EDUCATION BLOG

One point in Tuesday's LAVA meeting that was emphasized by two of the panelists: the current economic downturn hasn't really hit corporate earnings reports yet. Consider this article from Seeking Alpha: http://seekingalpha.com/article/84461-sector-p-e-ratios. Note that P/E ratios are much higher than they were at the market peak in Oct. 2007.

Why is that? With stock prices down 20% since Oct. 2007, you would expect the ratio of share price to earnings to go down. The simple reason is that corporations are reporting far lower earnings. And when some very knowledgeable private equity fund managers say that the bad economy hasn't really hit corporate earnings yet, that makes me worry. I think they are expecting a much bigger hit, which means the worst of this downturn is not behind us, it's ahead of us.

Hello all,

I just read a very interesting story about one man's experience with using the restroom at a black owned establishment.  He got locked in the restroom, he had to call his friend on the cell phone so he can inform  the owner that he had been locked in the restroom for 15 minutes.  Only to be coached by a restaurant employee who slid a butter knife under the door -on how to use the butter knife to free himself from the restroom.  WOW!

How often have you attempted to support someone of the African American or Black descent in their business venture only to find that the service or promises were far from what was delivered?  Did it leave a bad taste in your mouth? 

 Are you the black business owner that said you would deliver the goods at a certain time and it did not happen?  Did you forget to follow-up?  Did you make excuses for not being on  time to an important meeting?   Did you have a bad attitude or appear needy and unpolished?  

All business owners are guilty of being less than on top of our "A" game at some point in time, but I find as a black woman when I demonstrate these less than favorable characteristics my business suffers.  Why? Because word-of-mouth travels very fast! But I have to admit these experiences happen until  you are  conscious of what creates abundance and wealth.

Being conscious that, success is an attitude and we must practice it by building the success attitude muscles.  So how do we do that?

1.  We as African Americans or Black business owners must be open to change and criticism. 

2.  We must have coaches and mentors that can teach us in love what to do so we are not operating restaurants with faulty bathroom doors.

3. We must continue to invest in education and self-improvement so that we are exuding excellence from the inside out!

4.  We must release the self-sabotaging behaviors that cause us to not attract the high paying business client or close the six figure business deal. 

As business owners there is always room for improvement and self-reinvention, but  remember you are representing YOU!  What you don't want to happen is your integrity and your character to be diminished based on your unwillingness to have an attitude of success.  You will (sad to say) be judge by what you deliver and how you deliver it. 

So please be mindful of how you are operating your business.  Make sure you are delivering with the spirit of success.  Because success breeds success and abundance. As a result, money will follow and chase you down -but be a conscious and competent student of success first. 

I have provided some resources that you can use to continue on your road and journey to the top of your craft.  My brother and my sister let's not be another butter knife story! Do what you have to do and be committed to your personal growth, after all ,you are representing YOU! 

 Remember success is an attitude!   Do you have that attitude?

These are fabulous books you should add to your night stand:

African American and business

Have you listened to my podcast?

http://spajamaworks.audioacrobat.com/rss/nekisha-michelle-ispa-expert.xml

Check out The Black Synergist at www.blacksynergist.com

That's all for now and I am Nekisha-Michelle:

Nekisha-Michelle Bakre, has a mission of being a “spiritual spa of In-powerment for the inner and outer you.”  Bakre is available for keynote speaking engagements, facilitation of SpaJama W.O.R.K.S. retreats, spa business mentoring, and Executive & Life Coaching. To learn more about SpaJama W.O.R.K.S. and Living Vivaciously Consulting, visit the Web site www.spajamaworks.com

GestureTek is the pioneer, patent-holder and world leader in gesture-recognition technology and computer vision control for information, presentation and entertainment systems.  Their revolutionary video gesture control software allows users to control interactive content, access information, manipulate special effects or immerse themselves in a 3D virtual universe, all with simple hand and body movements.

  Their gesture-recognition technology is utilized by Fortune 500 firms, such as CNN, NASA, BMW, Ford, Oracle, Intel, IBM, Federal Express, Autodesk, and Panasonic, to name a few.  Their list of patent and software licensees includes Microsoft, Sony, Hasbro, and NTT DoCoMo.

  I had a chance to talk with Vincent John Vincent, President, co-founder and recognized gesture-technology guru recently about GestureTek, the work environment the company provides for the employees they hire and their plans for the future.

  "The world of gesture-recognition has taken off in the last few years Mr. Vincent, what are your firm's plans for future hiring pushes at GestureTek?"

  "In the past 5 years, GestureTek's employee growth has averaged approximately 30% per year.  Although we have no plans in 2008 for a major enterprise-wide hiring push, we are currently in need of software programmers, computer vision programmers, a product manager, sales and business development account reps for our interactive display business, as well as technicians for our interactive display business who would be responsible for setting up client installations and making them operational."

  "What technologies that your company currently uses appeals to customers and developers in your industry?"

  "Our gesture-recognition technologies appeal to application developers, original equipment manufacturers and game developers in many industries. This includes museums, science centres, location-based entertainment facilities, amusement parks, retail stores, nightclubs, restaurants, hotels, trade show exhibitors, event planners, real estate presentation centres and showrooms, architects and designers, Fortune 500 corporations who have boardrooms, showrooms and presentation centres, healthcare organizations, television networks, original equipment manufacturers who make camera enabled hardware (such as mobile devices, pc's, set-top boxes, and consoles), application developers, game developers, audio visual integrators, advertisers and marketers, and digital signage solution providers.

  "What advice would you give to a prospective employee who wanted to obtain employment with GestureTek?"

  "Be patient.  Be persistent. Let us know how and why you will be able to help take GestureTek to the next level to which it is heading."

  "What does a typical day for an employee look like at GestureTek?"

  "This really depends on the nature of the job.  Let's assume we're talking about an operational employee involved in executing on client projects. A typical day would involve liaising with vendors to source or purchase services or components, scheduling various activities associated with the installation, liaising with clients on project-related issues, liaising with internal sales-representatives on project-related issues, liaising with development staff to resolve technical issues associated with client installations, shipping components to installation sites, documenting data and updating project plans. Whatever position you may occupy within the company there is plenty of opportunity to be creative and to help the company evolve the ideas and products for which it has become so famous."

   "Give our readers a rough outline of the background of your current employees."

  "Many are used to working for smaller companies.  Many have technical, application development or operational experience. Many have a production or manufacturing background.  Most are college or university educated.  Of those with university education, many have degrees in computer science or computer engineering."

  "What do you like best about working at GestureTek?"

   "It's great because no day is ever the same.  The fast-paced, competitive nature of the business can provide a real adrenalin rush because everyone is constantly shifting into high-gear to win a job or execute on a job.  As is typical in an entrepreneurial company, everyone has too much to do, too little time and too few resources.  It's always a challenge to execute client jobs with 100% accuracy at lightening speed."

  "Describe the office environment around GestureTek."

  "It's a fairly casual environment.  People work hard (sometimes too hard) but they also have fun.  As is common in an entrepreneurial company, everyone is so busy doing their own jobs that they don't always have the opportunity to gain an in-depth understanding of the broader business strategy.  GestureTek is currently looking for ways to expand and enhance internal communications within the company, and to make the company an even more fun place to work."

  "What qualities does GestureTek look for most in prospective employees?"

  "What GestureTek looks for in an employee depends on the position.  Certainly specialized expertise in application development, vision programming, etc. is critical for certain technical positions.  In general, GestureTek needs what every other entrepreneurial company needs - positive employees who are self-starters, who demonstrate a can-do attitude, who are willing to roll up their sleeves and work hard, who are flexible enough to pitch in and do things that might not necessarily be in their job description, and who are nimble enough to switch gears when the needs of the business change. "

  "How many of your employees have been with GestureTek for over ten years?  How many were hired in the last year?"

  "Ten years ago, we were a small start-up with very minimal employees.  As a result, only a small number of our employees, with the exception of GestureTek's two co-founders, have been with the company for more than 10 years.  Last year, from January 07 until the present, about 12 employees were hired."

  "If an employee makes a mistake that costs the company money and negatively effects its image, what, if any, disciplinary action does the firm take?"

  "Mistakes are normal and human.  If this happened, the employee's manager would notify the employee of the error, discuss how the error could have been avoided, and agree on future strategies for minimizing the likelihood of the error happening again.  Serious errors are less likely to occur in environments where operational processes and financial guidelines are clearly documented.  It's incumbent upon senior management to share guidelines and procedures with employees so that they understand what is expected of them.  In an ideal environment, employees are praised and rewarded for conducting due diligence and for taking an active role in identifying and preventing mistakes that could cost the company money and negatively affect its image."

  "How would you describe the culture at GestureTek?"

  "Our culture is an interesting blend of traditional and new age management thinking.  As is common in many entrepreneurial companies, the co-founders feel an incredible sense of ownership and accountability to the company, so they enjoy being involved in many aspects of the day to day business.  As the company has grown and the skills and capabilities of the GestureTek management team has increased, we have naturally experienced a few ‘growing pains', since the role of the owners has changed to focus more on building the roadmap for future growth and success of the business.  Similarly, as is natural in an entrepreneurial business, employees are encouraged to show initiative and take responsibility for their actions, yet at the same time, they are encouraged to keep the co-founders in the loop. A great deal of knowledge and experience lies with the co-founders of the company which, if tapped, can help avoid mishaps."

  "How much authority and responsibility is given to employees?"

  "Employee ownership and accountability is encouraged and authority and responsibility is readily given to employees who prove they can handle it.  It's important to note, though, that the nature of our business in developing custom gesture-control applications requires thorough attention to detail, rigorous adherence to project specifications and constant communication and collaboration between team members to ensure the smooth execution of a project.  This business may not always be conducive to the ‘maverick' approach to doing business.  It's not good business practice to ‘reinvent the wheel' every time, or to try new and unproven processes or procedures in order to complete a project."

  On behalf of everyone at trenchmice.com, I would like to thank Mr. Vincent for talking with us today about GestureTek and answering our questions. 

 Then you need to learn to read their minds and online surveys maybe the roadmap you should use.

  Like all things in life the internet and way we do business on the World Wide Web is constantly in motion, ever changing in response to the needs and desires of the customers each website is attempting to drive to their site.  Everywhere people are workings at a feverish pitch to try to understand how to drive traffic to their sites, yet most have no clue as to what's really important: What your visitor really wants to see in order to make a buying decision.

  Many entrepreneurs fail to realize that they may have an incredible product and even lots of traffic, but if you cannot read the mind of your customer you will not sell a single thing on-line.

  Have you ever thought of polling your visitors about what they want to see or buy?  A good way to learn how to get your customers to buy is to conduct a survey of what they want to see and buy.  To find out how the market wants you to deliver the goods. 

  Online surveys provide a fast, efficient, and flexible method to learn more about your customers and prospects.  The speed of response and the flexibility of online surveys can quickly provide an online business with essential information.  You can literally do a test run today, then launch a product or service the next day, and be able to promote it while hitting the hottest buttons your prospect has been urgently looking for.

  Why should you survey your customers? 

• 1. To find out why your visitor came to your site, and what information they want. You only have three seconds to relate to their needs with a captivating headline or display. Do this right and your customers will read every word of your sales copy.
• 2. To find out how to improve existing products or services, give your customers what they have been desperately seeking - and not finding - anywhere else.
• 3. Find out which products or information your customers would like to see you sell in the future. This will increase your back end product sales.
• 4. Find out how to improve your customer service. This will cut down on customer complaints and enable you to better resolve problems.
• 5. Find out how to improve your sales letters or ads. This will increase your sales, as well as your traffic and numbers of e-zine subscribers.
• 6. Find out what kind of articles or interviews your market wants to see in your free e-zine. This will raise your e-zine readership.
• 7. Find out what your competitors products or services are lacking. Give your market exactly what it has been looking vainly for.
• 8. Find out what kind of non-related products or services your customers would buy. This will help increase the lifetime value of your customer.
• 9. Find what percentage of customers would buy at different price points. This will help you see what price will make you the most money. Sometimes selling something at a higher price to fewer people will earn you more then selling more for less.
• 10. Find out where your potential customers are hanging out. This will inform you where to market and promote your products.

  You need to find out as much as you can about your customers, so if you have a list of e-mail addresses of your customer or prospects and a list of e-zine subscribers you need to get their permission to send them an e-mail survey to help serve them better by conducting market research.  Sometimes people don't want to take the time to fill out a survey.  To encourage them, offer a freebie if they fill it out, like  free e-books, free advertising, free reports, free internet services, or a free e-zine.  Hold a free online contest or sweepstakes and ask visitors to fill out a survey before they enter.

  You can learn a lot of valuable information from an online survey about your business and its customers.  Create a pop-up ad that offers something free or at a discount if visitors take a survey.  Maybe your customers buy your main product just to get the free gifts.  Or, your visitors may think it's too hard to navigate through your website.  Or, you may find out that most of your customers make over $100,000 a year.  By acquiring this type of important information, you can improve your website, products/services, advertising, and marketing.

  Many people are getting results extremely fast by directing traffic directly to a short sales page.  Here a compelling headline outlines all the benefits of a product currently in development, with promises to give the product for free when it is completed.  After they've completed the survey, redirect visitors to an affiliate page that offers them what they originally wanted.  This can earn you money and help you learn valuable information about your market, well before you develop a product.

  If you don't yet have an e-mail list or a budget to buy traffic from search engines, you could post your survey on appropriate newsgroups, forums and discussion boards.  You could also upload survey software to your website, or use a free survey service on the Internet.  Check out these free survey sites: http://www.coolsurveys.com and http://www.surveymonkey.com.

Also at the June 10 LAVA meeting, M&A law specialist Rob Carlson presented some of the typical pitfalls of merger & acquisition deals. Rob is a partner at Paul Hastings, a huge global law firm that covers all aspects of business law.

I won't go over his presentation exhaustively, but suffice it to say that he pulled out a number of interesting examples and corresponding cautionary tales. In summary, here is what I took away:

(1) Watch what you write into letters of intent, because the other party might use those to try and force you into something later. Legal proceedings intended to force the defendant into a course of action, rather than simply demand renumeration, are actually quite common

(2) When negotiating the terms of a deal (no matter what kind of deal, whether it's a corporate M&A or you're signing an apartment lease), make sure that every clause is openly discussed between the two parties. While a tiny clause at the end of a big contract is technically enforceable, it is possible that a court will throw it out on the principle that it was not part of forthright negotiation between the two parties.

(3) Some M&A deals fall down when one party is unable to secure financing, due to a failure of diligence to insure that the money would be there. If you're embarking on any kind of deal (like buying a car, house or company), it pays to get your financing ducks in a row before you hammer out the terms. Don't tell someone that you are ready to pay when you are not sure the money will be there.

I think Mr. Carlson was worried that the legal subtleties were boring the audience. I found them fascinating, and I think they really pointed to the intersection of law and ethics. The fact is, when they are gray edges around the letter of the law, judges will tend to err on the side of ethical, forthright behavior. I guess sometimes the system works!

Mega Business was an intense, info-packed three day session, May 16 -18, 2008, and I must write about it before it fades. It was a Mark Victor Hansen event in Irvine, CA, and because I'm part of the MVH Mega Inner Circle (an inspiring, illuminating, and expensive venture!), I attended as a VIP. My guest was Robert Gould, a graphic design business owner and, like me, a children's literacy advocate. The first morning of the workshop, gave me a copy of his oh-so-beautiful book, Father and Son Read-Aloud Stories. See his website, <http://www.bigguybooks.com> -- the cure for reluctant readers-- a wonderful contribution to literacy, especially for young boys.

I love listening to Mark Victor Hansen. He has a huge heart and service consciousness, and yet he's a vigorous businessman and massively wealthy. His style is authentically his own; he does plenty of call and response; he's attuned to his audience, and engages us physically, emotionally, mentally. "Turn to your neighbor, touch their forehead, and say, I see greatness in you." Then he'll get quiet, teary eyed, and launch into a story that moves all of us. And in a flash, he'll cite statistics and facts and dates (some of them inaccurate, though in the ballpark of truth) to underscore his point. He promotes conscious capitalism (a new term, I think); an end to war (Either war is obsolete, or humanity is); and believes the 'recession' we are supposedly in is media created.

I take notes when MVH talks, and here are some of them. I warn any reader that they may not be totally accurate, but they're pretty darn close. Every talk of his leaves me with a list of affirmations and aphorisms:
*Say, I'm ready.
*I'm going to ask you to elevate yourself, so you serve all.
*I see you doing great stuff.
*I want you to be the most creative you can be.
*Say, I'm a visionary leader.
*As you elevate in consciousness, you get more time.
*Money freedom leads to time freedom leads to relationship freedom leads to spiritual freedom leads to creativity freedom.
*We must be in eco-centered businesses.
*The best thing you can do for the poor is not be one of them.
*Thinking turns into form.
*I was born with a sense of urgency to get things done.
*The more enterprising you are, the freer you are.
*A mega business isn't for you; it's for them.
*Say, I'm here to be in surplus.
*Say, I'm bullish in this bearish time.
*Sharing means having more.
*Say, I'm not participating in the recession!
*Say, I'm into financial freedom.
*I want more for you than you want for yourself.
*Say, I've got permission.
*Say, I know what I'm looking for. I know who to talk to. I know who to listen to.
*Say, I am viscerally excited because I feel the reality of the downside possibilities, but will not participate.
Say, I'm leading edge.
Ask: What's the next level for me? What does it look like? Who do I want to play with?

Then MVH gave us Ten Keys to Success in Any Economy: I won't write them out here because, who knows, he may want to make a book out of them.

I'm thinking I'll continue with brief notes on the next three days of speakers...but that was already a week ago. This Memorial Day weekend I had two days of hiking to build fitness for my fall pilgrimage in Spain on the Camino Frances de Compostela de Santigo. My feet are sore!

"Should I do an MBA ?" asked the Project Manager. He had been working for the last 7 years. In the initial years, he was pretty much responsible for his own work as an individual contributor. The focus was on learning new technologies and equipping himself with the skills required to perform very well- in an area in which he had deep interest.

Read the rest of this entry »

The Krannert School of Management was reaccredited by the Association to Advance Collegiate Schools of Business, along with 27 other schools.

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