Decisiveness: Quality 1 of N of Successful Entrepreneurs

Posted by on Aug 9, 2017 in Business, Entrepreneurship | 0 comments

Being decisive is a cool and very important quality. It requires energy and you to face fears of being wrong or even to look stupid. It takes guts to be decisive but there’s no success without decisiveness. It is an important quality not only in business but also in personal life because decisions unstuck you. You decide which road to take and that makes some of the problems irrelevant and other ones more relevant and that is a good thing. It’s better to solve issues that are right in front of your eyes rather than spend time and energy fixing things that might or might not happen in 1 year. In programming terms this is called premature optimization. It’s good to look ahead but not too far ahead and only when it really makes sense. Many books state that we have a limited pool of energy that we can use for decision per day. Every decision takes some of its contents. With the new day that pool gets replenished. Even micro decisions take mental energy e.g. what clothes/socks to wear, what to eat for breakfast, do you want to drink tea or coffee. To simplify this you can have rules to improve the decision making process. For example: you can prepare your clothes for the next day. You can cereal during the week days and on pancakes on the weekend. Deciding between: coffee or tea. Anytime between 5am & 4pm drink coffee otherwise tea. There will be days when you’ve had to exercise your decision power and lot and at the end of the day you feel drained and deciding what to order for dinner can take minutes to make. That’s normal and is ok. What if I make the wrong decision? I was raised that making mistakes is a wrong thing. Thankfully I was able to change my perception by reading lots of startup/business books. Those books repeatedly mentioned that mistakes are just learning lessons. In the context of startups many decisions/experiments have to be made in order to find a working business model i.e. create something that people want and are willing to pay money for it & are actively looking for a solution. Most of the time it’s better to make a decision early on because you’ll be able to course correct if things don’t work out as expected or you get new information that makes you change course. In one of the business books I remember reading that a CEO mentioned that he/she has changed their mind rather than saying he/she was wrong J.   There are small other cases/exceptions that makes sense to delay making a decision they are called creative procrastination. I like...

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How to Roughly Calculate When Your SaaS Application Will Become Profitable (Spreadsheet File Included)

Posted by on Dec 22, 2014 in Business | 0 comments

Today I started researching a potential opportunity for a SaaS (Software as a Service) application. I was curious to see how much I can/should charge per month/year in order to be profitable sooner. Actually, I should've done this before I started working on qSandbox service. That would've given me a better idea what to expect in terms of profitability. At least I tracked my time. Assumptions The calculations don't take into account any free users or free trials Assuming growth at about 10 new paying users per month. Doesn't take into account churn rate (or the new customers compensate for that) Calculations are using payments per month Minimal initial investment to get the application created - MVP (Minimal Viable Product) Minimal budget for some support/maintenance per month Payment Gateway fees 3% Doesn't include any new customers acquired by affiliates Doesn't include currency so assume it's either USD or EUR. Let me know if you have ideas how to improve the spreadsheet.   Downloads How to Roughly Calculate When Your SaaS Will Become Profitable (Free Excel Spreadsheet Download) Calculations at 10/mo (PDF, multiple pages)   Related http://andrewchen.co/the-easiest-spreadsheet-for-churn-mrr-and-cohort-analysis-guest-post/ http://www.forentrepreneurs.com/saas-economics-1/ http://andrewchen.co/how-to-create-a-profitable-freemium-startup-spreadsheet-model-included/ Do you need a quick way (seconds!) to set up a test WordPress site? Then you need to check out qSandbox...

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One Important Decision to Consider About Your Phone/Fax Numbers When Starting a Business

Posted by on Oct 28, 2014 in Business | 0 comments

When I first started my business (Orbisius which started as WebWeb.ca) I made the conscious decision not to get a phone number from a local provider (with the exception of my cell phone provider) because that would lock me in on a contract and I wouldn't be fully location independent. The numbers I have are: 1 US 2 Canadian phone numbers - Toronto & Niagara area code 1 Fax number (which I no longer use) Back in 2005-2006 Skype started offering US phone numbers so I picked one and I kept using it to this day. The quality is good but it lacks some important business features like sending the voicemail to an email and downloading it. For my Canadian numbers I decided to use http://voip.ms Voip.ms is a very powerful service but requires technical knowledge and patience to figure out how to best use it but it's worth it. They send you the voicemails as an attachment (in .wav format, yep I know mp3 would've been better). There are ring groups and some other rules that you can define when to receive the phone call and when to go to voicemail. I am problably using 5% of the service but it works for me. When somebody calls it rings on my computer. I made one mistake before I ordered my Niagara phone number: I should've at least Googled the number as it turned that it belonged to a funeral home (!) so I kept getting calls/faxes which was pretty annoying. Fax About the fax service I used PamFax with a Toronto area code. I used the service for 2-3 years and cancelled it because I wasn't using it that much. I am sure there are other providers. Let me know your experience or lessons you've learned. Good luck with your business....

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7 Things You Should Always do When Starting a New Project

Posted by on May 19, 2014 in Business | 0 comments

Starting on a new project is an exciting thing.  Since, I am in the web/mobile development field this article is more applicable to those in the IT industry. I've compiled a list of good practices that are very important. I've done some of them and forgotten about others and the results were less than optimal. These the things that I should always be part of every freelancer's (or business) processes. Here are 7 Things You Should Always do When Starting a New Project: Request an initial deposit before doing any kind of work Start with a clearly defined project scope Sign a contract & tell the client what to expect Block time to work on the project at least 3-5 hours each day Provide weekly update Setup a test staging / site (on your own server) Track your time   Request an initial deposit before doing any kind of work This one is my favourite ( Canadian spelling, not a typo ;) ). By requesting an initial deposit you save yourself a lot of trouble. This has so many benefits. This is a great test to see if the client is ready to buy/hire you or if they are just shopping around. When a client pays you the inital deposit you know that that person has some business background and/or will respect your processes. You want to work with people who respect you and your processes. Let your competitors have the bad clients. Start with a clearly defined project scope This one is very very very important. Ask as many details as possible when you interview client for the project details. Then create a nice itemized list of deliverable so both parties are 100% clear on what to expect at the end of the project. Related: Checkout this WordCamp presentation by Lisa Sabin-Wilson on Scoping Projects To Reduce Stress, Headaches and Angry Mobs Sign a contract & tell the client what to expect Having all the expectations in writing is a great way to have both parties on the same page. This will reduce the chance of having either party having some assumptions. Also that way you protect yourself from Scope Creep which almost always shows its ugly head. Block time to work on the project at least 3-5 hours each day I noticed that when working on project I would stop and 2-3 days later resume working on. Sometimes I would look at it in a week. I was telling myself that I try to avoid being bored e.g. when I solve the hardest piece of the project in most of the time I'd loose some interest. This turned out to be a very unproductive way to approach...

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To give or collect business cards. That's the question.

Posted by on Sep 27, 2012 in Best Practices, Business, Quick Tips | 0 comments

When I took the business basics course at Niagara College I learned a very important lesson from Larry Bitner [ http://www.larrybitner.com ]. He said that it is far more important to collect business cards rather than giving some. The reason is that YOU are in control. You can decide WHEN to contact the person. When you give your business card, yes, you feel important but you rely on other person's schedule to get in touch with you.What if they loose your business card or what if they are not organized enough? In some cases it may be hard to get that contact info. Bonus Lesson from Larry Bitner: Make sure you always have business cards with you. Also make a habit of giving at least one business card per day to a potential...

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