Written on October 22, 2007: Jay Maharjan
Creativity, Entrepreneurship, and the emergence of conceptual economy
Higher learning in the US is going through a major transformation. More than 15 million students enrolled in American colleges and Universities by the end of the twentieth century. Higher Learning Institutes in the twentieth Century focused on providing courses like philosophy, science, engineering, art and agriculture. Students often pursued education in single disciplines. Today, more students are taking classes in multiple disciplines that best complement their interest. Caltechs and MITs of the world are encouraging and enrolling students with expertise and interest in the areas that reach beyond the disciplines that they apply for.
With the advent of powerful emerging communication mediums enabled by technology and with the rapid global distribution of knowledge workers, the transformation to conceptual economy is taking place faster than anticipated. The fact that even though America’s Gross National Product had grown over the years, but the actual, physical weight of the GNP had declined, supports the emergence of the new economic model.
Knowledge workers along with the new school educators, entrepreneurs and innovators are contributing to the building of this conceptual economy, where creativity, innovation, design skills are the cornerstones of creating economic competitiveness in the global context. The first decade of the twenty first century has already started seeing the decline in Central Government’s and planners’ influence and control over global economy. This trend is just going to grow. Over 1000 for-profit corporate universities were started in the last quarter of the twentieth century. The actual class sizes have been shrinking in many disciplines and the on-line education is on a sharp rise. Private schools and vocational colleges are taking the lead in producing knowledge workers and subject-matter experts who are taking the lead and contributing to the emerging conceptual economy. As the conceptual economy matures, countries around the world are less defined by how much natural resources that they have, and more by their intellectual strength, creativity and ingenuity of people.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on December 13, 2007: Jay Maharjan
Social Entrepreneurship and Hollywood
In 2003, I co-produced a television pilot with the eight time Emmy Award winning producer Mario Machado. During one of our regular meetings for the production, Mario invited me to meet his friend and a philanthropist Arthur Hiller – who also happened to be the legendary Oscar winning director of some of the great classics of the century. Many prominent actors, including Al Pacino, George Scott, Richard Pryor, James Garner, Peter Falk, and Bette Midler worked in his movies over the years. Hiller, who got his first break as a director from Kirk Douglas when he moved to Hollywood, shared some of the most inspirational stories with me. He talked to me at great lengths about his journey from Edmonton, Canada to the glitzy Tinseltown that he fondly calls “Disneyland”.
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What was even more inspiring was the fact that his background was not even in film. He did his Masters in Psychology and communications. Directing was the spur of the moment decision he made when he was looking for a career in communications. But, one thing that gave him an edge in directing was his communications and people skills.
He also actively participated in various charities over his career. He dedicated many years for the Anti-defamation League. He actively conducted workshops for the league around the world. He was awarded a rare Humanitarian Award at the 2002 Academy Awards ceremony in recognition of his humanitarian, charitable and philanthropic efforts.
As a theme for this blog, I believe that rules of entrepreneurship also apply in the entertainment industry. And, social entrepreneurship in particular can work hand in hand with creative ventures. When the majority is thinking about only the creative aspect, as a creative social entrepreneur, you can separate yourself from the pack by tackling the issues from outside the box and also making difference to the humanity along the way.
Written on September 20, 2007: Jay Maharjan
Creativity and Entrepreneurship
The famous management guru Peter Drucker once said, “When a subject becomes totally obsolete we make it a required course.” This statement is more relevant today than ever before. Public schools and colleges are not emphasizing enough on the real world practical and creative education. As a result, these learning institutes around the world are producing students who are not ready to face the real world demands.
One creative entrepreneur is taking this message to the heart and doing something about it. I recently had a chance to chat with Ed Kuckelkorn, President of Montecito Fine Arts College of Design in Los Angeles. A successful professional artist by trade, Ed started MFA school some thirty years ago. What started as a small school with the mission to provide creative art education to the locals, today has enrollment of over 600 students in 12 programs and departments.
What separates Ed from the others is not what he has already accomplished, but his clear vision for the future. He fondly separates two eras – B.C. (before computer) and the generation who always remembered having personal computers. With the advent of the fast computers and the Internet, he strongly believes that the schools and colleges have opportunities to leverage on the latest tools to get students ready for the global high-tech economy, the era where the acumen of entrepreneurship and creativity goes hand in hand.
He shares with me success stories of his students and faculty as he proudly displays their work. Among many achievements, a design work of Fei Yang was recently chosen for 2008 Beijing Olympics. Yang designed an elaborate interactive techno-sound and light stage that will be included in the Olympic village building project for the 2008 summer Olympic games, beating submissions from professional architectural and design firms based in centers in London, Tokyo and Paris.
Ed adds, “Yang’s design is a reflection of MFA’s new-school philosophy that caters to students interested in thinking outside the box. With a modest budget and several late-night trips to Kinkos, he conceived an architectural project that will be the main feature design for the Olympics. By taking classes like Architectural Spatial Design, Environmental Design, and Computer Graphic Design, Students like Yang have tools to turn the very hint of an idea into an Olympic communication.”
As an innate entrepreneur, Ed’s mission to provide quality new-school education has also made a very good business sense. As a theme for this blog, successful entrepreneurs come from various walks of lives. Ed Kuckelkorn is a perfect example of an entrepreneur who mixed his passion and creativity with a successful and scalable business model.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
Written on October 29, 2007: Jay Maharjan
My interest for auto industry and auto design started early on in my life when my brother shared the story of Lee Ioccocca when I was still in high school. I was always fascinated by the auto industry. In summer of 1996, my fascination and a determined pursuit led me to the opportunity to work at the Auburn Hills Headquarters of Chrysler Corporation as a member of Johnson Controls team. I got the opportunity of lifetime to learn the intricate workings of the industry. I had access to some of the most guarded design studios in the industry. I worked with designers who were getting prototypes of Viper and Prowler ready.
During my short stay at Chrysler, my design and solution to a high profile Jeep Grand Cherokee problem resulted in over ten million dollars in savings. As an employee of a major corporation, I didn’t see any of that money, but it opened doors for me and landed me many opportunities later on. I took a job with another Fortune Global 1000 company the following year and moved to Los Angeles. As a newly appointed director of R&D Processing Center for the company, I visited Art Center College of Design to recruit industrial designers for my department. Art Center is one of the top design schools in the world and one of the only two schools that offered Transportation design degree for many years. I was mind boggled by the amount of creativity, innovation, and entrepreneurship that went on at this beautiful hill top college campus. I can firmly say that on my drive back from the Art Center that day, I knew that I had to go to this school and get away from the Corporate America and pursue entrepreneurship. I just did that. I took classes on Product design and transportation design at the Art Center and later on also went on to graduate from a business school.
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Written on September 26, 2007: Jay Maharjan
Why your business can’t afford to ignore the Latino market?
The recent GOP debate on Telemundo says it all! As a political party or a business, you can not afford to ignore the growing Latino population. According to the U.S. Census Bureau, between 2000 and 2006, the Hispanic population grew from 35.3 million to 44.3 million, a 26 percent increase, compared to the growth rate of only 12.6% between 1990 and 2000. Today, Latinos constitute 13.2 percent of the United States population and their proportion of the population is expected to reach 22.5 percent by 2030.
This is a welcoming news for the entrepreneurs who have opportunities to target this growing demographics – with sizable disposable income. However, the rules have changed . You need to get away from the mindset of marketing to the whole Latino demographics and start targeting the niches within the community.
One of my clients recently bought a bulk of air time on 107.1 FM, the # 1 hip Spanish radio station in Los Angeles. The station is very popular among second generation Latinos. Those who live in LA, the station is compared to KISS FM. As I was directly involved in managing the content for the ad, I found out that the station is introducing a new approach by targeting the second generation Latinos. The station has come up with a hybrid approach – by including both Spanish and English music. The strategy is brilliant and already becoming popular among the niche group who likes both the mainstream stations like KISS FM and the hip Spanish stations like 107.1 FM. The station is also aggressively selling advertisements to local businesses with creative ideas (and who are trying to break into the Hispanic market) by offering longer air time for much lower rates than its English language counterparts.
I strongly feel that businesses need to take that extra step to re-evaluate their strategy to both attract new Hispanic consumers and to retain the existing ones.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 25, 2007: Jay Maharjan
The Power of Business wire
As an entrepreneur, publicity can be the key to taking your venture to the next level. I think there’s no such thing as bad publicity, especially if you are a budding start-up. In the digital age, when the buzz can spread like California wildfire, any sort of publicity can create much needed press, traffic to your website, or get the brand recognition.
Traditional PR campaigns still apply in principle, but the medium has changed drastically. Recently, my consulting firm prepared a press release for Montecito Fine Arts College of Design, a distinguished Design College in Los Angeles. Within a week, the story got picked by Forbes.com, Investor’s Business Daily, Yahoo.com among many high traffic news portals. Granted they are business wire stories and not the stories written by the editorial team, still they hold tremendous credibility. If your story appears on Forbes.com, by brand association alone, you will get huge return on your few hundred dollar investment.
What makes a good topic for Business Wire?
a. Launch of a company – along with the highlights of the services or/and the products that your company offer
b. News of key executives, directors, or advisors joining your company
c. News of special milestones – e.g. 10 year anniversary events, opening of new offices, acquiring a FORTUNE 500 client, merger & acquisition news
d. Special recognitions – e.g. start up company of the month, Innovation Awards.
e. News of strategic partnerships – Always exploit the opportunity to tie in with the partners with higher brand identity.
f. News of channel, sales partnerships, Value-added Resellers (VARs) – Always make channel partners, VARs feel important and part of your family. After all, most likely, they are bringing you the most sales.
It is always good to send press releases as often as possible. The worst that can happen is that your story will not get picked. But, the upside is huge – can very well give your company that much needed boost!
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 22, 2007: Jay Maharjan
Making most out of Eco-Friendly Entrepreneurship
In the October issue of ‘The Atlantic’, Jonathan Rauch has written a piece on how Bill Clinton, Ira magaziner, and a team of management consultants are creating new markets, re-inventing philanthropy – and trying to save the world.
What caught my attention was not so much how this team of who’s who is creating another charitable cause, but an excerpt of Bill Clinton interview that directly addresses the future of eco-friendly entrepreneurship. At his home in Chappaqua, one day Clinton decided to replace every light bulb in the house with compact fluorescent light bulbs. To his surprise, when he made a trip to a local hardware store, he couldn’t find the bulbs in the shapes that he needed. So, he literally called Jeff Immelt, the CEO of General Electric and stated the concern. Immelt told Clinton, “Well, make me a bigger market and I’ll make whatever bulbs you want.” Though the author made a note that Immelt’s spokesman didn’t confirm the statement, the message is clear that entrepreneurs have an opportunity to address the pain points that the large corporations are ignoring.
With the sharp growth in eco-friendly awareness globally, entrepreneurs can create new business models that help the greater cause and also make a very good business sense.
If you plan to get in this market, always:
a. Address a niche. Focus on small area (s) where you can make an impact.
c. Understand the competitors. Do a thorough research.
d. Partner with non-profit eco-friendly initiatives to create a buzz and publicity.
e. Donate a part of the proceeds to the related awareness campaigns.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 20, 2007: Jay Maharjan
Creativity and Entrepreneurship
The famous management guru Peter Drucker once said, “When a subject becomes totally obsolete we make it a required course.” This statement is more relevant today than ever before. Public schools and colleges are not emphasizing enough on the real world practical and creative education. As a result, these learning institutes around the world are producing students who are not ready to face the real world demands.
One creative entrepreneur is taking this message to the heart and doing something about it. I recently had a chance to chat with Ed Kuckelkorn, President of Montecito Fine Arts College of Design in Los Angeles. A successful professional artist by trade, Ed started MFA school some thirty years ago. What started as a small school with the mission to provide creative art education to the locals, today has enrollment of over 600 students in 12 programs and departments.
What separates Ed from the others is not what he has already accomplished, but his clear vision for the future. He fondly separates two eras – B.C. (before computer) and the generation who always remembered having personal computers. With the advent of the fast computers and the Internet, he strongly believes that the schools and colleges have opportunities to leverage on the latest tools to get students ready for the global high-tech economy, the era where the acumen of entrepreneurship and creativity goes hand in hand.
He shares with me success stories of his students and faculty as he proudly displays their work. Among many achievements, a design work of Fei Yang was recently chosen for 2008 Beijing Olympics. Yang designed an elaborate interactive techno-sound and light stage that will be included in the Olympic village building project for the 2008 summer Olympic games, beating submissions from professional architectural and design firms based in centers in London, Tokyo and Paris.
Ed adds, “Yang’s design is a reflection of MFA’s new-school philosophy that caters to students interested in thinking outside the box. With a modest budget and several late-night trips to Kinkos, he conceived an architectural project that will be the main feature design for the Olympics. By taking classes like Architectural Spatial Design, Environmental Design, and Computer Graphic Design, Students like Yang have tools to turn the very hint of an idea into an Olympic communication.”
As an innate entrepreneur, Ed’s mission to provide quality new-school education has also made a very good business sense. As a theme for this blog, successful entrepreneurs come from various walks of lives. Ed Kuckelkorn is a perfect example of an entrepreneur who mixed his passion and creativity with a successful and scalable business model.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 16, 2007: Jay Maharjan
Business Plan Basics:
Starting a business is a major commitment that will consume 24/7 of your life with no end in sight. It is always good to know what you are getting into before you take the plunge. From my experience writing business plans for large and small companies alike for the last 8 years, there are basically two reasons why you need a business plan – the first reason is to re-assure yourself that this wild dream that you have in your mind is actually attainable. And, the second reason is to convince a lender or a venture capitalist. More than likely, you are writing for the second reason. Whatever your reason may be, as the legendary management guru Peter Drucker would bluntly put – always ask yourself what your business is, who your customers are, and what the customer considers value.
In my opinion, here is a list of pointers that will save you headaches later.
a. Be clear about what you are selling.
b. Be honest with your Strengths and Weaknesses.
c. Do a thorough research on the market
d. Make sure there is an opportunity
e. Make sure your product or service addresses pain point (s)
f. Do a thorough research on your competitors.
g. make sure your product or service address pain point (s) better than your competitors.
h. Be realistic with the revenue projections
g. Surround yourself with people smarter than you. Do not be afraid to ask for help.
i. Seize the opportunity to scale up – quick
j. Get out of the business if it does not take off within two years.
More to follow on this topic. I can be reached at jaym@theoc360.com
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Written on September 13, 2007: Jay Maharjan
One of my favorite shows on TV is on CNBC called – Big Idea with Donny Duetch. The format of the show is very simple. Donny brings in successful entrepreneurs and aspiring entrepreneurs to share their success stories as well as pitch their ideas.
Alongside the white collar business-type shows on CNBC that have little relevance to an average viewer, Big Idea is simple, educational, aspiring, and entertaining for entrepreneurs. I try to watch this show couple of times a week. One fascinating aspect of the show is that what old school has been teaching for years – these entrepreneurs are proving them wrong and beating the odds. They are creating their own rules and making millions along the way.
Logic will guide you to start a business in the area that you are good at. But, if you watch Big Idea, successful entrepreneurs who appear on the show made millions by following their passion. With the advent of the Internet and with the wide availability of free tools for entrepreneurs, the barriers to entry to starting a successful venture without having prior experience and relevant expertise is quite low.
However, one factor is very important – there should be market for the product. The product and service can be as small or simple as developing a unique ball pen to as ambitious as starting a commercial charter flight to the Space (BTW there is an actual company that offers this service and they have been quite successful acquiring early bookings). This brings to a point that it is important to marketing to a niche and address a clear pain point within the niche.
I have included a link to the Big Idea blog in 4entrepreneur.net blog. I can be reached at jaym@theoc360.com.
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Written on Monday, April 29, 2006: Jay Maharjan
Ever wonder how Fortune 500 companies manage their multi-national human resources so efficiently? Its true that these organizations have resources to burn. But, more importantly, they have access to necessary tools to acquire right resources.
Lets take recruitment for an example. Staffing companies like monster.com and hotjobs.com cater to larger companies for whopping fees. Larger companies do not mind paying these fees because this is a well justified operating spending for them. However, it is not the same case for small businesses. Small businesses, entrepreneurs and start-up companies do not have the luxury to spend large sums of money just to recruit an office help or a contract worker through large recruiters. This is where simple resources like craigslist.com come in play.
Until recently, fees to post on the craigslist.com was free. Even with their new policy, the fee is only $25 per posting. The value you receive out of spending $ 25 is just enormous. Craigslist has readership in all 50 states and major cities around the world, with the response rate that simply can not be matched by local newspaper advertisement or any other internet marketing tool that I know.
Mark is a successful entrepreneur. In the past, Mark successfully built and sold companies for healthy sums of profit. The last company that he sold was a company in Los Angeles back in 1998. He made a handsome profit, and decided to retire. He was 40. Fast forward to 2005…. Mark is back with a vengance, and wants to start a mega company by leveraging on every modern tools available to entrepreneurs like him. Since he was away from the picture for so long, he was not sure as for where to start his new venture. He was eager to spend his personal funds, but a freind suggested him to check out craigslist.com first. He believes that craigslist was the single wisest thing that he has done so far. “Response is amazing,” says Mark. He uses craigslist to brainstorm, find resources, find partners, find overseas suppliers.. you name it.
To his great surprise, quality of respondents are not all casual surfers or college students. Respondents represent Fortune 500 executives, attorneys graduated from IVY league schools, and investment bankers..just to name a few. The best part of all is that he is targeting the right demographics. He has specific needs in mind and the position that he chooses to place his ad within craigslist.com portal that allows him to reach right to his target resources. In the first three months, Mark has successfully accumulated a core executive team for his new company, consisting of a seasoned executive who is willing to work for partial pay and partial stock options, an award winning business strategist, a veteran attorney willing to do pro bono work in exchange for future options in the company. Mark successfully accomplished all this without having to pay a single dime.
I can’t imagine a better tool to entrepreneurs with limited budget who are looking to start companies than craigslist.com. It worked for Mark. It will work for you..
He was a client of mine based in Los Angeles. I can be reached at jaym@theoc360.com
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Written on Monday, August 29, 2005: Jay Maharjan
It is a fact that 98% of all US companies are small businesses. Remaining 2% of corporate America controls large percent of total revenue earned. However, small businesses and individual entrepreneurs are the ones who keep the vibrant US economy growing.
The government has always been supportive to small companies. But, help is not straight forward. Lets be honest. Have you ever tried using tools provided by SBA (small business association)? Most have heard of SBA. I have personally researched in various occasions. Government supported agencies are very good in showing you broader directions. It is upto the small businesses and entrepreneurs to leverage on the latest tools available in the market and keep the business competitive. These days, if leveraged fully, you can do most of the things on the internet for free.
Lu owns a niche business in metro Los Angeles. She has a successful practice that offers proprietary preperatory services to the medical board exams. She has been offering these services for more than thirty years. Her name is well known in the industry. She doesn’t advertise. She doesn’t have fancy websites or brochures. She may not be able to explain to you how she stays in business, but, in a nutshell, she really has a self-sustaining operation going on. You may think..wow what an ideal situation..no overhead costs and additional expenses to worry about. Wrong! It is actually a nightmare. Its true that she has her clients knocking on her door left and right for her services. But, she does everything herself even though she has a large pool of resources at her disposal. The problem is that she is so knowledgable that her expertise doesn’t translate easily to her help. Can you imagine, only if she leverages on the right help and tools, she would easily grow her business exponentially.
This summer, she just did that. In three short months, she successfully implemented processes that she had struggled for 30 years. Obviously, the very first thing she did was that she got herself a website..no brainer there. What she did with the site and other tools really started making difference. She started organizing her and entire staffs’ schedule using www.calendar.yahoo.com. Within five minutes, the calender was setup, and each of her staff could view her and other staff members’ realtime schedule online. Scheduling was the single most important tool that affected her productivity in the past. She literally has appointment with doctors or patients every fifteen minutes, everyday, including in the evenings and atleast one day on the weekends. This simple to use free real time calender sharing program enables users to view the status of cancellation, redundant entries and the capability to schedule remotely from multiple locations.
The software like this would have cost a fortune to custom develop in the past. It just makes sense to make full use of free tools like www.calendar.yahoo.com within organizations of any size and stature.
” Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. “
— Mark Twain
Written on October 22, 2007: Jay Maharjan
Creativity, Entrepreneurship, and the emergence of conceptual economy
Higher learning in the US is going through a major transformation. More than 15 million students enrolled in American colleges and Universities by the end of the twentieth century. Higher Learning Institutes in the twentieth Century focused on providing courses like philosophy, science, engineering, art and agriculture. Students often pursued education in single disciplines. Today, more students are taking classes in multiple disciplines that best complement their interest. Caltechs and MITs of the world are encouraging and enrolling students with expertise and interest in the areas that reach beyond the disciplines that they apply for.
With the advent of powerful emerging communication mediums enabled by technology and with the rapid global distribution of knowledge workers, the transformation to conceptual economy is taking place faster than anticipated. The fact that even though America’s Gross National Product had grown over the years, but the actual, physical weight of the GNP had declined, supports the emergence of the new economic model.
Knowledge workers along with the new school educators, entrepreneurs and innovators are contributing to the building of this conceptual economy, where creativity, innovation, design skills are the cornerstones of creating economic competitiveness in the global context. The first decade of the twenty first century has already started seeing the decline in Central Government’s and planners’ influence and control over global economy. This trend is just going to grow. Over 1000 for-profit corporate universities were started in the last quarter of the twentieth century. The actual class sizes have been shrinking in many disciplines and the on-line education is on a sharp rise. Private schools and vocational colleges are taking the lead in producing knowledge workers and subject-matter experts who are taking the lead and contributing to the emerging conceptual economy. As the conceptual economy matures, countries around the world are less defined by how much natural resources that they have, and more by their intellectual strength, creativity and ingenuity of people.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 20, 2007: Jay Maharjan
Creativity and Entrepreneurship
The famous management guru Peter Drucker once said, “When a subject becomes totally obsolete we make it a required course.” This statement is more relevant today than ever before. Public schools and colleges are not emphasizing enough on the real world practical and creative education. As a result, these learning institutes around the world are producing students who are not ready to face the real world demands.
One creative entrepreneur is taking this message to the heart and doing something about it. I recently had a chance to chat with Ed Kuckelkorn, President of Montecito Fine Arts College of Design in Los Angeles. A successful professional artist by trade, Ed started MFA school some thirty years ago. What started as a small school with the mission to provide creative art education to the locals, today has enrollment of over 600 students in 12 programs and departments.
What separates Ed from the others is not what he has already accomplished, but his clear vision for the future. He fondly separates two eras – B.C. (before computer) and the generation who always remembered having personal computers. With the advent of the fast computers and the Internet, he strongly believes that the schools and colleges have opportunities to leverage on the latest tools to get students ready for the global high-tech economy, the era where the acumen of entrepreneurship and creativity goes hand in hand.
He shares with me success stories of his students and faculty as he proudly displays their work. Among many achievements, a design work of Fei Yang was recently chosen for 2008 Beijing Olympics. Yang designed an elaborate interactive techno-sound and light stage that will be included in the Olympic village building project for the 2008 summer Olympic games, beating submissions from professional architectural and design firms based in centers in London, Tokyo and Paris.
Ed adds, “Yang’s design is a reflection of MFA’s new-school philosophy that caters to students interested in thinking outside the box. With a modest budget and several late-night trips to Kinkos, he conceived an architectural project that will be the main feature design for the Olympics. By taking classes like Architectural Spatial Design, Environmental Design, and Computer Graphic Design, Students like Yang have tools to turn the very hint of an idea into an Olympic communication.”
As an innate entrepreneur, Ed’s mission to provide quality new-school education has also made a very good business sense. As a theme for this blog, successful entrepreneurs come from various walks of lives. Ed Kuckelkorn is a perfect example of an entrepreneur who mixed his passion and creativity with a successful and scalable business model.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
Written on October 29, 2007: Jay Maharjan
My interest for auto industry and auto design started early on in my life when my brother shared the story of Lee Ioccocca when I was still in high school. I was always fascinated by the auto industry. In summer of 1996, my fascination and a determined pursuit led me to the opportunity to work at the Auburn Hills Headquarters of Chrysler Corporation as a member of Johnson Controls team. I got the opportunity of lifetime to learn the intricate workings of the industry. I had access to some of the most guarded design studios in the industry. I worked with designers who were getting prototypes of Viper and Prowler ready.
During my short stay at Chrysler, my design and solution to a high profile Jeep Grand Cherokee problem resulted in over ten million dollars in savings. As an employee of a major corporation, I didn’t see any of that money, but it opened doors for me and landed me many opportunities later on. I took a job with another Fortune Global 1000 company the following year and moved to Los Angeles. As a newly appointed director of R&D Processing Center for the company, I visited Art Center College of Design to recruit industrial designers for my department. Art Center is one of the top design schools in the world and one of the only two schools that offered Transportation design degree for many years. I was mind boggled by the amount of creativity, innovation, and entrepreneurship that went on at this beautiful hill top college campus. I can firmly say that on my drive back from the Art Center that day, I knew that I had to go to this school and get away from the Corporate America and pursue entrepreneurship. I just did that. I took classes on Product design and transportation design at the Art Center and later on also went on to graduate from a business school.
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Written on September 26, 2007: Jay Maharjan
Why your business can’t afford to ignore the Latino market?
The recent GOP debate on Telemundo says it all! As a political party or a business, you can not afford to ignore the growing Latino population. According to the U.S. Census Bureau, between 2000 and 2006, the Hispanic population grew from 35.3 million to 44.3 million, a 26 percent increase, compared to the growth rate of only 12.6% between 1990 and 2000. Today, Latinos constitute 13.2 percent of the United States population and their proportion of the population is expected to reach 22.5 percent by 2030.
This is a welcoming news for the entrepreneurs who have opportunities to target this growing demographics – with sizable disposable income. However, the rules have changed . You need to get away from the mindset of marketing to the whole Latino demographics and start targeting the niches within the community.
One of my clients recently bought a bulk of air time on 107.1 FM, the # 1 hip Spanish radio station in Los Angeles. The station is very popular among second generation Latinos. Those who live in LA, the station is compared to KISS FM. As I was directly involved in managing the content for the ad, I found out that the station is introducing a new approach by targeting the second generation Latinos. The station has come up with a hybrid approach – by including both Spanish and English music. The strategy is brilliant and already becoming popular among the niche group who likes both the mainstream stations like KISS FM and the hip Spanish stations like 107.1 FM. The station is also aggressively selling advertisements to local businesses with creative ideas (and who are trying to break into the Hispanic market) by offering longer air time for much lower rates than its English language counterparts.
I strongly feel that businesses need to take that extra step to re-evaluate their strategy to both attract new Hispanic consumers and to retain the existing ones.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 25, 2007: Jay Maharjan
The Power of Business wire
As an entrepreneur, publicity can be the key to taking your venture to the next level. I think there’s no such thing as bad publicity, especially if you are a budding start-up. In the digital age, when the buzz can spread like California wildfire, any sort of publicity can create much needed press, traffic to your website, or get the brand recognition.
Traditional PR campaigns still apply in principle, but the medium has changed drastically. Recently, my consulting firm prepared a press release for Montecito Fine Arts College of Design, a distinguished Design College in Los Angeles. Within a week, the story got picked by Forbes.com, Investor’s Business Daily, Yahoo.com among many high traffic news portals. Granted they are business wire stories and not the stories written by the editorial team, still they hold tremendous credibility. If your story appears on Forbes.com, by brand association alone, you will get huge return on your few hundred dollar investment.
What makes a good topic for Business Wire?
a. Launch of a company – along with the highlights of the services or/and the products that your company offer
b. News of key executives, directors, or advisors joining your company
c. News of special milestones – e.g. 10 year anniversary events, opening of new offices, acquiring a FORTUNE 500 client, merger & acquisition news
d. Special recognitions – e.g. start up company of the month, Innovation Awards.
e. News of strategic partnerships – Always exploit the opportunity to tie in with the partners with higher brand identity.
f. News of channel, sales partnerships, Value-added Resellers (VARs) – Always make channel partners, VARs feel important and part of your family. After all, most likely, they are bringing you the most sales.
It is always good to send press releases as often as possible. The worst that can happen is that your story will not get picked. But, the upside is huge – can very well give your company that much needed boost!
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 22, 2007: Jay Maharjan
Making most out of Eco-Friendly Entrepreneurship
In the October issue of ‘The Atlantic’, Jonathan Rauch has written a piece on how Bill Clinton, Ira magaziner, and a team of management consultants are creating new markets, re-inventing philanthropy – and trying to save the world.
What caught my attention was not so much how this team of who’s who is creating another charitable cause, but an excerpt of Bill Clinton interview that directly addresses the future of eco-friendly entrepreneurship. At his home in Chappaqua, one day Clinton decided to replace every light bulb in the house with compact fluorescent light bulbs. To his surprise, when he made a trip to a local hardware store, he couldn’t find the bulbs in the shapes that he needed. So, he literally called Jeff Immelt, the CEO of General Electric and stated the concern. Immelt told Clinton, “Well, make me a bigger market and I’ll make whatever bulbs you want.” Though the author made a note that Immelt’s spokesman didn’t confirm the statement, the message is clear that entrepreneurs have an opportunity to address the pain points that the large corporations are ignoring.
With the sharp growth in eco-friendly awareness globally, entrepreneurs can create new business models that help the greater cause and also make a very good business sense.
If you plan to get in this market, always:
a. Address a niche. Focus on small area (s) where you can make an impact.
c. Understand the competitors. Do a thorough research.
d. Partner with non-profit eco-friendly initiatives to create a buzz and publicity.
e. Donate a part of the proceeds to the related awareness campaigns.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 20, 2007: Jay Maharjan
Creativity and Entrepreneurship
The famous management guru Peter Drucker once said, “When a subject becomes totally obsolete we make it a required course.” This statement is more relevant today than ever before. Public schools and colleges are not emphasizing enough on the real world practical and creative education. As a result, these learning institutes around the world are producing students who are not ready to face the real world demands.
One creative entrepreneur is taking this message to the heart and doing something about it. I recently had a chance to chat with Ed Kuckelkorn, President of Montecito Fine Arts College of Design in Los Angeles. A successful professional artist by trade, Ed started MFA school some thirty years ago. What started as a small school with the mission to provide creative art education to the locals, today has enrollment of over 600 students in 12 programs and departments.
What separates Ed from the others is not what he has already accomplished, but his clear vision for the future. He fondly separates two eras – B.C. (before computer) and the generation who always remembered having personal computers. With the advent of the fast computers and the Internet, he strongly believes that the schools and colleges have opportunities to leverage on the latest tools to get students ready for the global high-tech economy, the era where the acumen of entrepreneurship and creativity goes hand in hand.
He shares with me success stories of his students and faculty as he proudly displays their work. Among many achievements, a design work of Fei Yang was recently chosen for 2008 Beijing Olympics. Yang designed an elaborate interactive techno-sound and light stage that will be included in the Olympic village building project for the 2008 summer Olympic games, beating submissions from professional architectural and design firms based in centers in London, Tokyo and Paris.
Ed adds, “Yang’s design is a reflection of MFA’s new-school philosophy that caters to students interested in thinking outside the box. With a modest budget and several late-night trips to Kinkos, he conceived an architectural project that will be the main feature design for the Olympics. By taking classes like Architectural Spatial Design, Environmental Design, and Computer Graphic Design, Students like Yang have tools to turn the very hint of an idea into an Olympic communication.”
As an innate entrepreneur, Ed’s mission to provide quality new-school education has also made a very good business sense. As a theme for this blog, successful entrepreneurs come from various walks of lives. Ed Kuckelkorn is a perfect example of an entrepreneur who mixed his passion and creativity with a successful and scalable business model.
I am a management and marketing consultant based out of Pasadena. I can be reached at jaym@theoc360.com
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Written on September 16, 2007: Jay Maharjan
Business Plan Basics:
Starting a business is a major commitment that will consume 24/7 of your life with no end in sight. It is always good to know what you are getting into before you take the plunge. From my experience writing business plans for large and small companies alike for the last 8 years, there are basically two reasons why you need a business plan – the first reason is to re-assure yourself that this wild dream that you have in your mind is actually attainable. And, the second reason is to convince a lender or a venture capitalist. More than likely, you are writing for the second reason. Whatever your reason may be, as the legendary management guru Peter Drucker would bluntly put – always ask yourself what your business is, who your customers are, and what the customer considers value.
In my opinion, here is a list of pointers that will save you headaches later.
a. Be clear about what you are selling.
b. Be honest with your Strengths and Weaknesses.
c. Do a thorough research on the market
d. Make sure there is an opportunity
e. Make sure your product or service addresses pain point (s)
f. Do a thorough research on your competitors.
g. make sure your product or service address pain point (s) better than your competitors.
h. Be realistic with the revenue projections
g. Surround yourself with people smarter than you. Do not be afraid to ask for help.
i. Seize the opportunity to scale up – quick
j. Get out of the business if it does not take off within two years.
More to follow on this topic. I can be reached at jaym@theoc360.com
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Written on September 13, 2007: Jay Maharjan
One of my favorite shows on TV is on CNBC called – Big Idea with Donny Duetch. The format of the show is very simple. Donny brings in successful entrepreneurs and aspiring entrepreneurs to share their success stories as well as pitch their ideas.
Alongside the white collar business-type shows on CNBC that have little relevance to an average viewer, Big Idea is simple, educational, aspiring, and entertaining for entrepreneurs. I try to watch this show couple of times a week. One fascinating aspect of the show is that what old school has been teaching for years – these entrepreneurs are proving them wrong and beating the odds. They are creating their own rules and making millions along the way.
Logic will guide you to start a business in the area that you are good at. But, if you watch Big Idea, successful entrepreneurs who appear on the show made millions by following their passion. With the advent of the Internet and with the wide availability of free tools for entrepreneurs, the barriers to entry to starting a successful venture without having prior experience and relevant expertise is quite low.
However, one factor is very important – there should be market for the product. The product and service can be as small or simple as developing a unique ball pen to as ambitious as starting a commercial charter flight to the Space (BTW there is an actual company that offers this service and they have been quite successful acquiring early bookings). This brings to a point that it is important to marketing to a niche and address a clear pain point within the niche.
I have included a link to the Big Idea blog in 4entrepreneur.net blog. I can be reached at jaym@theoc360.com.
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Written on Monday, April 29, 2006: Jay Maharjan
Ever wonder how Fortune 500 companies manage their multi-national human resources so efficiently? Its true that these organizations have resources to burn. But, more importantly, they have access to necessary tools to acquire right resources.
Lets take recruitment for an example. Staffing companies like monster.com and hotjobs.com cater to larger companies for whopping fees. Larger companies do not mind paying these fees because this is a well justified operating spending for them. However, it is not the same case for small businesses. Small businesses, entrepreneurs and start-up companies do not have the luxury to spend large sums of money just to recruit an office help or a contract worker through large recruiters. This is where simple resources like craigslist.com come in play.
Until recently, fees to post on the craigslist.com was free. Even with their new policy, the fee is only $25 per posting. The value you receive out of spending $ 25 is just enormous. Craigslist has readership in all 50 states and major cities around the world, with the response rate that simply can not be matched by local newspaper advertisement or any other internet marketing tool that I know.
Mark is a successful entrepreneur. In the past, Mark successfully built and sold companies for healthy sums of profit. The last company that he sold was a company in Los Angeles back in 1998. He made a handsome profit, and decided to retire. He was 40. Fast forward to 2005…. Mark is back with a vengance, and wants to start a mega company by leveraging on every modern tools available to entrepreneurs like him. Since he was away from the picture for so long, he was not sure as for where to start his new venture. He was eager to spend his personal funds, but a freind suggested him to check out craigslist.com first. He believes that craigslist was the single wisest thing that he has done so far. “Response is amazing,” says Mark. He uses craigslist to brainstorm, find resources, find partners, find overseas suppliers.. you name it.
To his great surprise, quality of respondents are not all casual surfers or college students. Respondents represent Fortune 500 executives, attorneys graduated from IVY league schools, and investment bankers..just to name a few. The best part of all is that he is targeting the right demographics. He has specific needs in mind and the position that he chooses to place his ad within craigslist.com portal that allows him to reach right to his target resources. In the first three months, Mark has successfully accumulated a core executive team for his new company, consisting of a seasoned executive who is willing to work for partial pay and partial stock options, an award winning business strategist, a veteran attorney willing to do pro bono work in exchange for future options in the company. Mark successfully accomplished all this without having to pay a single dime.
I can’t imagine a better tool to entrepreneurs with limited budget who are looking to start companies than craigslist.com. It worked for Mark. It will work for you..
He was a client of mine based in Los Angeles. I can be reached at jaym@theoc360.com
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Written on Monday, August 29, 2005: Jay Maharjan
It is a fact that 98% of all US companies are small businesses. Remaining 2% of corporate America controls large percent of total revenue earned. However, small businesses and individual entrepreneurs are the ones who keep the vibrant US economy growing.
The government has always been supportive to small companies. But, help is not straight forward. Lets be honest. Have you ever tried using tools provided by SBA (small business association)? Most have heard of SBA. I have personally researched in various occasions. Government supported agencies are very good in showing you broader directions. It is upto the small businesses and entrepreneurs to leverage on the latest tools available in the market and keep the business competitive. These days, if leveraged fully, you can do most of the things on the internet for free.
Lu owns a niche business in metro Los Angeles. She has a successful practice that offers proprietary preperatory services to the medical board exams. She has been offering these services for more than thirty years. Her name is well known in the industry. She doesn’t advertise. She doesn’t have fancy websites or brochures. She may not be able to explain to you how she stays in business, but, in a nutshell, she really has a self-sustaining operation going on. You may think..wow what an ideal situation..no overhead costs and additional expenses to worry about. Wrong! It is actually a nightmare. Its true that she has her clients knocking on her door left and right for her services. But, she does everything herself even though she has a large pool of resources at her disposal. The problem is that she is so knowledgable that her expertise doesn’t translate easily to her help. Can you imagine, only if she leverages on the right help and tools, she would easily grow her business exponentially.
This summer, she just did that. In three short months, she successfully implemented processes that she had struggled for 30 years. Obviously, the very first thing she did was that she got herself a website..no brainer there. What she did with the site and other tools really started making difference. She started organizing her and entire staffs’ schedule using www.calendar.yahoo.com. Within five minutes, the calender was setup, and each of her staff could view her and other staff members’ realtime schedule online. Scheduling was the single most important tool that affected her productivity in the past. She literally has appointment with doctors or patients every fifteen minutes, everyday, including in the evenings and atleast one day on the weekends. This simple to use free real time calender sharing program enables users to view the status of cancellation, redundant entries and the capability to schedule remotely from multiple locations.
The software like this would have cost a fortune to custom develop in the past. It just makes sense to make full use of free tools like www.calendar.yahoo.com within organizations of any size and stature.
Lu is my actual client. I can be reached at jaym@theoc360.com
