NMNB Meet-up Minutes: 11/18/2010

From: Jack
Sent on: Wednesday, November 24, 2010 3:31 PM
What's the purpose of New Member, New Business Coffee Hours? Think of it as a support group for business owners who are looking to a way to vet ideas.

Attendees:

  • Joey* - Graphic Designer, Programmer, and On-line Marketing Consultancy
  • Paul* - Strategy Consultant ($1M - $5M businesses)
  • Bill* - Author and ghost writing brokerage/agency
  • Alleah* - Pet Care Company
  • Nick* - Programmer, Marketing Product
  • Andy - Power Lifter, Fitness & Dietary Consulting
  • Kevin - Thinking about starting a business
  • Jack* - Social Sports League Management
* Indicates current business owner

Topics of Conversation
Here's a brief summary of major themes from this month's discussion.

  • Motivation - When you're your own boss, there's no one to hold yourself accountable except yourself. So whether its desire for productivity, fear of losing out to competitors, or the promise of financial gain, motivation is an essential part of
  • Scaling Your Business - Scaling your business is risky because it means losing a degree of control in exchange for customers you otherwise wouldn't be able to reach. For risk adverse owners, select the businesses that either break even or take a marginal loss as experiential cases. You're not risking much because these projects won't be profitable anyway.
  • Identifying Business Opportunities When There is No Clear Vision - Just because you a have an idea doesn't mean that you have a sound business plan. Do you know what your market is? Do you know what your potential market wants? Are you actually servicing a marketable demand? Do you know who your competitors are? These are are essential questions that you must ask when starting your business.


Monthly Goal-Setting

  • Nick - Have a successful investor meeting (will report back about how investor was found, results of the next meeting, and lessons learned, if any)
  • Andy - Create a website
  • Kevin - Provide our Meetup Group with 3 Business Pitches
  • Bill - Finish 2 book proposals
  • Jack - Respond, File, or Delete E-mail box (currently at 480 messages). Original Goal was to create Standard Operating Manuals (now revised to draft table of contents).
  • Alleah - Prepare a business plan for potential investors
  • Joey - Take a Risk and report back what what that risk was and how he managed it.

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