One of the hardest things about launching a new business is dealing with the naysayers. These are the people who tell you your idea is ridiculous, that you'll never succeed, and that you are wasting your time. For reasons that require serious psychoanalysis, the naysayer is usually someone who is close to you: a parent, a sibling, or even a spouse. I suppose that is because anyone else wouldn't have the guts to tell you your idea is stupid.
So let's think about how to turn these sour grapes into grape jelly and delve into why having naysayers around can be just as useful as having cheerleaders (please make sure you have some ... there are plenty of groups you can join to get them if you have none of your own!) Just like you need people around who are supportive of your endeavors, it is also good to have people who will question your assumptions and make sure you have really thought through your business plan and revenue model. Think of it as preparation for the worst case scenarios, your naysayers have probably thought of them before you will.
Ask this person why they think your plan is doomed to failure and see if they have some valid advice to give you about pitfalls ahead. If they say "No-one will buy your product", give them information on the research you have done on the market. Show them dollars and cents figures on your market size, the revenues of comparable companies and market research on trends that support your business thesis. If you don't have this information, then go out and get it before you move another inch!
If they say "you aren't qualified to launch a business", go for a walk down the street are into a grocery store and look at all the nail salons, hardware stores, boutiques, and brands you see on the shelves and ask yourself if you really believe that ALL those people who own those businesses are less qualified than you. If the answer is yes, maybe it's time to work on finishing high school. But, there's also a probability that you do have some things to learn about running a business successfully, so make sure you are taking the time to educate yourself on best practices in your industry and to learn from people in your field who have been successful. They are the best people to ask for help and will almost always provide any advice they can with a smile.
If your naysayer thinks you'll just never make any money and the whole thing is a waste of time, this is one of the best forms of naysaying you can be forced to deal with. It reminds me of the scene from that bomb "Land of the Lost" where Will Ferrell discovers a parallel universe and his first reaction is "Matt Lauer can suck it!" Well, it may sound crass, but nothing will light a fire under your behind like someone else telling you you CAN'T do something. I know it does for me. I can think of a million examples of small ideas that turned into big profits. The Boppy - "a round pillow for breastfeeding" - not exactly rocket science - $40 million in annual revenue. Daily Candy - "a newsletter about shopping and events" sold for $125 million. Vitamin Water - "kool aid with vitamins" sold for $4 billion.
Just like cheerleaders, naysayers are a vital tool to keeping you on the right track to building a successful business. So be grateful for your naysayer, if you only have one or two you are probably blessed with a fantastic business proposition.
Friday, November 6, 2009
Monday, October 26, 2009
Trademark Nightmare
Given that I have appeared on MSNBC as a business expert many times and have even participated in shows devoted specifically to trademarking, it's ironic that I am now experiencing my own trademarking nightmare. I think it's just really hard to avoid, and the reason trademark lawyers have some much fun and make so much money.
When I had the inspiration for my product name, Mamatini, I knew perfect for the product I wanted to launch. I searched google to see if anyone was using the name for business and luckily, no-one was. However, the domain name was taken, but not being used for anything related to a product called Mamatini. I decided to take www.drinkmamatini.com and to begin the trademarking process of the Mamatini name.
Unfortunately, when you trademark a name, there are a million categories you can choose under which to register the trademark. Mine is something extremely specific like - herbal beverages - ready to drink - non-alcoholic. But those are the rules so you play by them. Getting the trademark takes quite a while, and any smart entrepreneur is not going to wait for approval to start their business, as it could take forever.
So, the nightmare begins on Saturday when my daughter accidentally visits the mamatini domain instead of www.drinkmamatini.com and says "hey Mom, what's this?"
I am horrified to see that some woman in Massachusetts has decided to sell licorice candies under my product name. Time to call the lawyer!
Well, I guess life wouldn't be interesting if you weren't thrown a curveball every once in a while. At first, I realized that I was getting irrationally upset about this new development, but I couldn't help it. It was like the time on Sex and the City when someone stole Charlotte's "secret baby name." It's not as though anyone would confuse our products, but just the thought of someone else out there trying to sell something and calling it Mamatini made me nauseated.
We'll see how I deal with this latest challenge. Let's hope it turns out to be nothing a good trademark attorney can't help me resolve!
Friday, October 23, 2009
Isn't it fun waiting for the big day?
So, to continue my completely cliche analogy of start-up business as child, let's talk about the waiting...
I have everything in place: the labels, the orders for my raw materials, the website, and of course, a really cool marketing brochure. I'm sending press releases out like they are premature birth announcements! I can't wait for the product to be ready to ship.
I have everything in place: the labels, the orders for my raw materials, the website, and of course, a really cool marketing brochure. I'm sending press releases out like they are premature birth announcements! I can't wait for the product to be ready to ship.
Getting a production date is like booking a C-section with the Upper East Side's most desirable OB-GYN. My manufacturer tells me, "sometime next week" and that's all the guidance I get. So in the meantime it's waiting, wishing, hoping ... that everything will go off without a hitch when it is time to "open" my virtual doors and start selling this baby.
I am so nervous, yet excited to hear what consumers will think of Mamatini. Will they fall in love? Will it be the next Boppy? Will women not be able to conceive how they breastfed children before Mamatini?
That would be amazing, to have a product that is a real game changer, that improves people's lives in measurable and anecdotal ways. Right now only 17% of women breastfeed for a full year even though that is what the American Medical Association recommends. Wouldn't it be amazing if my product helped improve the health of a whole generation of moms and their children?
That's real joy and reward of entrepreneurship. Money is just for keeping score (and maybe buying some cute shoes), but changing people's lives for the better is where the meaning lies.
Wednesday, October 21, 2009
Getting ready for the birth of Mamatini
It's amazing that I spent the last 3 years evaluating and criticizing other people's babies with a stoic manner and not even a token "but he's really cute" to soften the blow.
OK, so they weren't actual babies, but that's probably what it felt like to those receiving the feedback. I was the Executive Director of an Angel Investor group and each month had to evaluate 30-50 business plans submitted by hopeful entrepreneurs hoping to raise a little money for their companies. Now that I am launching my own company, I am careful who I share my grand ideas with.
Starting a company can be a bit like having a baby, and I should know because I have 3 of them, babies that is. And although they are old enough to pour their own cereal in the morning, I do feel some pangs of guilt about the time I divert from the eldest three to focus on the newborn, my Company, Mamatini.
When I meet people on the street they no longer ask about Devin, Darien, and Charlotte, but "how is Mamatini doing?", "when will it be launched?", and "can I see pictures of your label?"
Well, I appreciate all the attention and the excitement for now, as I am about a few weeks away from my due date and haven't yet gone through the pain of birth ... i.e. actually going live for online sales. But I am looking forward to the adventure and thrilled to add my newest creation to the brood. And I am hoping I can nurture my Company for as long as possible to grow strong and healthy before I must subject it to the critical eye of outside investors. Oh, and just wait until the teen years!
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