Cavete vendit

Caveat emptor, which means “beware the buyer,” resonates with anyone who buys goods or services on the web. The credit card industry has created a safety net where we feel that providing our credit card information for web purchases is probably safer than giving a credit card to an unscrupulous waitress or bartender.

However, as a merchant that sells over the web, the words “Cavete vendit” should ring clear in your mind meaning “Seller beware.” Merchants carry a tremendous of risk in taking credit cards and you need to plan accordingly.

I experienced a frustrating run with a credit card scammer and learned how vulnerable merchants are in the process. The experience also showed us where the gaps were in our security and gave us pause as to why we hadn’t taken these measures in the first place.

Getting Ready for the Next Big Thing

Twenty five years ago, I invited a team from P&G to Apple’s Special Systems Division in Cupertino, California to take a peek at the future of computing. In Cupertino, we viewed a video tape (VHS, of course) called Knowledge Navigator which showed a handheld notebook with a camera, telephony and interactive video. We didn’t know it, but we were viewing the first incarnation of the iPad. And this was before there was an internet, and cell phones just made phone calls. (You can now find this video on YouTube.com)

This year UPS published a study called UPS Pulse of the Online Shopper. This study triggered the fond memories of massive changes like Apple showed in Knowledge Navigator circa 1989. Think about these highlights  that should provoke your own evaluation of how you and your company will adapt.

For example, look at all the retail building that is now underway. Real estate studies show that there is enough retail space in the U.S. to accommodate a population of 900 million people. We continue to build, yet online retailing grew 7x faster than offline and achieved 10% share of discretionary spending last holiday season. Especially for the male gender, online shopping has created last-minute saves for anniversaries, birthdays and special occasions without requiring a trip to the dreaded mall.

Boston Hot for Startups, So is Cincinnati

Boston stole the startup crown from Cambridge this past year by closing 97 venture capital deals in 2013 compared with 66 in 2012. Kyle Alspach, tech guru writer for the Boston Globe, penned a front page article describing the huge tectonic shift from Cambridge to Boston. Although Silicon Valley still reigns as the startup king, Cambridge has always enjoyed a vibrant startup ecosystem thanks to the talents and treasures attracted by MIT and Harvard. Former Boston mayor Thomas Menino wanted to

Kyle Alspach, Tech Guru Writer at the Boston Globe

“create an irresistible environment” for entrepreneurs – changing the name of Boston’s Seaport district to the Innovation district. He rallied the politicians to build infrastructure, and real estate barons to convert warehouses into cool, high tech space. It turns out that the basics attract entrepreneurs, and Cincinnati would do well to take copious notes on Boston’s journey.

Dream No Little Dreams

“Dream no little dreams for they have no power to move men’s souls” 

Clay Mathile, Founder of IAMS

Clay Mathile, founder of the IAMS Company, paraphrased Johann Wolfgang von Goethe’s quote as the title for his autobiography. This should be required reading for all entrepreneurs. Most entrepreneurs intellectually understand the journey, but the stories of Mathile’s journey from 1970 to a billion dollar enterprise by 1999 resonate with founders far more than any textbook or Inc. magazine article.

On my journey to scale OneMorePallet, I invested two days in Aileron’s Course for Presidents at their campus in Tipp City, OH just north of Dayton. Aileron is Mathile’s organization and campus that fulfills his dream of helping grow entrepreneurs and giving back to the community.

The Future is Bright

“The Future’s So Bright, I Gotta Wear Shades”

              — 1986 hit song by Timbuk3

Sara Specter, editor at Modern Materials Handling, asked me to review and give feedback on a draft of the US Material Handling and Logistics Roadmap, a synthesis of over 200 participants from all facts of industry, academia and government to predict the state of the industry in 2025. Since Material Handling and Logistics touch every facet of our life from what we eat and wear to how we drive and play, it makes sense to think about how our organization would fit into that world.

My first impression: Technology will disrupt the market more than we can imagine. At Promat 2013, a logistics trade show, the futurist, Edie Weiner, talked about the speed of technology change: “It is happening at an exponential exponential rate, and I did mean to repeat myself.”

The roadmap thinkers envision innovations such as “same day” and even “same hour” deliveries. While this seems like a ridiculous notion that we would need something the same hour, look back to the 1970’s where we thought next day delivery was limited to extremely urgent situations. FEDEX changed all that. And the thought of free, two-day delivery for everything seemed like a sure way to lose money, yet Amazon dominates a market where they have set expectation that everything is delivered in two days for free.

How to Use a Crystal Ball

“I’m 100% positive that I can meet my sales forecast, I just can’t tell you when.”

–       VP of Sales at a Startup

Last year I wrote a column on “Leveraging the Power of the Press” in response to an entrepreneur getting more than their fair share of ink and airtime for something that he said. This could become an annual opportunity for teachable moments with the recent coverage of another startup that received a LOT of coverage for her public statements.

Without going into the specifics of this situation, the future revenue forecasts presented to the audiences and published in the media sounded out of this world. That’s what startups do – they create huge opportunities to make the world a better place.  I’d like you to consider the art and science of forecasting as it relates to your startup.

Too Much Information

I didn’t have time to write you a short letter, so I wrote you a long one. 

– Mark Twain
Every morning I wake up to an inbox full of great knowledge and inspiration. 25, 50, 100 emails magically appear overnight to catch my attention. Yet, they don’t.

At the GCVA presentation committee, some entrepreneurs bring 60 slide Powerpoint decks to make sure they cover all the information.  Yet, they don’t.

As part of the baby boomer generation that invented Attention Deficit Disorder and called it multi-tasking, I agree with Shakespeare’s thought “Brevity is the soul of wit!”

To that end I recommend you think about how subtraction can increase clarity!

My business communications professor showed us how to write succinctly by crossing out throw-away words, phrases and even paragraphs. He simply advised: “If you deleted it and still got your message across, then leave it out.”

US Bank Business Watch April 7, 2013

Kelly Leon of  WKRC Channel 12’s US Bank Business Watch program interviews Bill Cunningham, Founder of OneMorePallet.com and Shop Foreman for the Greater Cincinnati Venture Association.

Impressionist

“A business absolutely devoted to service will have only one worry about profits. They will be embarrassingly large.” — Henry Ford

Henry Ford didn’t sell automobiles, he created a great customer user experience that resulted in the tremendous success of Ford Motor Company. Whether you deliver products or services, your customer experience determines whether customers buy and more importantly, whether they will buy again.

The cycle of user experience begins with the first impression of your organization. In Malcolm Gladwell‘s book, Blink, he proves that you make snap decisions within a single microsecond at the start of a user experience and keep that portrait in your mind

Malcom Gladwell

despite evidence to the contrary. You have all heard that you only get one chance to make a first impression. More importantly, according to Seth Godin, is not the first impression, but the realization that you do not know when it will occur. This means you must be ready 24/7 with how customers acquire the user experience with your company.

Telling Your Story Is Paramount

Starting a business requires many talents – marketing, sales, finance, fund-raising, project management among others. Communicating well is the critical thread running through all of these talents. Your ability to tell your story as founder, designer, programmer or sales warrior will make or break your venture. After all, if the world doesn’t know what you can do for them, then how will they be motivated to trade their hard-earned money for your product or service.

Make these ideas of your bucket list for becoming a great startup.

Guy Kawasaki’s 10/20/30 Rule

Whether pitching an investor or giving a presentation at a conference, use Guy’s 10/20/30 rule as a guide.  ten slides, twenty minutes and thirty point type. If you can’t tell your story in ten slides, then your story is too complicated and your audience (VC’s or customers) won’t remember much of it. Timewise, don’t plan for more than twenty minutes max for presenting. In investor meetings, expect interruptions and questions throughout your talk (a good sign) – so planning for any longer means you won’t get to finish your story in an hour. Guy suggests using thirty point type as a minimum because a) people with money tend to be older and don’t want to squint to read your presentation, and b) using at least 30 point type limits the amount of information on your slide. After all, you want people to listen to your story, not read your slide.