The Power of Storytelling: Trends in Business

From the dawn of mankind, storytelling has been a powerful tool connecting human beings with each other, as well as history documentation. Much of what we know about our past has to do with storytelling.

One of the reasons for this phenomenon is that story can be expressed in a multitude of ways, via art, oral tradition, music, and the written word. Story is what connects us on a human level to each other, to the planet, and to the universe. We have always sought to find meaning, connection, and harmony to our existence and each other.

What does story have to do with business? The short answer is: everything.

Do any amount of research on great businesses and you will find that they all have a great "story" behind them. In fact, in the research itself that we do, we are actually looking for the story of the business. That is what excites us, thrills us, and inspires us the most. Think about it.

This seemingly new phenomenon called "branding" is all about storytelling. Both the founding members as well as the business itself must have a compelling story that brings in customers who relate to the story. A powerful story builds trust. Trust is the key element in long-term business relationships.

This article from Video Industry News talks about storytelling trends in branding.  It does a good job of breaking down that a great story comes across as human, authentic, and personalize the business, which closes the gap between the corporate identity and the human being on the other end.

A fascinating book by Peter Guber called Tell to Win, sheds even more light on the power of story. This brief video wonderfully demonstrates this idea.

"Story isn't the icing on the cake; it's the cake!"

Storytelling is critical for the new world of "relationship marketing." The digital revolution has leveled the playing field by allowing many different types of media content to tell an ongoing story and create not only a one-time experience, but also a long-term relationship with customers.

So, when thinking about your business, think about the story behind your business. Think about your own personal story behind the story of the business. Don't be afraid to be vulnerable and talk about your challenges and how you overcame them. All great stories have a conflict that is ultimately overcome. We all relate to the fool's journey to wisdom.

What is YOUR story? 

Alternative Funding Sources for your Business: The Money Is Out There!

Many people with a fantastic business idea simply cannot get it off the ground due to lack of funding.  However, funds are available in many ways depending on the type of business idea.

Most for-profit businesses start out seeking private investors, small business loans, or even grants. These sources may provide some, but not all of the funding needed.

Additional resources are available for not-for-profit ventures, as well as businesses that somehow help the community in some way. Native Americans have additional funding sources available. This funding for non-profits is well known. However, what about for-profit businesses? Are investors and small business loans the only options? Not necessarily, as for-profit businesses can receive alternate funding if they highlight certain key elements.

Will your business add jobs? Does it serve a certain community? Does it add value to the community in some way? If so, you may be very surprised at how much funding is available, beyond the traditional business loan route.

Some of these resources are listed on fantastic sites like these listed below:
The Opportunity Finance Network
Association For Enterprise Opportunity
Coalition of Community Development Financial Institutions

However, for-profit businesses have challenges getting funding. But it is not impossible, if somehow it can be demonstrated that jobs can be created or somehow the community is served. Find ways to show these particular values in your business plans and presentations, follow whatever guidelines are required for the application process, and you may find yourself getting the crucial funding that you need.

These alternative sources require patience and a substantial amount of research, with no guarantees of success. However, the potential for funding outweighs the time spent. The important thing is never to give up, if you have what you think is a great business idea, for-profit or otherwise. Develop a solid business plan, hone your elevator pitch, and seek out any and all possibilities for making your dream come true.

Elements of a Good Business Plan: Part 2

In the last post, I reviewed two expert articles on business plans were reviewed: Guy Kawasaki and Peter S. Cohan.
http://foxycoleproductions.blogspot.com/2012/10/the-elements-of-good-business-plan-two.html

Both men agreed that a straightforward, no-hype approach was best. They also agreed about the importance of the Executive Summary, and how it should be written last.

As I move through the creation of my business plan, I made sure to incorporate these elements throughout my plan. All I had to do was put myself in the place of the investor, who is reading through it. The things I would want to know, these experts have addressed. Remembering that is actual human beings on the other side of the document, reading and absorbing it, is key. I liked the two articles, which I reviewed in depth in my last post, because they do focus on the human part, as well as what investors truly would like to see.

So far, I have done my best to follow their advice and keep the plan straightforward, and back it up with solid research. The challenge, however, has been that my company will be first to market. So the task for me was to demonstrate the niche. This challenge lead me to research a bit deeper into the unique approaches to use in a business plan for a startup that is also looking to establish a new brand and market.

I discovered that this is called "disruptive innovation" for some companies, depending on the company. My new company does fit the definition, according to a recent article on Brinq:

"The disruptive-innovation theory explains why new firms armed with relatively simple, straightforward technological solutions can beat powerful incumbents, often creating entirely new markets and business models."

It just so happens that another expert in the field of business plans, Carl Schramm, talks about the Characteristics of the Entrepreneur in the article below. He says that he rarely reads the business plan, but looks for the persona to come through. Of the characteristics he listed, I meet them all. The ones in particular that caught my attention were:

They are an outsider, they ask the hard questions, and press leaders on the “why” around status quo.

Read more: http://steinvox.com/blog/2012/04/17/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/#ixzz2CbnRdKyP

Read more: http://steinvox.com/blog/2012/04/17/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/#ixzz2CbnEfjUf

"They think in terms of disruption, and are often thought to be disruptive by the change-averse.
They see things differently, considering untraditional forces that others didn't see."

Understanding that my new company (which is still confidential until trademarks and copyrights are in place) could be considered disruptive technology or disruptive innovation adds a whole new level to how I will approach the rest of my business plan, including the all important Executive Summary. 

They are an outsider, they ask the hard questions, and press leaders on the “why” around status quo.

They think in terms of disruption, and are often thought to be disruptive by the change-averse.

They see things differently, considering untraditional forces that others didn’t see.

Read more: http://steinvox.com/blog/2012/04/17/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/#ixzz2CbnEfjUf

Resources:
http://blog.guykawasaki.com/2012/01/how-to-create-an-enchanting-business-plan-officeandguyk.html
http://www.youngentrepreneur.com/blog/6-key-elements-of-a-good-business-plan/
http://www.brinq.com/workshop/archives/2005/01/08/what-is-disruptive-innovation
http://steinvox.com/2012/04/17/carl-schramm-straight-talk-on-entrepreneurship-why-we-need-it/

The Elements of a Good Business Plan: Two Expert Viewpoints

Guy Kawasaki is a well-known entrepreneur, venture capitalist, best-selling author, and was the chief technology evangelist for Apple for many years. He has gone on to become a widely successful blogger, because of his practical tips on how to create business plans, start new businesses, and “enchant” customers.

In Guy’s blog article from January 2012, called “How to Create An Enchanting Business Plan,” he goes over six elements that he believes are crucial for any successful business plan.  Below is a summary of these elements.

• Write to solidify the “who, what, where, when, and how” of the business, and not to attract investors.
• Have only one person write the business plan, ideally the CEO.
• It should match the PowerPoint pitch, addressing the same issues (Executive Summary, Problems/Opportunity, Competitive Advantages, Sales/Marketing, Competitive Analysis, Business Model Structure, Financial Forecasting, Team Structure, and Projected Milestones.
• Spend 80% of your time writing the Executive Summary and 20% on the rest of the plan, as this part is more crucial than any other.
• Keep the flash out of it, and write a tight, clean, shorter plan that will get read more easily.
• Write in a very deliberate, assumptive manner.

Resources:

http://www.guykawasaki.com/about/

http://blog.guykawasaki.com/2012/01/how-to-create-an-enchanting-business-plan-officeandguyk.html#axzz2AXknUYPa

Peter Cohan is also a venture capitalist, strategy consultant, best-selling author, and startup investor. He has invested in six startups, three of which were sold for a total of $2 billion. All of his books are about investing and how startups can gain funding.

In Peter’s Young Entrepreneur article from August 2012, called “6 Key Elements of a Good Business Plan,” he also narrows down six crucial steps. We will see how the two experts match up, or disagree.  Below is a summary of Peter’s six elements.

• Focus on the Executive Summary. If you only have two minutes in an elevator or escalator, it is the elements from the Executive Summary that the investor is looking for.
• Have a clear Business/Product Description, especially the competitive advantages.
• Know exactly who the target market is, and provide the research to back it up.
• Create a clear section about Market Goals, and how the company will grab the market share from the competition.
• Create strong biographies of the Management Team that show how each person is a winner and dedicated to the business.
• Have a realistic financial forecast, based upon sound research.

Resources:

http://www.youngentrepreneur.com/blog/6-key-elements-of-a-good-business-plan/

http://petercohan.com/page6

Augmented Reality: The Storyteller's Tool of the Future...Today

Augmented reality has been a fascination of mine for some time now, ever since I saw the magical Ted Talk (posted below) from the world-class magician, Marco Tempest. Take a look at his supernatural tour of augmented reality in this entertaining clip. (video source: TedTalks Youtube channel). Marco weaves a fascinating tale about how augmented reality can supplement a storyteller's vision. He equates a magician with a storyteller. The video left me reeling with the happy possibilities with this new realm of media enhancement.

Digital Marketing in the Entertainment Industry, De-Mystified

"Digital Spreads Wings: HITS Digital Marketing Summit 2012," is an article focusing on how digital marketing has impacted the entertainment business. It is written in all block text, but is still a quick read. Read the full article here.

Digital marketing is the new buzzword of the marketing industry. It can be confusing when words like mobile platform, user generated curation, and the blanket term, social media," all get thrown around in every day conversation. The entertainment industry is no exception to the digital revolution. This blog post seeks to simply a few of the basic ideas.

Movie Cloud: New Facebook Page Is a Goldmine for Aspiring Filmmakers

I recently had the pleasure of being involved in a collaboration assignment for my classmates who were also aspiring filmmakers. Through the assignment, a goldmine of valuable information has been unearthed. This post will discuss one of the resources I located and shared with my classmates.

Many people in the entertainment industry (specifically filmmaking) can easily recognize Dov Simens, pictured below, who is famous for his 2-day Film School Course.

Learn more about Dov Simens and his famous Film School here.

Dov has outdone himself with his recent Facebook page called Movie Cloud. The fan page, which is generating thousands of likes in a short time, is geared towards tips for helping independent filmmakers get their scripts sold, acquire agents, and ultimately, get their films made.

One post in particular was quite powerful. On September 5, 2012, Dov posted an information packed article about how many A-list actors have their own production studios, and will often buy scripts. He then listed ten of them, complete with addresses and contact liaison information. He said there are over 250 of these similar boutique agencies owned by big stars. Many stars, of course, are interested in scripts that have them in mind for a fantastic role.