WealthEsteem.org :: Psychology of the Deal

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

If you are an entrepreneur of any age and any stage you should be reading Australian Anthill magazine. For 24 issues now,  this bi-monthly magazine has covered entrepreneurs, angels, VC’s  and the startup scene in Australia. They’ve grown readership and circulation and are entrepreneurs themselves.

Business is a crazy rollercoaster ride and there is a huge benefit to connecting with others who’ve trod a similar path.

And if you’ve got some experience, consider contributing an article. Read the style and submission guidelines.

I’m awaiting my iPhone courtesy of working for a multinational. One of my coworkers travelling in the USA hopefully pick it up. However since lusting for one, Apple has rained on the parade by turning iPhones into iBricks with their latest firmware upgrade. The consensus seems to be Apple didn’t need to be so draconian on fans who have unlocked their phones.

Still I’m going to get an iPhone and I’ll unlock it eventually to use it in Australia with a local SIM.

I’ve come across the OpenMoko freed phone. It’s open source (except for a few drivers for legal reasons). The entire phone is open an if enough developers get behind it, it will become everything the iPhone should have been. Cool apps written on an open platform. WiFi, quad-band, GPS enabled out of the box.

It’s not production ready, but it looks like the mass-market version will ship in time for Christmas 2007.

I think the Wireless Voice and Data phone convergence will be one of the most exciting industries over the next 20 years, so this may be a project I invest some time into.

I went to the Sydney OpenCoffee Meetup this morning. I love the tagline: “Place for people who love startups to hang out and meet”. So I met a bunch of startup entrepreneurs, a few advisors and a funder or two.

I attended looking for two things:

1. New Product Development ideas/team/products to put through the distribution channels I have built at work.
2. Entrepreneurs, products or companies to invest in, either through my work or through the loose network of friends and associates who like startups.

Today’s meeting was mainly online startups, a few even show promise. Even better I got to chat informally with entrepreneurs who are pursuing their dreams.

Click here to check out
The Sydney OpenCoffee Meetup!

Many emails coming to me have default confidentiality or commercial-in-confidence signatures. I think privacy aware individuals or organisations see them and adopt them without thinking through the issues.

Firstly if I haven’t specifically solicited a confidential email why should it be binding on me. Here is an interesting point from the abuse.net database:

IF YOUR MESSAGE CONTAINED A NON-DISCLOSURE OR CONFIDENTIALITY NOTICE: We do not solicit or accept confidential information for the contact database since the contents of the database are available to the public. Confidentiality notices are legally meaningless in the United States, where abuse.net is located, so such notices are ignored. If you accidentally sent something that you do consider confidential, tell us nicely and we’ll consider deleting it.

So think twice about blindly grabbing someone’s signature file and using it in your organisation.

That also applies to Privacy Policies and Terms of Trade. The number of businesses I’ve seen that have obviously borrowed their terms of trade from another supplier without thinking it through. Terms of Trade has implications for accounts receivable, collections and insolvency. At least get an advisor’s opinion.

Flemming Funch at Escape Velocity posted in Ugly sells? and challenged Mark Daoust’s Site-Reference.com post The Surprising Truth About Ugly Websites.

It is not fancy, it is not exactly beautiful.

It’s one of the best-kept online secrets (and worst-kept direct marketing secret). It is possible to be too well designed or professional. Especially if that award winning design eats most of your marketing budget.

Once, before I knew anything about search engines, online marketing, seo (search engine optimization), I let a business friend talk me into closing a website “better no website than an unprofessional website” he advised. This guy was a marketing professional whose clients were all the big end of town. Big mistake many years later I realised it was popular with our customer base and drive enquiries to our sales team.

Another anecdote. I was meeting with a client last Tuesday to finalise a web marketing campaign, One of his marketing team wanted input to the website I am designing for them. Specifically the objection was to precisely the elements I use to get the fantastic results my websites generate in so little time.

What sells online is whatever speaks to the target audience. Banks and finance companies are expected to have slick, modern award winning design.

Online marketing demands function over form. Once the website gets attention, then you can add pretty features. Make sure the function of the website is clear obvious!

I’ve had two interesting meetings in the last week. Both were with other fathers whose kids attend the same school as mine. Both also run online businesses.

They’d heard I’d been in online businesses for years; was in the top 3% of worldwide sellers on eBay (more in a couple of days on that); and knew a thing or two about getting traffic and search engine results.

To compare the two, one was aware he could do better, expected to learn and grow his business over time - essentially in for the long hall. The second guy was scattered over four or five different technologies and business models, chasing the next big thing.

My system suits the first way. And I advised my second friend to be patient.
Both however needed more links to their websites both directly from their friends, but also from relevant, non-competing sites. Reciprocal links (where you link to me and I link to you) are a bit tricky with Google penalising people who build link farms. Relevance and quality of the linking site is more important that just getting any old links.
So while I am always looking for suitable link partners, I looked at fast alternatives. I found Link Vault a free, text-link advertising network. This is a high-quality ethical way of growing inbound links and getting a share of the web mindspace.

Link Vault has a good reputation for fast lasting results. I’ve already rolled it out on some of the sites I manage and expect to implement it here as well.

quickdraws photo by Cristian Galletti Casalgrande, Italy

I just got home from an interesting talk on corporate health management. More specifics on that later, but it matched with an email from a client.

Doctors use numbers to measure our overall and specific health, businesses have KPI’s. Webmasters, eTailers and eCommerce practioners live and die by their stats. But it’s amazing how many website owners ignore their stats.

Web logs get ignored until orders stop flowing

It’s a great quote, but it’s getting the cart before the horse. Logs give early warnings of problems and early pointers to success. Find out your strengths, weaknesses, opportunities and threats sooner than later. It’s always better to have time to plan a response before it becomes critical.

But logs in isolation are useless, we’re after trends. Your traffic should be moving in the right direction, and that traffic had better be relevant. There is not point in say 12,000 unique visitors if it’s all unrelated or marginal traffic.

And seeing how people are finding a website is as important as the bulk numbers. Is a pattern emerging for searchers? Are they looking for particular information or products that you provide, or can easily provide. If your product is on say page 18 of Google and people are willing to dig through 180 websites to find it, then look at improving your ranking, either through organic search improvement or sponsored placement.

Gratuitous plug. If you want to improve your natural placement in search engine results pages and want a consultant get in touch. You’ll be amazed at how high our techniques will get you.

You may have noticed some buttons appearing in the sidebars. Yes I’ve finally joined the web candy crowd.

They’re for voting for WealthEsteem on various blog toplists. I’m experimenting with directory listings and raising the profile of the blogs I write for or manage. Unless you’re reading this on a RSS aggregator or reader, in which case you haven’t noticed anything. That’s ok I don’t mind how you access Wealth Esteem. But for those of you who want to use either the Google Reader or your Google homepage, here is a button just for you.

I’ll add more links later. I just found Chicklet Creator.

Update Oops! the code didn’t validate as XHTML 1.0 Transitional so I’ve pulled it. I’ll use the code as the basis of a validating list. I think I shouldn’t have selected every available reader.

Update: 11 May 2006 It is very important for an online business website to validate as compliant with the standard. As each website specifies what W3 standard it complies with, failing to meet that standard places unnecessary obstacles between my viewers and my website.