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Home > Entrepreneur Daily > January 2008

Entrepreneur Daily

January 2008

Internet Marketing Secrets Revealed

(Events and Resources, Marketing, Tech)

I'm back from Miami and ready to share some insight to those of you who were unable to attend  Entrepreneur's fabulous Women in Charge event, sponsored by OPEN from American Express. The first session I attended was called Internet Marketing: Secrets for Success, led by  Catherine Seda. Seda, chief internet strategist at Savvy Agency, has spent almost 13 years specializing in internet marketing. She had a jam-packed agenda for our hour-and-a-half session, and was able to cram just about all of the information in.

One thing Seda touched on was how to write an effective press release. I agreed with the comments she made, because as a member of the media, I deal with press releases on a daily basis. Seda recommended business owners write press releases like articles, just like a journalist would. She suggested distributing press releases through websites like  PRWeb and  Newsforce. A specific, detailed press release offering facts, survey results or even statistics can make the difference between whether I press delete or whether I save the pitch in my file.

As for blogging, Seda suggested all business owners try to contribute to a blog as often as possible. If it's too much for you to keep up your own blog, try posting comments to other people's blogs. "Search engines love blogs," says Seda. "I'm not a tech person, but I can blog!" Seda recommended sites like  Blogger,  WordPress.com and  TypePad  for creating your own blog. She said both Blogger and WordPress.com are free, while TypePad charges a fee each month.

Overall, the number one rule Seda suggested in search engine optimization to get free traffic is relevancy. "Think about how to be a specialist in your field--differentiate yourself," she said. Seda asked all the entrepreneurs in the room to raise their hands for how many pages they scour when they research a certain phrase or keyword on Yahoo! or Google. The majority of participants put their hands down after page 2, and just about everyone had their hands down by page 3. So, as Seda pointed out, the right words can make the difference between coming in as a top 30 hit on a search engine, or being ignored. For more information on how to find the right words to get your business traffic, check out Catherine Seda's newest book,  How to Win Sales & Influence Spiders.--Kristin Edelhauser Chessman

Paid Time Off for Heartache?

(HR and Management)

Heartache--sometimes it can leave you more wiped out than the flu ever could, and Tokyo-based Hime & Company takes this into account with its paid "heartache leave."  According to the company's leaders, it’s worth it to let workers take a day to cry the heartbreak out so they can come back to work more recharged.  The marketing company, which also gives half-days off during sales season, grants its employees more "heartache leave" credit as they get older.

"Not everyone needs to take maternity leave but with heartbreak, everyone needs time off, just like when you get sick," CEO Miki Hiradate told Reuters.--Alexa Vaughn

Networking Tips from Women in Charge

(Events and Resources, HR and Management)

After invigorating speeches from Rieva Lesonsky, senior VP and editorial director for Entrepreneur magazine, and Adela Cepeda, founding partner and chair of Alta Capital Group, LLC, as well as owner and president of A.C. Advisory, a municipal finance advisory firm, the energy was electric at the Women in Charge conference on Tuesday. But the day had just begun, and in the first of three sessions, I had the honor to sit in on Jennifer Kushell's presentation titled, Work Your Network. As the co-founder and president of YSN and the author of Secrets of the Young & Successful, Kushell shared her insight into the exciting--yet intimidating--world of networking.

Whether we like it or not, networking plays a prominent role in all facets of our lives. Kushell has a gift for networking with tens of thousands of contacts, and she gives all the credit to her mom who would talk to everyone. But for those to whom it doesn't come quite so naturally, Kushell offered some good tips.

First, she asked attendees, "What's your story?" and showed the importance of a well-written bio that highlights one's background or experience. She said we all have to market ourselves, and that entrepreneurs should do so by having a pitch ready that captures the elements of what sets them apart; by establishing an online identity with the help of professional networks, such as LinkedIn; and by building a solid corporate identity that includes branding everything from note cards to brochures.

Then Kushell presented a visual image of networking that she calls "The House on the Hill," where she divides people's roles into owners, part timers, visitors, workers and the public. Each person plays a different role, ranging from owners, who are the influencers and decision makers, to the public, who has limited access and must abide by the decisions that the owners make. However, even the public knows someone who is a worker, visitor or part timer and, once this is realized, can gain access little by little and move their way up. With this visual in mind, it makes networking a little more manageable.

Kushell also mentioned important tools for networking success, such as BlackBerrys, card scanners, signature lines and CRM solutions. And she provided some helpful tips, such as building a file of people you want to meet (and show it to your influential friends) and joining online groups to stay in touch with your network of contacts.

But if the thought of networking still leaves a knot in your stomach, Kushell advises to "look at networking as a way of life." Says Kushell, "Play it like a game, have fun."--Sara Wilson

Inspiration, Networking and Success Stories

(Events and Resources)

The second annual Women in Charge conference, sponsored by OPEN from American Express, along with Entrepreneur magazine, has officially come to a close. It was an incredible day full of networking and inspirational stories. I heard more than one entrepreneur say they wish it could have been a two-day event; there was so much information and so many connections were made that nobody wanted to leave. Highlights included an amazing speech from the Woman of the Year, Katrina Markoff, who spoke from her heart about the experiences leading up to the creation of her $12 million a year chocolate company, Vosges-Haut Chocolat. After her speech, participants of the conference flocked to congratulate her.

Other highlights of the day included an appearance by the mayor of Miami Beach, Matti Herrera-Bower, along with a panel discussion of several Miami-based entrepreneurs and small-biz experts. I'll capture more memories and upload pictures of the day soon, so be sure to check back. Thanks, Miami, for a wonderful and successful day.--Kristin Edelhauser Chessman

 

 

Women in Charge is Underway

(Events and Resources)

Women entrepreneurs from across the country are flocking to the Miami Beach Convention Center for the second annual Women in Charge conference. The day will begin with a welcome speech from Rieva Lesonsky, senior VP and editorial director for Entrepreneur magazine, and will be followed by a keynote address from Adela Cepeda, who we highlighted in this article in December.

Though it's still early, you can feel the electricity in the air as more and more women register and start networking. Camera crews from MSNBC are setting up, ready to listen to pitches from women entrepreneurs with amazing stories to share. So far, the diverse crowd of women looks charged and ready to go for a full day of growth, networking and fun.--Kristin Edelhauser Chessman

 

Women in Charge Comes to Miami

(Events and Resources)

Entrepreneur magazine is taking over the streets of South Beach for the second annual Women in Charge conference, sponsored by OPEN from American Express. Editors and writers from both Entrepreneur and Entrepreneur.com will be attending the conference to bring you the latest and greatest from Miami if you're unable to attend the sold-out event. Sessions will delve into topics like online marketing, working your network, the money game and low-cost marketing strategies. Attendees will also have the chance to pitch the editors of both Entrepreneur and Entrepreneur.com.

I'll be keeping you up-to-date with what the atmosphere is like and will be bringing you the stories of some of the amazing women entrepreneurs in attendance. Stay tuned for more from Miami … --Kristin Edelhauser Chessman

 

Entrepreneur's Wines to be Auction Highlight

(Business News)

The wine collection of V. Cheryl Womack, a highly regarded American entrepreneur, will be featured in Aulden Cellars-Sotheby's March 15 sale of the finest and rarest wines.

Womack is president and CEO of The Star Group LLC, a networking forum for women. She is also chair of the nonprofit Leading Women Entrepreneurs of the World.

Womack's offering includes 4,775 bottles from Bordeaux, Burgundy, California and Australia, as well as a quantity of large-format bottles. It's expected to bring $1.2 to 1.6 million. The sale in its entirety is expected to fetch more than $2 million.

"I have always enjoyed wine, but over the past decade of reading, studying and tasting it has become a hobby and a passion of mine," Womack said. "As my collection has grown, I've amassed over 9,000 bottles, which is far more than can be stored in my 5,000-bottle cellar and considerably more than any one person could drink in [her] lifetime."

Womack started her first company, VCW Inc., in the basement of her home. The insurance agency was designed to meet the needs of independent contract truck drivers. Later the same year, she founded Preferred Administrative Services Inc., a third-party claims administrator. Womack built her companies into a $100 million business before selling them in 2002.--Eve Gumpel

Cost of Employee Relocation Rises

(HR and Management)

Thanks to a tough housing market, offering your employees a promotion in another state could get rather pricey. According to Al's Morning Meeting from Poynter Institute, employers are discovering they must pay more to relocate employees. According to a USA Today report, 40 percent of employers surveyed said they'd be willing to spend more than $1,000 to relocate an employee, while one-third said they'd spend more than $2,500, and one in 10 will fork over more than $10,000. In addition to offering money, employers are also extending temporary housing allowances from just two or three months to up to eight months and, in some cases, are offering to purchase the employee's home. Others are allowing employees to commute long-distance and work remotely.

Coffee Wars 2008

(Business News)

We posted recently about Starbucks and what it's doing to attract new customers and hang onto current ones. Now, Dunkin' Donuts is hoping to ramp up its game plan too. In a Q&A with the company's new president-chief brand officer, Will Kussell, AdvertisingAge discovered that Dunkin' Donuts will be introducing a new store design and will be adding hash browns, flatbread sandwiches and sweet tea to the menu. The chain will also be opening in new markets such as Nashville and Las Vegas, and will be expanding in areas including Chicago and Indianapolis. As for Dunkin's marketing plan for 2008, Kussell said it will be more focused. "You'll see focus on what we always do: delivering great quality and speed of service at a fair price. That's how we built the brand over the past several years, and that's the bedrock of the tremendous passionate loyalty," he said.

Kussell points out that Dunkin' Donuts is actually number one for hot coffee and has sold lattes and cappuccinos since 2003. To make customers more aware of that fact, he said the chain will be moving espresso stations to more prominent spots.

How Does the Economic Stimulus Plan Affect Small Business?

(Business News)

In an effort to rouse the slowing economy, Congress announced a deal today that includes nearly $50 billion in business tax cuts. It would allow small businesses to write off a portion of certain purchases and invest in new equipment. In addition, the plan is set to give refunds of $600 to $1,200 to about 116 million families in the U.S. The rebates are expected to go out in June.

House Speaker Nancy Pelosi said that although she's not entirely pleased with the package, she does believe it will help stimulate the economy. If not, "then there will be more to come," she said.

Still, this is one of the timeliest and targeted packages that is showing ample compromise on both sides. Republican Leader John A. Boehner said, "Many Americans believe that Washington is broken. I hope that this agreement will show the American people that we can fix it and will serve to move along other bipartisan agreements that we can have in the future." Majority Leader Harry Reid said they aim to have the package to President Bush for his signature by February 15.--Jessica Chen

Small-Biz Aid for Veterans

(Business News, Events and Resources)

According to ArmyTimes, Congress is getting closer to passing legislation that would help veterans and reservists who own small businesses. The bill would create a $50,000 no-collateral, small-business loan for reservists and vets. In addition, it would add four new veteran-business outreach centers and create an interagency federal task force on small-business issues. The compromise bill passed the Senate in mid-December before passing the House recently with modest changes. Now, the bill heads back to the Senate. The chief sponsor of the House version of the bill, Rep. Jason Altmire (D-PA) said the programs in place are helpful, but he believes "more can still be done."

Small Biz Show, Summit and Contest

(Events and Resources)

Microsoft has three opportunities for you to learn entrepreneurial skills and possibly win $100,000 in computer products. First, check out Microsoft's second Small Business Show, airing Thursday, January 24 at 11 a.m. PST. The show features interviews with successful small-business owners, tips and inspirational advice to keep your business growing.

After brushing up on business tips, you'll be ready to enter Microsoft's Total Technology Makeover contest. Register by February 15 to have a shot at winning $100,000 in hardware, software and services from Microsoft and Dell.

Lastly, check out Microsoft's Small Business Summit, taking place March 24 to 27, 2008. It's a free, four-day online event offering biz owners tips on how to feel comfortable wearing many hats as an entrepreneur. Free registration is now open.

Gas Prices Affect Consumer Spending

(Business News, Business Trends)

Rising gas prices are having a widespread effect on consumers across the U.S. That's according to a new Nielsen Company study, mentioned in this MediaPostPublications article. According to the study, 49 percent of U.S. consumers are reducing their spending because of high gas prices. As a result, 70 percent of consumers are making car trips count by combining shopping trips and errands. 41 percent are eating out less and 30 percent say they're staying home more often. "Manufacturers and retailers need to be alert to the fact that consumers are looking to save by altering where they shop, how they shop and what products and brands they buy," said Todd Hale, senior VP of Consumer Shopping & Insights. "Value, convenience and competitive pricing will be more important than ever in the year ahead."

Specifically, Hale said manufacturers and retailers should look for growth in at-home meal solutions and at-work meals. Also, Hale says research shows a jump in online shopping. According to Hale, manufacturers and retailers should "step up to their 'direct-to-consumer' efforts and utilize the internet to communicate directly with consumers in 2008."

Starbucks Tests Free Refills and $1 Coffee

(Business News)

Starbucks has never been known for cheap coffee--that is, until now. Starbucks Corp. is testing $1 coffee and free refills in its hometown of Seattle. The smaller, "short" cup will sell for $1 and free refills will be offered for brewed coffee. In a statement, the company said, "This test is not indicative of any new business strategy." Starbucks won't comment on specifics of the test campaigns until a final decision is made. However, news of the testing spread just after McDonald's announced the addition of coffee bars to locations across the country. In an effort to combat competition from fast-food rivals and consumer-spending worries, Starbucks reshuffled the company several weeks ago by bringing Howard Schultz back as the company's CEO. The coffee giant also said it would be closing underperforming stores and focusing on international growth.

eBay CEO to Retire

(Business News)

After spending a decade as CEO of eBay Inc., Meg Whitman is preparing to retire. According to The Wall Street Journal, Whitman is working on a plan of succession, and a decision about her departure could be made within weeks. According to the paper, John Donahoe, head of eBay's auction business unit, is her most likely successor. When Whitman joined eBay in 1998, the company had revenues of $86 million that year, compared to $5.97 billion in revenues in 2007. However, the company's auction business has experienced slowing growth rates for the past few years.


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