Finding the Right Business Partner

Let’s set the stage: you think of a great idea for a business; you have passion, knowledge, maybe even some money to get it started.  But even if you think you’re well-rounded enough to create a startup on your own, you’re wrong.  A lot of investors won’t even invest in companies with only one founder.  That said, how do you find a business partner who’s a perfect fit for you?  I’ve created a short list to help you start the search:

1- Look around you: is there someone in your circle who you trust personally and in business?  Or can a mentor or contact refer you to a person who is looking for business opportunities?  Even if you know a person well, make sure to talk to others who have worked with the person to make sure they’re a good fit.

2- Find someone who excels in your weaknesses: start analyzing what you’re good at, and what you can bring to the table for the business.  Now try to find someone who is perhaps weaker in those areas, but stronger in areas you lack.  Your skills, experiences and talents must compliment each other.  ie. one person is responsible for operations and finances (back end) while the other focuses more on marketing and sales (front end).

3- Search sites like PartnerUp: websites, forums, and online communities make it easy to explore all different types of people who are looking for partners or opportunities.  LinkedIn is also a good site to browse.

4- Have legal representation: I have been through multiple rounds of partner negotiations, and it always helps to have a lawyer who can explain all of the options and limitations; otherwise, things will get sticky down the road and you’ll end up wishing you had spent the money.  Certain law firms will even work with startups for little or no money up front to help you get off the ground.  Talk to your network to explore the right law firm for your needs.

5- Set your roles and stick to them: based on your earlier assessment of you and your partner’s skills, identify clear roles and responsibilities and stick to them.  Of course, with startups, you both will be wearing all of the hats until you have employees, but defining roles early will set you up for success later.  Roles can be written into your bylaws or operating agreement, or agreed upon in another internal document.

Having a business partner is very similar to being in a marriage.  You may even be around your partner more than your spouse, so keep that into consideration.  The divorce rate is around 50% and the same applies to business relationships.  If you want to be in the statistics of businesses who make it, follow the steps above, as well as your gut, when it comes to selecting a partner.

Things I’ve Learned: Committing to One Idea

So what are you working on?  Or rather, how many things (businesses, projects, organizations, etc.) are you working on?  I can speak first hand about taking on too much, or getting sidetracked from an original goal.  It’s still hard for me to focus in on one task, at times, since my mind is always thinking about my next step and trying to multitask.  But learning from the last few years has taught me a valuable lesson that most entrepreneurs have or will learn: commit and focus on one idea.

Think about it: if you were a professional basketball and baseball player, could you truly excel in two sports at the same time?  With the freak exceptions of athletes like Deion Sanders and Bo Jackson, most people wouldn’t be able to hack it.  So why would entrepreneurs?  The probability is unlikely that you will be able to see more than one solid idea survive the madness and arrive at full blown success.

Here are 3 quick ways to ensure that you stay on track:

1- Clarify your core objective with any idea.  Get this down in writing and put it on the wall so you can see it everyday.
2- When you create your to do lists (and boy do I love to do lists), ask yourself if each item pertains to your overall mission before starting.
3- If you have more than one idea, prioritize which ones will get done first.  In my case, I have a thousand business ideas that I would love to get done right now.  But I know without focusing full time on Zolio, I can never make it successful.

Let’s face it, every entrepreneur has a million “next ideas”.  And in time, you can see them all to fruition.  But if you don’t focus your time and energy on one idea at a time, you’ll set yourself back more than you could ever imagine.

Earning an MBA Without a Degree

Someone recently said to me: what you have learned in the last two years can be equivalent to earning your MBA.  As I moved through the ups and downs of starting a business, I couldn’t agree more.  Thinking back to what I have learned somewhat hurts my head, but in a good way.  I mean, do you need a degree to teach you how to deal with difficult business partners?  Do you need a degree to network and try to raise money for your company?  While in some instances, it can help, I believe that the real-world experience of building a business, and surrounding yourself with people who are smarter than you (and learning from them), is truly the catalyst for success as an entrepreneur.

I actually thought about going back to get my MBA, but then thought, nah, what I want is obtainable without a degree.  In fact, entry to market is critical to my market, so if I spent two more years in school, opportunities may be lost.  Point is, making the choice to start a business will teach you more than you could ever imagine about a few things: 1- business itself, 2- yourself, and 3- who your allies are in the never-ending rollercoaster ride.

My life as an intern

I get bored easily. My friends know this, my family knows this, and unfortunately some of my former employers know this. I spent the first summer after my freshman year of college unloading boxes at the Kohl’s department store near my house. It was awful. I had to work up early and go deal with a whole lot of cardboard. But the worst part about it was that I did the same thing every day. I knew I couldn’t continue to work there even if they did offer benefits after a full year of employment.

The next summer I landed an amazing unpaid internship at the Ronald McDonald House of Cleveland. I realized then that internships are the way to go for people trying to gain experience without necessarily committing themselves to a career.

Internships come in all shapes and sizes. I’ve had internships with both non-profit companies and for-profit companies. I’ve had the type of internships where I made coffee and organized desks and I’ve had the type where I was in charge of large projects and was expected to run it as if I had been working with the company for years. I’ve had both paid and unpaid internships and I’ve had both good and bad experiences with each.

One of the most interesting aspects of internships is that you are rarely doing the same thing everyday. You can get an inside look at how business are run and you can work alongside some really interesting people.

Internships are building blocks for those of us who are new to the “real world”. All of the experiences can contribute to building our characters and, of course, our resumes. And trust me, even the worst internship beats the heck out of accidently cutting yourself at 5:00 in the morning with a box opener that says Kohl’s.

Ronald McDonald House Interns ‘08

(Free t-shirts: another perk of internships)

New Direction for Our Blog

From the beginning of our blog, we have focused on writing tips, advice and input for job seekers everywhere, touching upon a variety of different topics.  These are important topics to cover, but we’re now shifting gears.  We will still be writing helpful articles that are informative but they will live here on our Articles page instead of on this blog.

Our new blog will cover…

A more personal experience from our team’s point of view.  We go through trials, tribulations, ups, downs and everything in between just to run a startup like Zolio, and we think it’s interesting stuff.  So you’ll have access to a piece of our lives and learn why we love what we do, even on the hard days (that’s why bars are open for happy hour, right?).  We hope that our blog can inspire you to take action with the goals in your life.  Because at the end of the day, inspiration and determination can take you a long way.

We welcome your input, your own experiences and most of all, your willingness to share a part of yourself with us.

*We’re also working on spicing up the look of the blog, but that won’t come until later.

- Julie & Andria

How to be Perfectly Persistent with Employers (but not overbearing)

“Aerodynamically the bumblebee shouldn’t be able to fly, but the bumblebee doesn’t know that so it goes on flying anyway.”                                                                              -Mary Kay Ash

When looking for a job, being perfectly persistant can be tricky. After you’ve sent out your resume and applied for positions, the next step is a follow-up. There are two routes to a follow-up:

Route 1:

If an employer responds right away to your application, be as prompt as possible in your reply. They are interested and your prospects are good, so be sure to set up an interview as soon as possible. Make sure you are flexible to their time-frame. This shows that you are willing to work with them and make them a priority.

If the interview is more than a week after the day you set the appointment, it is always a good idea to send a confirmation email to remind both your potential employer and yourself of the specifics.

After the inital interview, if they don’t hire you on the spot don’t bombard them with phone calls and emails asking about the position. If they gave you a time frame (”We’ll let you know within the week”) be sure to give them that week to contact you. Take a breather and pursue other job options, just in case.

However, if they don’t contact you within the allotted amount of time, it is perfectly acceptable to inquire again. This shows patience, but persistance which are both great business qualities.

Route 2:

The second route to the follow up comes into play if your potential employer doesn’t contact you. Keep in mind that they probably received many resumes. If a week and a half goes by without contact you can follow up with a polite email or phone call if you are really interested in that job. This shows employers that you are truly interested and can dedicate time to the position. But, if there still isn’t a response after your follow-up. Continue your search elsewhere.

Some tips on contacting potential employers:

• Limit yourself to one email or call at a time. Make sure you have all of your information and questions organized so you can wow them in one fail swoop. If they don’t respond to one call, they aren’t going to respond to three.
• Respond by their chosen media. For instance, if they call you, call them. Employers usually respond through the media that they use the most and is therefore easiest to reach them by. This shows consistency and gives you a better chance of a prompt response.
• Give them a grace period. Although you might not have a job yet, they do; give them time to get in touch with you. But don’t give them so much time that they forget about you. Sometime between three days and one week is a good genreal rule to follow.

Through a follow-up call or email series you show employers persistance, dedication, and patience when done correctly. Be sure to let the job search run its course. Don’t get worried about the time it might take and most imporantly don’t become overbearing.

Lena Chapin is a rising senior at John Carroll University. She is double majoring in English and Communications.

Hope for New Grads in Tough Economy

Graduating years ago when the economy wasn’t in a recession was slightly easier than grads have it these days. Back then, you chose the city you wanted to live in, started applying for jobs, picked up and moved. Nowadays, with employers planning on hiring 22% fewer graduates this spring, how do recent grads find work?

First, start off by locating which cities have the most jobs to offer by using this map and list.  Consider potential cities that you may have not considered until now. 

Explore potential jobs in industries that are recession-proof.  We compiled this list last month to give you a place to start.

What about starting your own business?  Entrepreneurs are braving the economy and creating startups that have a lot of potential.  If you have been thinking of ideas for businesses, it’s quite possible to raise funding with investors who look at the long term ROI.

Remember that what you decide to do now is not what you have to do for the rest of your life.  Explore new options, stay positive and discover who you really are and what you really want to do in these tough times.

Troubleshooting Your Job Search

By Caroline Ceniza-Levine

A recent Inc Magazine article by Joel Spolsky comparing running a business to getting good radio reception made me think about a similar point I often make with coaching clients about their job search:  you need to constantly refine your search.

What knobs are you turning on your search?  Spolsky makes the great analogy that price, location, employees, marketing, etc are the “knobs” of the start-up’s radio.   For a jobseeker, you have your pitch, your resume, your cover letters, your online profile, even down to the detail you provide on an individual project.  Are you looking at all the pieces of your job search package to see what is getting good reception on the market?  Are you fiddling around with these knobs on an ongoing basis to get better reception?

What can you change?  Spolsky gives an example of a pricing change from that greatly improved sales on a languishing product.  Similarly, if you are not getting interviews, audit your search.  If you are getting leads just from ads and these haven’t resulted in interviews then try something else like calling into firms directly.  If you get to interviews and they are focused on a project that you haven’t put front and center in your profile, put it front and center – the market is telling you that this is your hook.

Will you keep trying?  Spolsky is very clear that the only reason businesses fail is that the owner stops trying things.  Similarly a jobseeker has to put herself out there time and time again to move her search forward.  Maybe Lana Turner was discovered in an ice cream shop and catapulted to a dream career while minding her own business, but that probably won’t happen to you and me.

Be proactive.  Turn up your job search radio.  Fiddle with the control knob.  Listen to your market reception.  Repeat till you get what you want to hear.

Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

Negotiating for Time in Your Job Search

By Caroline Ceniza-Levine, co-founder of SixFigureStart (www.sixfigurestart.com), a career coaching firm that specializes in working with Gen Y young professionals.   Formerly in corporate HR and retained search, Caroline most recently headed campus recruiting for Time Inc and has also recruited for Accenture, Citibank, Disney ABC, and others. (http://www.sixfigurestart.com)

Sometimes negotiating for time doesn’t mean managing multiple searches.  You may not be in the interview stage, even though you have started networking.  Maybe you are a student or have another job and are not available immediately.  Rather, negotiating for time could mean managing multiple relationships and staying front-of-mind for prospective employers so that when an opening does come up in May when you graduate, or whenever you are available, you get considered for that.

Negotiating for time means getting prospective employers to remember you fondly and remember you at the opportune time.  There are only three rules for staying front-of-mind over a long stretch of time:  follow up; follow up; and follow up again.

Please say something different each time so your message stays fresh.  Please do not ask for a job or even reference your job search because then you are not building the relationship, you are nagging.  Please space out your follow ups appropriately so that you respond to inquiries in a timely manner (that means you follow up quickly if not immediately if they ask for something that demands a response) but you don’t do casual follow-up too often and seem like a stalker (that means at least a month if not two between casual hellos).

There are many reasons to follow up unrelated to the job search.  The holidays are coming so send a card.  Place a Google Alert on their company and send a comment when something interesting pops up.  Think of personal approaches as well – if you know the person likes to read fiction, make a book recommendation.  But do something interesting and genuine to build the relationship and essentially negotiate for more time for the relationship, enough time ideally to get you to that sweet spot when they may be ready to hire you.

Article courtesy of the Recruiting Blogswap, a content exchange service sponsored by CollegeRecruiter.com, a leading site for college students looking for internships and recent graduates searching for entry level jobs and other career opportunities.

6 Easy Steps to Master Twitter

       Twitter is a fabulous marketing and communication tool, but with all of the websites, applications, mobile apps… (how many variations of the word ‘twitter’ can there be?!) that exist for it, things can become overwhelming.  If you are new to Twitter, start out slowly and enjoy it.  Once you get used to it, explore the hundreds of ways to make your access and tweets better.  But before that happens, try my simple 6 step process to get started: 

1.      Reserve your @FullName. 

a.    For example, @JoeSmith

b.   Don’t use a company/website name in your address unless you are going to solely write from that point of view.

2.      Create your bio: think of which keywords you would want to be described with.

a.     Use mostly professional descriptions and keywords, with some personal.

b.     Change the background to anything but the default.

3.      Download Tweetdeck. (www.tweetdeck.com/beta)  An icon will appear on your desktop.

a.     This will allow you to create groups (Technology, Marketing gurus, friends, etc.) so that you can check on important tweets and not have to filter through every single one.

b.     Pick 3 main categories you want to create.  You can only see 3-4 columns on the screen at one time, and one should be ‘All Friends’.  Mine are: social media/tech, marketing, & entrepreneurship.  I can also see every tweet that comes in if I want to.

c.     You can tweet from Tweetdeck, your phone, the web, etc.

4.      Publish a few relevant tweets.

a.     We all come across great articles, blogs, websites during the day, so start by tweeting with relevant information that you find. 

b.     Copy and paste links to share. (Twitter automatically shrinks it.)

c.     You only have 140 characters to work with.  Make it short and sweet.  What do people need to read?

d.     For help, browse a few avid tweeters and see what they’re posting.

e.     A lot of the times, share options will be listed on articles or blogs you read.  Look for the Twitter ‘t’ and share away.

5.      Follow and be followed.

a.     Go through friends or popular tweeters and find people to follow.

b.     DO NOT follow everyone.  Only follow people that will benefit you or that have something in common with you; people in a particular industry, people you look up to (ie. celebrities, industry pioneers, business people.)

c.     This process will be slow.  It takes a few months to establish yourself and get quality followers, but it’s worth the wait.

d.     Follow Mr. Tweet.  He will generate lists of people that relate to you.  Don’t follow everyone he gives you- but view his quick lists and browse their bios to see if they’re a good fit.

e.     Visit twitter.grader.com and search by keywords to find people like you.

6.      Tweet regularly.

a.     You don’t have to tweet multiple times a day, but aim for at least once or twice a week at a minimum.

b.     Figure out your patterns.  ie. Check Twitter in the am, at lunch and after work hours (3 times a day) or check twitter everyday at 1pm.

C.     Everyone will use Twitter differently, but just remember: if you miss a few days, you can miss a whole lot?

Happy Tweeting!

Follow Andria: @AndriaTriv