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Vancouver Entrepreneur and Business Builders

Creating exponential business relationships

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Date: December 15, 2016

Name: Creating exponential business relationships

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Presenter: Jacob McGill

The bigger the network does not mean the bigger the net worth; moreover, many entrepreneurs tend to forget the importance of business relationship. Vancouver Entrepreneurs & Business Builders invites Jacob McGill, the Founder of 8020 Media, to discuss his insight on making beneficial business relationships. Jacob McGill will provide key takeaway for entrepreneurs to build meaningful relationships. In addition, entrepreneurs will establish the right fundamental skills to improve their communication in their businesses in the right direction.

Jacob McGill is the Founder of 8020 Media. For the past 18 years, he focused on creating a better health systems for people. He is a Total Health Consultant for Complete Wellness Solutions. His passion and beliefs help many people to break their limited beliefs in communication, business and life. He was also sales and leasing consultant for Enagic and Vendor Partner from Rapid Time Networks. In addition, he studied Aikido for over 15 years.

Jacob McGill is a great believer in the importance of getting pass the fundamental education. He mentions he was inspired by Robert Kiyosaki from Rich Dad Poor Dad. He was taught that people work in narrow channel inside the box. It is good for memorization, but in business, nobody wants to see the report card.

McGill believes it is important to get outside influence. Entrepreneurs should build network that they can leverage. McGill founded 8020 Media. This is a digital brand agency with using collaborative business model.

“I want my business to strive”

McGill states in Moore’s law, when the rate of frequency is moving up, the process will eventually go up exponentially. Applying this theory to business world, big corporate businesses will not last due to the rate of going extinct. Less than 50% of Fortune 500 companies will disappear. As times continues, the rate is getting faster and faster.

McGill emphasizes the problem in this reality is fake entrepreneurship. There are many people who have ideas and they are executing; however, money is active, yet people are not linking that with ideas. Even though government placed an act to protect companies, especially after the Great Depression, fundings are not going into business and business is not maintain relevant.

“In business, people are seeing the tide going away”

The collaboration builds the fundamental in McGill’s business model. It is designed to grow other businesses. This turns operation into agility. The purpose is to build meaningful business relationship. McGill wants entrepreneurs to remember that no matter where they go, marketers will come and  screw it up.

In this generation, business focuses online. There are over 308 thousand babies born per day and 4 mobiles ship per day. There are over 8 million people online. Traditional advertising works for old school and it is not collaborating with the new generation because this generation has the ability to choose what they want to see.

Attention is rare and developing relationship is the only way for business to move forward.

Entrepreneurs are now taking the existing business model and hire people for data. When data is integrated to the existing business model, they will discover things are different. Entrepreneurs will need to change the existing business structure. They create a new business plan and get back to the playing field once more.

The collaborative model initially comes from native. It works not just vertical, also horizontal. In business, entrepreneurs are used to play finite game; but business is an infinite game because entrepreneurs need to change the rules all the time in business. Finite will not work in business. Most importantly, building relationship is infinite game.

Finite looks at the horizon, and eventually it will come around. Infinite looks at the projectile, and it will see things above. McGill believes that is where collaboration comes from.

If corporations keep the advertising budget for television and use it as a contest, they will identify customers’ concerns. McGill states corporations are not wasting money because those advertising budget will be wasted in ineffective television campaign anyways. It will work because it creates collaboration with customers.

“Collaboration starts with questioning and listening”

In leadership, successful entrepreneurs always sit in circle and always the last to speak. This is developing collaboration. Entrepreneurs need to figure out what others before take actions.

Collaboration reveals different revenue streams. Entrepreneurs will know the bigger picture and understand how to add on to the big picture. They will able to link other entrepreneurs who are relevant. Sometimes marketplace does not understand, and collaboration helps entrepreneurs to make action. It is a challenge to link with actions, especially people now it, but they do not know what to do. Many people are lazy. It is a part of the human nature. Collaboration helps them cut down to pieces to make it accessible.

Demographic plays a huge role in collaboration. Making it accessible is important to the right market. Execution is the main piece and when generation changes, entrepreneurs must be flexible.

Collaboration looks at the sentiment of the market. It gets the attention. McGill suggests entrepreneurs to keep consistent on actions. Eventually, they will attract the right people and right value.

Questions and Answers

The audience asks how to build relationship in business without depending on finance. McGill advises entrepreneurs to do the following.

  • Think about what people they want to attract and build
  • Understand the value of time
  • When they say no to one thing, they are saying no to 30 others
  • Look at the long-term plan
  • Look for overlap from others
  • Keep asking questions to know what to provide
  • Know what others want
  • Do not sell short
  • Look beyond the transaction
  • Surround with similar mindset
  • Focus on relationship and collaboration, not how sell because sell attracts sell

Secret tips of business plans that raised over $1 Billion

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Date: October 26, 2016

Name: Secret tips of business plans that raised over $1 Billion

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Presenter: Wanda Halpert

Great business plans help entrepreneurs obtain financing for their businesses. Moreover, business plans highlight business knowledge and transcends entrepreneurs’ vision. Vancouver Entrepreneurs and Business Builders meetup invites Wanda Halpert, the President of Concord Business Plans, to discuss how to utilize business plans to compete for funding. In this presentation, entrepreneurs will discover ways to produce insightful business plans. Wanda Halpert will reveal what investors are looking for in their eyes of business plans.

Wanda Halpert is the President of Concord Business Plans. She wrote over 550 business plans that have raised over $1 billion of investment capital. Wanda Halpert also prepared intensive market research and marketing plans for entrepreneurs. For over many years, she demonstrated her knowledge and business planning in many industries. She was the chairman of the board for Business Management Forum for over 6 years. She achieved the “Top Market Research Firm” award from BC Business Magazine in 2008.

Wanda Halpert mentions her business started at .COM rush. She had done over 100 types of internal models and saw many different industry trends. By learning the language of each different sectors, Halpert had written over 600 plans.

Halpert believes the hardest part is to write her own business plans. There are tight schedules and certain structures when entrepreneurs write for clients; however, sometimes it is difficult to place the same rules to themselves. It took Halpert 3 months to write her first business plan. She was fortune enough that the right people saw it and hire the right people to complete it. Her business started to launch.

In any business plan, Halpert believes it is important to have the confidential letter as the first page. The tip Halpert suggests is “talk about it, but do not show what it is”. In addition, entrepreneurs need to provide their contact information on the first page.

Follow the confidential page, Halpert provides the highlight page. Highlight page is the summary of the actions for the business plans. Instead of reading the whole business plan, entrepreneurs capture the necessary information on this page. It shows business perspective. Halpert encourages entrepreneurs to show graphs on what investors get if they invest the plan.

Great business plans do not use the default table of content format. Table of content should be market in different ways for different business plans. A typical business plan should open with an introduction, follow by the current situation, then a list of directors, position, social media profile and services. The next section entrepreneurs should provide strategic analysis. This includes market segment, SWOT analysis, and competitive analysis. Entrepreneurs should include the strategic plan that has primary objective and timeline. Afterwards, business plans should have marketing strategy and finance projection. As for the rest, it should be put into appendix section.

Business plans for grant application can be a bit different. Opening should also include contact information and the highlight page. Halpert recommends entrepreneurs to use pictures in executive summary for better result. The business plan includes operation plan, market research, market tactics, and financial section. Halpert emphasizes the key is to tailor each plan to the right audience.

For business plan in technology sector, business plans need to include value projection and milestone achievement. Halpert will also include a deep analysis of market trend and have one-page business plan. The plan should backup with financial. It is beneficial to include company overview that shows who key players are. If there are strategic alliances, value chain, major events or future plans, business plans should include those as well. Halpert shares some companies demand more information, so it is important to understand the audience’s requirement. Halpert suggests entrepreneurs to give company its own chapter in the business plan.

Halpart suggests entrepreneurs not to give the whole business plan to investors at the beginning. Instead, they should show them first page. If they have interest, entrepreneurs will show the rest.

Market research is extremely important. It shows how the sector is growing today. For any technology business plan, Halpart suggests entrepreneurs to include smartphone trend since smartphone is the biggest want in 3rd world country. Market research also includes the growth of spending, target market and distributors.

Market strategy should follow after market research. Marketing plan is important because entrepreneurs might have the best product, but if they do not have a great marketing plan, it is difficult to convince investors how they can get their money back. Halpart encourages entrepreneurs to show pictures and competitive analysis. Moreover, entrepreneurs must remember to include bibliography. Investors are smart, so make sure all statistics are right on.

If entrepreneurs are writing business plan for government, Halpart suggests them to use traditional setup. It is important to figure out what government wants and match everything, including the wording, on the business plan.

To write a great business plan, Halpart have 3 important keys to remember.

  • Use suggested format
  • Show diagrams as much as possible
  • All about content

Halpart likes to use spiral binding because it is easier for investors to read and fold down. She feels she is like a translator. She needs to translate PHD in lab to investors who are not PHD but who have the money. The important key is to make the business plan easy to understand. Pictures help investors understand the plan faster.

Pitch deck is another way to present business plan. Halpart provides some recommendation.

  1. Give headline first
  2. Identify the situation
  3. Show statistics
  4. Provide diagrams on options and highlight the hotspot
  5. Provide business model, marketing plan, market size and strategic review

Pitch deck should be less than 10 slides. It is important to summarize a timeline on how business will grow. Sometime, investors will question if entrepreneurs put their own money in the business plan. Therefore, business plan should be plausible and exciting. Always bring something new to the table and let them feel they are already got their money back.

The second important key is to phrase the words that is positive. Never write in negative. Entrepreneurs should always write what they can do not what they cannot do.

For advanced technology sector, entrepreneurs must use the right words that describe who they are. Business plan should show advantage, sectors involvement, current operation, and company overview. For products and services, business plans must include detail description and who to call. If there is positive publicity, business plan should include it. For stocks, entrepreneurs can use similar style. Moreover, business plans should show the obligation and global growth. Since most investors prefer business plans in digital format, Halpart recommends ISSUU to show business plan online.

“Even if it is creative, you still follow the classical”

Questions and answers

Halpart does her own research. The turnaround for the 1st draft of any business plan is 2 weeks. There is no short cut. Halpart emphasizes every business plan must focus on their primary audience. The projection years for business plan can be vary. It depends on different sectors. Halpart believes technology plan should have 3-years projection and real estates should have 5-years projection.

Every business plan should always review annually. Appendix section is the best sector for entrepreneurs to show off their contracts that add values to business. For government grant, there are specific requirements. Halpart suggests entrepreneurs to use the same word choice and look for a checklist.

Halpart shows the basic formula for standard business plan.

  1. Product description
  2. Market research
  3. Marketing plan
  4. Revenue

Market research includes the proof the growth of sales. Entrepreneurs should pick the most optimistic ones. The marketing plan should include online and offline. Revenue links with financial projection because marketing plan is the revenue generator.

How to successfully finance your business through crowdfunding with Mirey Faema

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Date: April 2, 2015

Name: How to successfully finance your business through crowdfunding with Mirey Faema

IMG_3778[1]IMG_3780[1]Presenter: Mirey Faema

Crowdfunding is an alternative and innovative way to fund businesses for entrepreneurs. Moreover, entrepreneurs can utilize crowdfunding to capture their ideal audience and demand. Jonathan Chow, the founder of Vancouver Entrepreneurs and Business Builders, invites Mirey Faema, the founder of Business Procedures Masterclass, to discuss her experience to launch a successful crowdfunding campaign. In addition, Entrepreneurs will benefit this presentation by understanding the essence of crowdfunding strategies.

Mirey Faema provides business solutions for entrepreneurs to grow their businesses. Faema is also the co-founder of CLIQ Crowdfunding. She has the passion to help businesses to implement new procedures to streamline their businesses. Moreover, Faema connects with many organizations with the concept of crowdfunding by focusing on the right message.

Faema states based on crowdfunding statistic; there is only 40% success rate to launch a successful campaign. The trend is leaning towards reward based crowdfunding, which are offer funds for the exchange of products. The market is extremely competitive and Faema must emphasizes crowdfunding is not free money and it is a method to build community around entrepreneur’s idea. The idea behind crowdfunding is to receive first and support the community.

There must be a strong philosophy behind the crowdfunding campaign. When the technology and gaming industries are booming, crowdfunding becomes the highlight of any funding method. However, when industry is over promised, people get skeptical over the idea of crowdfunding. Crowdfunding is great for product launch campaign because people can physically see the idea. Entrepreneur use crowdfunding to test their market demand.

Faema emphasizes crowdfunding is hard work because there is a lot of preparation and planning. The problem is entrepreneurs do not have the time to delicate the planning. Team is important and team is formed based on the goal of the crowdfunding. Faema suggests business should be solid before launching crowdfunding.

Faema indicates with a goal of $100,000 campaign, it needs 7 people in a team. Team can be involved with these 6 categories.

  • Developing media
  • Planning strategy
  • Campaign design
  • Branding strategy
  • Video production
  • Public relation

Business must be ready before crowdfunding is launched. Faema illustrates crowdfunding can change the infrastructure of a business. Business need to prepare the shift. Preplanning is important.

Aftermath of crowdfunding

Many entrepreneurs forget the procedures after crowdfunding campaign. Faema suggests entrepreneurs to provide deadlines for shipping and logistic. When crowdfunding is complete, the spreadsheet can be nightmare and entrepreneurs need to have a team to analyze the data. If the deliverable is not on time, entrepreneurs need to communicate to their community by offering incentive. The important thing is to keep up the communication.

“People can break your business if they are over promised”

Successful campaign needs a strong network on social media. Entrepreneurs need to structure their network before the launch. The idea planning period is on year and minimum 3 months. Faema suggests entrepreneurs to complete three strategies 6 months before planning.

  • Build the excitement
  • Build relationship
  • Allow others to share

Entrepreneurs need to have minimal reward. Reward must have multiple levels, including pre-purchase. However, Faema shares crowdfunding is illegal if there is exchange for shares or ownership, even perks cannot be transferred. Entrepreneurs can use the subscribe strategy to lead people into the community.

Reward formula

Faema believes reward system should keep it as simple as possible. If entrepreneurs try to offer too much, they will break the campaign. In addition, if they offer too much service, they will dilute the focus of the campaign.

“Focus on primary service with the relevant reward”

Successful campaign requirements

Faema believes a successful campaign needs surround by a good idea. The process of crowdfunding is missing the step of feedback since crowdfunding is direct communicating to audience. Video must be simple and straight forward. The message must be easy to understand. The reward system is simple. If entrepreneurs include early bird reward level, it is important to ensure they have funding for back-end. Timing is the key. Entrepreneurs must launch it when people want it immediately and get them impulsively to buy it.

The visual must be creative. Entrepreneurs can use info-graphic to illustrate their concepts clear. Faema recommends entrepreneurs not to concentrate too much company profile in the video. The emotion can tie into the video; therefore, video should be professionally made. Humor can be a way to bring out the emotion in the video. It can resonant with the audience, relate to audience, and be creative. Overall, the video should answer the why, especially if the cause is for the greater good for the world.

“Instead of telling us why you are awesome, tell us why the service is awesome”

The target must be clear and call of action must be included in the video.

Fundraising and crowdfunding are two different type of funding methods. Crowdfunding is not by donation, it is pre-order. Moreover, crowdfunding can help business to get to the next level without any exchange of equity. Faema wants entrepreneurs to think crowdfunding as a business model. Entrepreneurs use crowdfunding to provide business and the audience will exchange for their services and products. It is important to foster the audience and convert the audience to super fan. Crowdfunding can create relationship and engagement with clients. Entrepreneurs need to ensure they thank the supporter and share or promote other similar projects.

Kickstarter versus Indiegogo

Faema describes if the campaign on Kickstarter failed, entrepreneurs will not get the funding. Therefore, entrepreneurs need to set their minimum goal and stretch the goal later by stating more objectives near the end of the deadline. Most of the time, supporters will support and push for entrepreneurs at the end if campaign is really close because they want to see them to be successful. As for Indiegogo, entrepreneurs will receive the funding no matter what.

Faema do not recommend entrepreneurs to launch two identical campaigns on both platforms. This will confuse clients and it is bad for social media publicity.

Many businesses use Kickstarter platform because even if the campaign failed, the recognition from Kickstarter will brand for the entrepreneurs to get external funding.

Campaign will fail if there is no budget. Entrepreneurs tend to spend too much on incentive. People like crowdfunding because it is open to public and not regulated by corporate traditional rules.

Faema wants entrepreneurs to understand that crowdfunding has no geographic restriction. Crowdfunding is based on creativity to get attention.

The expectation of budget for video is around $3,000 to $6,000. Many entrepreneurs underestimate the budget from holding or offline events.

“Crowdfunding is unpredictable because it takes the right person and the right time for this person to help you”

Outline for crowdfunding

Faema has created an outline for entrepreneurs to produce a successful campaign.

  1. Understand the theory behind crowdfunding by searching and researching the existing product and market
  2. Ensure the message is clear
  3. Determine the minimum funding goal
  4. Ensure business is ready for changes such as delivery and infrastructure
  5. List the element of videos, such as reward based
  6. Pre-launch planning and build referral, network, and branding
  7. Develop campaign team and set time and support
  8. Strategy to show commitment
  9. Link Kickstarter and website to social media
  10. Budget the campaign
  11. Create campaign timeline to execute strategy
  12. Develop the story with personal inspiration
  13. Develop the pitch in video
  14. Engage with audience
  15. Provide well ongoing communication
  16. Evaluate the campaign with performance measures

“Make a compelling video to allow audience’s personal feeling and experience to be a part of it”

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