want to take a moment and thank two individuals who have helped shaped my work ethic and values.  My grandfather, David P. Rosen, told me that you won’t like all jobs you do -  but that you should still do them well.  My mother, Miriam Gerber, taught me by example that you work as hard as necessary to support you family.