Category: Newletters

The Ultimate Entrepreneur Pep Talk: 4 Important Affirmations for Any Innovator

Kelli Richards November 17, 2014

“This article was originally posted on Inc. magazine”

Having a list of mantras that you can pull out of your toolkit in any situation will prepare you to turn challenges into successes.

ID-100247341You were prepared for the uncertainty that comes with entrepreneurship. You braced yourself for the long workdays–and for your first business failure. You were ready for just about everything–except the inner strength it takes to be your own biggest motivator.

Sure, it would be great to have your own personal coach wake you up every morning with breakfast in bed and a hearty “Go get ’em, tiger!” But that’s not likely to happen.

Nobody is waiting at the finish line to give you a medal for getting your business off the ground. Nobody is as invested in your idea as you are. You need to learn how to be your own coach, and it starts with giving yourself a killer pep talk (daily if necessary, then rinse and repeat).

If you’ve seen “Jessica’s Daily Affirmation,” you know how infectious personal motivation can be. Boosting your self-esteem won’t just add power to your day; it’s also likely to give your whole team a boost.

You don’t need to climb into your sink like Jessica to psych yourself up (though it obviously does help), but you do need a mantra. Here are four of my personal favorites:

1. “The journey is the reward.”

As an entrepreneur, the work you love doing is often overshadowed by revenue goals and other targets you put in place to gauge success. But as one of my most trusted mentors, Alan Cohen, says, “Do not be fooled by waiting for the ending. Sometimes the middle is more important.”

Rather than looking ahead and feeling dissatisfied because you aren’t where you thought you’d be (or “should” be) yet, stay present to take in the experiences around you and appreciate where you are now.

2. “Plan A is overrated.”

If Plan A doesn’t work, there are 25 other letters in the alphabet. Perfectionism can motivate you, but it can also be limiting–especially in the startup world, where markets, trends, and resources are always in flux. Often, the very best idea is the second, third, or eighteenth one that you try.

3. “No naysayers allowed.”

If you are passionate about your project and your intuition tells you that it could be successful, don’t pay too much attention to doubters. Instead, find the people who share your vision and will root for you and stand beside you when things get tough. These are the people who can help you by offering fresh ideas and perspectives–and a hearty dose of motivation. Good things happen when you work with people who believe in you and complement your strengths.

4. “Every failure is a step closer to success.”

In business, you can often learn a lot more from your failures than your successes. You learn how to adapt, identify your strengths and weaknesses, and gain new insights into your industry.

More importantly, you learn what you’re made of. You failed, yet the sun still came up in the morning. You’re still standing. And you’re probably a little wiser for the wear. When you dust yourself off and try the next idea, you’ll be better prepared and much more likely to succeed.

Having a list of mantras that you can pull out of your toolkit in any situation will prepare you to turn challenges into successes. If all else fails, a simple “You can do it!” can give you that boost you need to keep going. Remind yourself that you’ve done it before and will do it again.

Always remember that your goals are possible to achieve. Believe in yourself and your ideas. Your intuition got you this far, so trust it. Don’t ignore your own excitement. Keep the passion burning and your vision front and center at all times. It’s the perfect fuel for your dreams.

Until next time,

Kelli Richards, CEO of The All Access Group.

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

The Entrepreneur’s Guide to Delegating

Kelli Richards November 3, 2014

“This article was originally posted on LinkedIn”

ID-100290925Is your to-do list a mile long? Do you spend your day in meetings and bring your work home with you because there aren’t enough hours in the workday? Do you feel as though the weight of the entire company is resting on your shoulders?

If you answered “yes” to any of these questions, you might need a refresher course on delegating.

As an entrepreneur, delegating can be hard — sometimes even downright painful. You built your business from the ground up, and your unique vision is apparent in everything from the website copy to the employee handbook. Giving up responsibility means giving up control, but it can also mean helping your business meet its goals faster and helping you build a stronger team.

If You Aren’t Delegating, You Aren’t Running an Effective Business

No matter how involved you like to be in the day-to-day operations of your business, you can’t expect to handle everything by yourself. Here are a few reasons why learning to delegate effectively is an essential aspect of running an effective business:

  • You’re not a pro at everything. As your company grows and you hire employees to do specific jobs, you’ll soon realize that there are people who are better qualified to handle things like PR, accounting, website maintenance, graphic design, and customer service than you are.
  • Delegation builds a stronger team. Delegating key tasks allows other team members to contribute their strengths and talents. When every team member feels invested in the business and can contribute, it takes some of the pressure off you and makes your company stronger.
  • Creativity thrives in a team environment. Harnessing the diverse experiences and insights of your team gives you a much greater advantage than you’d have by solving a problem all by yourself. Brainstorming as a team can help you come up with powerful ideas, insights, and solutions you’d never have thought of on your own that may save time and money.
  • Delegation increases productivity. If you stick to what you’re good at and let others handle the rest, you’ll be surprised by how much more productive you and your company will be. Likewise, allowing others on your team to perform tasks that align with their strengths will motivate them to work harder and deliver more in less time.
  • The delegator is perceived as being more powerful. Many leaders fear that giving up duties and responsibilities will make them seem weak, but running a workplace effectively is a sign of a great leader. No one is great at everything; a team is only as strong as its individual members’ ability to pull together to achieve a shared vision.

4 Steps to Becoming an Effective Delegator

Delegation doesn’t come naturally to everyone — especially workaholic entrepreneurs — but there are a few simple steps that can help you delegate like a pro:

1. Recognize your strengths. Tackle the things you love or do very well yourself, and delegate the duties that slow down your productivity or otherwise aren’t a good use of your talents and time.

2. Acknowledge and reward others for their strengths. If you want your team to be as strong as possible, you must allow others to assume duties that will spur greater professional development. Don’t just think of delegating as a way to decrease your workload; recognize that it allows you to acknowledge and celebrate other team members’ strengths

3. Build a trustworthy team. The one reason entrepreneurs resist delegating responsibilities to others is a lack of trust, but if you emphasize honesty and trustworthiness from the beginning — even during the hiring process — you can build a team that you’re confident in delegating to. If you further reward transparency and open communication, others will step up and align with these ideals.

4. Tap into your network. Creating partnerships and alliances outside the company is a great way to solve problems that are beyond your team’s scope of expertise. You might hire an external social media strategist or consult with another business leader to get fresh ideas.

Freeing up your time won’t just make you more productive; it will also help maximize the skills and strengths of everyone on your team — including you. When you focus on doing what you do best and delegate everything else, you become a more effective leader andhelp grow your team’s skill set. While handing over responsibilities can be difficult, it will make your organization much stronger and far more efficient and productive in the long run.

This article was originally published on Inc.com.

A highly sought-after consultant, super-connector, trusted advisor, celebrity wrangler, and thought leader, Kelli Richards is the CEO of The All Access Group. She facilitates strategic business opportunities in digital distribution among innovative technology companies, talent and media companies, and brands to foster new revenue streams and deliver compelling consumer experiences. As a trusted advisor, she transforms the quality of people’s lives. Kelli is also the author of the bestselling e-book “The Magic and Moxie of Apple: An Insider’s View.”

Until next time,

Kelli Richards, CEO of The All Access Group.

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

 

 

 

How to Harness Power Like a Celebrity.

Kelli Richards September 8, 2014

Three strategies of the stars that business professionals can use to make a difference in the world and do things that truly matter to them.

In the mid-1990s, Apple ran a series of insightful ads entitled “Power Is,” featuring several celebrities describing what power meant to them.

Spike Lee said power is succeeding when the odds are against you and you have a constant desire to learn. George Clinton, on the other hand, shared that power is the ability to motivate, communicate, and reinvent you. Marlee Matlin described power as having confidence, no limits, and the freedom of expression.

Simply by their celebrity status, all these people have a certain amount of power–a power to live how they want, influence others’ perspectives, and motivate people to take action. Of course, this power has its downside. How would you like your every move publicly dissected? But if celebrities treat that reality with respect and use it to uplift, inspire, and encourage others, then they can make a real difference–as well as a profit from their brand and their reach.

The question is: How do everyday people–specifically entrepreneurs–obtain this power?

While there is such a thing as “overnight success,” most celebrities work hard over a long period of time to reach their powerful status. Here are three strategies of the stars that business professionals can use to make a difference in the world and do things that truly matter to them:

1. Build Your Tribe

Who you align yourself with affects your values, reputation, success, and often your financial well-being. Most success stories involve individuals surrounded by people they trust who share their values and genuinely have their best interests at heart.

Take Oprah Winfrey, for example. She has had consistent support from incredibly loyal staff, close friends, and colleagues who have stood by her for decades. Personally, she’s benefitted tremendously from the mentor relationship she enjoyed with the late Dr. Maya Angelou, as well as from her long-time partner, Stedman Graham, and her best friend, Gayle King.

Jimmy Iovine and Dr. Dre’s business partnership with Beats is another great example of a professional relationship that was mutually beneficial. Beats proved to be highly profitable for both of them in its recent sale to Apple–something that may have been more challenging to do if not for the power of their partnership.

2. Pursue New Ventures 

If you’ve had success as an entrepreneur once, you already know how to make something from nothing. Now, you have the ability to take your experience, resources, and prominence to create new businesses that fulfill a lifelong dream or generate revenue streams for a cause–or both.

Actor Paul Newman founded Newman’s Own in 1982 with pal A.E. Hotchner after his homemade salad dressing became a hit with friends. The company’s offerings have expanded, but always with the purpose of donating all proceeds to charities. To date, the amount contributed has surpassed $300 million.

Among other entrepreneurial endeavors, Sandra Bullock opened the eco-friendly Austin, Tex.-based Bess Bistro. She must love this pursuit because she was involved in every detail of making it come together. 

3. Explore Other Interests

If you look at most celebrities’ resumes, you’ll notice a large number of multihyphenates–people with multiple job titles. It’s rare to truly excel in a number of areas, but many talented people who work hard can do it. Don’t feel like you have to stay in one industry or skill set. Branching out can often create multiple sources of income and fulfillment.

Take Beyoncé Knowles, for example. She doesn’t stop with music–she’s built a business empire endorsing companies like H&M, creating a line of fragrances, and heading up a successful clothing company. It’s no wonder she topped the Forbes Celebrity 100 list.

You should also use a variety of tactics to engage with your audience via social networking. It’s what Hillary Clinton calls “smart power” (i.e., finding ways to connect with people so they can then influence their governments). While Clinton’s celebrity status often distracts from her work, she’s excellent at using her power to engage and empower youth, women, and entrepreneurs as she works toward change.

You may not be a “celebrity” to the general public, but if you’re successful in your field, there are likely a number of people who know who you are. As your recognition grows, the number of people you influence will increase. In all of these cases, the celebs referenced have used their power and influence to make a difference in a way that allows them to invest their heart, soul, energy, passion, time, and even money into something they love. That’s real power.

What will you do with your power?

Until next time,

Kelli Richards, CEO of The All Access Group.

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

The right mentor will also have the right CONNECTIONS to move any effort forward.  Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.

 

 

Star-Struck: Tapping into the Power of a Celebrity Speaker

Kelli Richards September 1, 2014

ID-100261899Creating a well-designed event is a balancing act. Tapping industry leaders and controversial renegades, orchestrating brilliant panels, and throwing awesome after-parties all help draw people in, but a well-informed celebrity speaker can elevate your event to “can’t-miss” status with real punch and energy.

A well-chosen, well-prepared celebrity speaker can infuse your event’s atmosphere with a sense of excitement. And a celebrity who’s informed, articulate, inspiring, and entertaining guarantees an unforgettable impression.

Choosing the Right Fit

Looking to engage a celebrity for your event? Rule one: don’t get star-struck.

Just because you can score a celebrity speaker — or you’re a big fan personally — doesn’t mean that person is right for your event. In fact, you should consider celebrity speakers exactly the way you’d consider any other kind of speaker: Do their presence, skill set, and expertise fit? And, more importantly, are they relevant to your audience?

By hiring someone who’s the wrong fit, you’re courting disaster. Accidentally offensive jokes, mismatched humor, or a lack of industry knowledge could easily backfire. There’s also simply the awkwardness of a brand clash. You wouldn’t hire Kid Rock to speak at a Lexus engagement, right?

Poor celebrity partnerships can also damage both your company’s and the speaker’s reputation. Paula Deen spoke on behalf of the diabetes medication Victoza, even though she was still cooking incredibly high-fat foods on her television show. The media went haywire with a barrage of negative press aimed at both parties.

Before hiring a speaker, check out your celebrity’s reputation, experience, and expertise — and trust your own instincts. Do your homework. Does it feel right? Find a fit that’s authentic, seamless, and comfortable for both the speaker and your audience.

How Much Is Too Much to Pay?

Beyond finding the perfect fit, there’s another facet to consider when hiring a celebrity speaker: Star power comes with a price. A celebrity’s speaking fee is based on popularity and demand, and those rates can range from four to seven figures, depending on the celebrity and what he or she is being asked to do (e.g., speaking versus performing).

You shouldn’t sacrifice the quality of your event to book a single A-list act. So what is a reasonable amount of money to drop on speaking fees? It depends on your budget, your audience, and your brand.

Apple’s iTunes Festival featured big names like Lady Gaga, Justin Timberlake, Katy Perry, and Elton John. How did Apple justify 30 days of A-list entertainers when they gave away the event tickets for free? Twenty million people registered to attend the live stream, which meant Apple had the opportunity to get its brand in front of a crowd roughly the size of Beijing. That’s the kind of exposure money can’t buy.

Creating a Lasting Impression

Often, this decision boils down to one simple question: Is it worth it? You have to keep in mind the goals of your event, understand your audience’s needs, and recognize what will truly “wow” them. You might not get a hard-and-fast financial return to cover this investment, but you’re paying to create a powerful and memorable experience, and that’s hard to quantify.

Good celebrity speakers inspire action, instill confidence, and invigorate your audience. And, most importantly, they help shape events that attendees will remember. With the right celebrity partnership, you’ll create an impression that lasts for years to come.

Creating a memorable experience pays off for you, your event, your product, and your celebrity speaker. By identifying a great-fitting match and paying an amount that will still pay you dividends, your company can host an event that becomes “can’t-miss” — and is talked about for years to come. That’s the kind of ROI you can’t pay for.

Until next time,

 

Kelli Richards, CEO of The All Access Group.

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

The right mentor will also have the right CONNECTIONS to move any effort forward.  Be sure to ask who they think they can bring to the table around advisorship, possible collaboration and even funding.

 

 

 

A Hard Day’s Night for Digital Legacy – The Lost Beatles Recordings

Kelli Richards July 5, 2014

Screen Shot 2014-07-14 at 3.50.14 PM

Great work will never die in today’s ever expanding online digital world. According to the IDC “The digital universe is growing 40% a year into the next decade. By 2020 it will contain nearly as many digital hits as there are stars in the universe.” In fact, according to Science Daily, 90% of all the world’s data has been written in the past 2 years. Wow. That is an incredibly daunting idea. Literally 90% of the information that is readily accessible to the world today was not available only 2 years ago.

While imagining the sheer magnitude of all this data is overwhelming, studying this information on a more local, individual level is far easier to wrap your head around.

Let’s take a look at the Beatles first Big Screen appearance in the film, A Hard Day’s Night, for example. In examining the 50th anniversary restoration process for the film, technicians needed to compensate for the original recordings (which had been lost) of what is now widely considered the most inspirational musical group ever. Imagine that, the original recordings were lost.

An incredibly foreign idea today in a day and age that with one quick internet search can find you thousands of Kids Pop covers of every song ever done. So how were these recordings lost in history? Well, despite Beatlemania, apparently some doubt still existed as to whether or not The Beatles would make a serious lasting impact; and who wants to track down and organize a possible “one hit wonders” second and third album? I’m 1960, the answer was no one; apparently not even for the Beatles. Today, this is routinely done for even small artists. It may have been a Hard Day’s Night to make a lasting footprint back then, but now, there’s almost no one left without an online footprint. The solid win for all of us is that great work never dies in today’s online digital world, and as a result, we are all, always building a digital legacy for lifetimes to come.

Let’s look at the Lennon legacy. Everyone is probably aware of John’s journey from Liverpool, his work with the Beatles, his marriage with Yoko Ono and his untimely death. But what about his children? Julian, John’s eldest son, has expanded his own musical career, fighting through adversity often faced by platinum artists children, attempting to get out of the shadow of their musical parents. (Luckily for humanity, in addition to his music, Julian has made great strides in his White Feather Foundation, raising funds for a more sustainable future for the planet.) And Sean, John’s youngest son is touring with bands like the Flaming Lips and Tame Impala while releasing his own albums and unique sound.

Our digital footprints go beyond music, of course, Paul McCartney’s daughter Stella need only be Googled to find pages and pages of images of her enormous impact on fashion. And of course, the remaining Beatles themselves continue to make great music and build their legacy, both online and off.

So while the early pieces of Beatles history have been lost, their legacy will not be forgotten and in fact, continues to grow and grow. Living on in their new accomplishments, their children, their fans, and in an online database for everyone to access, so no one will forget.

 

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

PSS: Listen to an entire library of intimate discussions with industry visionarieshttps://bit.ly/AllAccessPodcastSeries  (Priceless)

Annual Allen & Company Sun Valley Conference

Kelli Richards June 30, 2014

Every year since 1983, government officials, media moguls, journalists and technology buffs gather in Sun Valley for the Allen & Company Conference. This year was no difference, boasting names such as Zuckerberg, Buffett, Cook, Gates, Murdoch and Weinstein.

“Allen & Company is a private investment firm formed in 1922, located in New York and London. Allen & Company has advised, helped found and/or invested in numerous companies including BET, InterActiveCorp, Oxygen Media, Discovery Communications, News Corporation, the Coca-Cola Corporation and Google.”

The Allen & Company conference mixes thought-provoking presentations and a laid back mingling for industry leaders to foster relationships. CNBC dubbed the conference the “summer camp for moguls.”

The conference isn’t only fun for moguls though; local businesses thrive from the influx of people the conference brings each year. Sun Valley is known to attract many celebrities, but the Allen & Company Conference brings them in hundreds.

According to an article on MagicValley.com, the highlight of the afternoon was Tim Cook’s presence. Journalists spotted the Apple CEO buying a drink from a vending machine.

Meg Mazzocchi, a local working at The Toy Store was quoted in the MagicValley.com article saying, “You don’t ogle and you don’t intrude and you don’t ask for autographs,” she said. “Just let them enjoy their vacation. I think that’s why Sun Valley is popular.“

For more information about the conference, check out this article on MagicValley.com https://bit.ly/IgDde4

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

PSS: Listen to an entire library of intimate discussions with industry visionaries https://bit.ly/AllAccessPodcastSeries  (Priceless)

 

4 Steps to Ace an Early-Adopter Culture

Kelli Richards March 24, 2014

Untitled12In this era of rapid innovation, a new technological breakthrough can shake an entire industry in an afternoon, and consumers are hungry for the most advanced gadgets available. Businesses are constantly expected to be at the forefront of emerging technology.

When Corning’s “A Day Made of Glass” video series went viral in 2011, the company leaped in the spotlight. In the process, consumers and businesses alike found themselves considering the company’s role as an innovator in specialty-glass technology for a wide range of uses.

 

For consumers, the roles of early adopter and a thought leader often become intertwined. Customers tend to gravitate toward companies that can speak credibly about new technologies and apply them to product development and business processes.

Related: ‪Why Every Employee Needs to Be Part of Your Tech Team

Being at the forefront of emerging trends will make your business more sought after by the media as an authority within your industry sector and your staff will be viewed as capable of speaking with intelligence about the latest developments’ impact on your niche or sector.

But being an early adopter doesn’t come naturally to every business — nor can it be achieved overnight. Creating a culture of early adoption and keeping your business ahead of the curve requires a change in mindset at the leadership level. To grow a thriving business on the bleeding edge, savvy leaders would be wise to take some of the following steps:

1. Make the latest tools available to employees. Having the latest gadgets available for staffers to play with encourages a culture of innovation, experimentation and evangelism. It gets employees thinking about how new technology can be used and it encourages a cross-pollination of ideas. For example, when Google Glass was released, forward-thinking businesses made the product available for their employees to try and discuss.

Related: ‪How to Motivate Creative Employees 

2. Encourage team members to engage with new technologies. For its own part, Google requires its employees to take days off to simply experiment with the latest technologies and test ideas. Ensure that your employees engage with the latest from Silicon Valley by asking them to take an hour from their workday to acclimate themselves with a gadget or tool. Or have an employee do a presentation summarizing the applications of a new device so your team can focus on its possible impact on your industry.

3. Create incentives and reward innovators. Give your employees a reason to keep up with tech news and drive innovation by rewarding those who do so. Grant the employee who discovered and implemented a new task-management platform a paid day off. Reward the staffer who forwarded the latest news to the rest of your team with a free lunch.

4. Lead with an early-adopter spirit. Cultivate a company mindset of curiosity by being a leader who embraces change and risk in the name of progress and cutting-edge disruption. Starbucks CEO Howard Schultz revealed his hunger for innovation when he invested $25 million in Square — a startup few knew about at the time. What seemed like a risky and questionable move to some ultimately paid off. Through collaboration with Square, Starbucks now accepts mobile payments globally, paving the way for other companies hopting to implement mobile-payment systems in their operations.

The pace of technological change is faster than ever before and businesses that wait too long to embrace innovation can easily be deemed irrelevant by consumers. Instead, infuse the early-adopter mindset throughout your company’s culture — and you may well end up being celebrated as a forward-thinking visionary within your industry.

 

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

4 Tech Dinosaurs That Will Finally Die in 2015

Kelli Richards March 17, 2014

In recent years, technology has changed the way we view work, entertainment, media, and even our workout habits. While most people are focused on what’s next for wearables, cloud computing, and syncing gadgets, few have taken the time to consider the tech we’re going to be sending into retirement in the coming years.

Here are the tech trends that are coming to an end in 2015.

1. The Revolution Will Not Be Televised

With cable-cutters everywhere, cable and satellite providers across the country are scrambling to lock consumers into their tiered contracts. Millennials, however, aren’t as attached to their TV sets as older generations. Netflix, Hulu, Apple, and Amazon already provide great streaming options, while cable favorites like HBO and ESPN are moving to mobile devices.

By 2015, content providers will have much more control than cable companies. Cable companies won’t go down without a fight, though — the majority of them also provide digital cable, DVR, and Internet services. However, with lightning-fast Google Fiber expanding into more major cities, it’s only a matter of time before these services will need an upgrade, too.

2. Home Entertainment Is Entering a New Dimension

Your television set won’t end up a nostalgic antique like your grandfather’s eight-track cassette player, but the TV industry is upping the ante in the age of high definition.

  • While Nintendo focuses on integrating its content into mobile platforms, Sony and Microsoft are pushing forward with ways of integrating their gaming consoles into your entire home, allowing for interactive entertainment options we’ve never seen before.
  • Glasses-free 3D and curved screens are changing the way studios create and release both theatrical and home content.
  • Set-top boxes and streaming options by Apple, Google, and Roku even further blur the line between our TVs and computers. By 2015, there will be little (if any) difference between your television set, mobile phone, and computer as cloud computing creates a seamless web experience.

3. Call Somebody Who Cares

Millennials have come of age with cell phones. Gone are the days when you couldn’t get reception unless you were directly underneath a cell tower. These days, landlines are used strictly for emergencies such as Hurricane Sandy, and most are Internet-based VoIP services.

The days of Ma Bell and her Baby Bells are a distant memory, as those former communications giants struggle to maintain the outdated infrastructure of their phone lines. Cell phones are as likely to drop a call as a landline, and less than 10 percent of households in the country have only a landline phone. As current generations age, landline telephones will disappear altogether.

4. Goodbye, Gutenberg

When Johannes Gutenberg invented the printing press, the machine made it possible to put magazines on every shelf, books on every desk, newspapers on every porch, and Bibles in every hotel nightstand.

We all know the newspaper and magazine industries are struggling, but 2014 looks to be the year when we drive the final nail in the coffin and bury these struggling industries for good. After J.K. Rowling authorized the release of the Harry Potter series on Amazon’s Kindle, the publishing industry essentially crumbled. Major magazines and newspapers started shutting down, and the only holdouts seemed to be textbook publishers.

Apple took this market by convincing McGraw-Hill, Pearson Education, and Houghton Mifflin Harcourt to create iBook textbooks to integrate the iPad into schools, while Dynamic Books allows instructors to create customized textbook content for their SMART Boards.

It’s not just books, either. The whole world has gone paperless. Your tablet and smartphone allow you to travel without a boarding pass, publish your own e-books, attend concerts without a ticket, and even pay without cash, a credit card, or coupons. Gutenberg must be rolling over in his grave.

Much like video killed the radio star, the Internet is demolishing them both. Every innovation we come up with disrupts another. Nobody knows where we’ll be in 2015, but I’m sure we’ll have our smartphones in hand, ready to check in on Foursquare to prove it.

 A highly sought-after consultant, mentor, speaker, producer, coach, and author, Kelli Richards is the CEO of The All Access Group. She and her team facilitate strategic business opportunities in digital distribution between technology companies, established artists and celebrities, film studios, record labels, and consumer brand companies in order to foster new revenue streams and deliver compelling consumer experiences. Kelli is also the author of the bestselling e-book, “The Magic & Moxie of Apple — An Insider’s View.”

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

 

How to Vet a Crowded Industry for Hidden Innovation Opportunities

Kelli Richards March 10, 2014

06ccbb3Few people look at a thermostat and think, “Now there’s an exciting business opportunity!”

As a device, it’s a boring commodity — a relic of a stagnant, saturated market. So why did the co-founders of Nest decide to build a multimillion-dollar company around the reinvention of the thermostat?

Where others saw an industry that offered no room for new ideas, Tony Fadell and Matt Rogers saw potential. Most of the 10 million thermostats sold every year throughout the U.S. were clunky, inefficient, and impossible to program, but a simple, Wi-Fi-enabled device that could be programmed via a smartphone — that could be a game changer. Fadell and Rogers saw this opportunity, left their jobs at Apple, and got to work.

Within just three years of unveiling the Nest Learning Thermostat, the company has reduced energy usage across the U.S. and Canada by at least 225 million kilowatt-hours. They’ve saved consumers more than $29 million in heating and cooling bills. And earlier this year, Google bought Nest for $3.2 billion in cash.

What gave Fadell and Rogers the confidence to dive into an overcrowded market? They saw room for innovation. Here’s how you can see through the crowd to the opportunity.

How to Vet a Crowded Industry

When a market has a reputation of being fully saturated or crowded, many potential entrants will steer clear without a second thought. But popular perception isn’t always reality. Though it may not be immediately obvious, there’s often room for innovation and more than one player in the most stagnant of industries.

If you’ve got an idea that you think could disrupt a crowded market, it’s critical that you vet the industry before launching.

Do your homework. Who are the key players in the industry? What are their strengths and weaknesses? A comprehensive understanding of the competitive landscape is vital for determining your strategy.

Clarify your value-add. What makes your idea different? Are you cheaper, faster, better, or more innovative than everyone else? You can’t survive in a saturated industry without clearly being different and better.

Know your customer.Are consumers satisfied with the current market? If your product or idea can effectively address unmet needs and pain points, you’ll be able to capture significant market share.

Position yourself as a trailblazer. People aren’t expecting innovation in a stagnant market. Find the gap by researching industry trends, then stake a bold claim as the “next big thing.”

Prepare for scale.When you unveil a great idea on a commodity market, you have to be ready to handle a sudden wave of demand. Had Nest not been able to keep up with the brisk pace of adoption, the company would have tanked. They were prepared, though, and rode the wave all the way to a multibillion-dollar acquisition in a relatively short period of time based on mass adoption by consumers.

Surviving the Changes in Your Industry

Once you’ve made the leap into the market, you need to be proactive to survive your industry’s lifecycle changes. Achieve the following, and you’ll not only keep your head above water — you’ll thrive.

  • Stay up to speed on the latest trends and technologies. That way, you can remain nimble and capable of edging out competitors.
  • Get the word out. Make sure customers know about you — and know that your solution is superior.
  • Make sure you offer the best possible customer experience. You’ll garner loyalty and brand equity, and you’ll reduce the churn factor.
  • Optimize key elements: pricing, service, process, and customer satisfaction. Piece these components together in a way that tells a compelling brand story to attract your target audience.
  • Always strive to stand out from the crowd through your marketing, products, and customer experience. When you delight your customers, they’ll become brand advocates and stay with you in the long run.

A Matter of Perception

When an industry undergoes a fundamental transformation, many people wrongly assume it’s vanishing forever.

Consider the entertainment industry, for example. Just 15 years ago, film studios, record labels, and media distributors believed that file-sharing technology would ruin their entire livelihood. Those who were stuck in their ways wanted to put an end to the technology.

Savvy, forward-thinking tech entrepreneurs, on the other hand, saw an opportunity to pioneer change. While everyone else was lamenting the death of entertainment, they harnessed the disruptive power of technology to meet market needs.

Now, decision makers in the industry are embracing next-generation distribution technology because it enables them to reach global audiences and create new revenue streams.

It takes a keen eye and a great idea to capitalize on lifecycle changes in a crowded market. The risks, however, are often a matter of perception. By seeing potential where others don’t, you can access a world of opportunity and profits.

 

A highly sought-after consultant, mentor, speaker, producer, coach, and author, Kelli Richards is the CEO of The All Access Group. She and her team facilitate strategic business opportunities in digital distribution between technology companies, established artists and celebrities, film studios, record labels, and consumer brand companies in order to foster new revenue streams and deliver compelling consumer experiences. Kelli is also the author of the bestselling e-book, “The Magic & Moxie of Apple — An Insider’s View.”

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

 

5 Unlikely Music Legends With Great Advice for Entrepreneurs

Kelli Richards March 3, 2014

1abcac6As an entrepreneur, it’s important to keep your ears open for helpful advice — especially when you’re new to the game.

We usually expect business wisdom to come from the likes of Mark Cuban, Elon Musk, and Warren Buffett — not Jimmy Buffett. But there are a few big names in entertainment who would surprise you with their entrepreneurial spirit and business acumen.

1. Jimmy Buffett

The man behind boozy classics such as “Margaritaville” and “Cheeseburger in Paradise” knows a little something about entrepreneurship.

Beyond his successful career in music, Buffett runs a record label, a merchandising company, the Margaritaville brand of chain stores, restaurants, blenders, tequila, and more.

He’s a successful entrepreneur because he hires talented people, can see the potential in important opportunities, and lives by solid values that go back to his roots.

Take it from Jimmy: “You’ve got to be able to take money out of the equation in order to enjoy life and make good decisions. Years ago, I went to Warren Buffett for advice about something, and that’s what he told me. He said, ‘Whether you make or don’t make this deal, is it going to affect your life? And if not, then do what you want to do, and be prepared for them to say no.’ I’ve used that quite a bit.”

2. Troy Carter

Troy Carter is the manager who helped build the careers of musical sensations including Lady Gaga and John Legend.

What you might not know is that he’s a tech investor in ventures like Spotify, Uber, and Dropbox, as well as the entrepreneur behind POPwater and several other companies.

Carter’s ability to stay present helps him make clear and logical decisions in the midst of chaos, keep the big picture in mind, and avoid getting flustered when things don’t go as planned.

Take it from Troy: “Money doesn’t make me tick. This definition of success doesn’t make me tick. Managing some of the biggest stars in the world doesn’t make me tick. Making my family proud makes me tick.”

3. Pharrell Williams

Pharrell Williams is a renowned hip-hop, R&B, and soul musician, but he also designs clothing and chairs, dabbles in sculpture and architecture, invests in tech startups, mentors kids, and is a philanthropist.

Williams is successful because he surrounds himself with people who recognize that they’re different, and he understands the importance of collaboration, learning from others, and taking constructive criticism.

Take it from Pharrell: “You are only as good as your team. When you envisage success, you should see all the people you work with, in addition to yourself…I used to hire 21-year-old monsters with a twinkle in their eye. I saw potential, but it was what I thought they could do, not what they could actually do…When you surround yourself with people with experience…A lot of them are gonna be older than you. When they vet people, they need to see more than twinkles; they need sparks.”

4. Dave Stewart

Dave Stewart is a musician best known for his work with the Eurythmics.

He now serves as an advisor to Visa and Nokia and is the CEO of the massively successful media company Weapons of Mass Entertainment. He’s also the co-founder of First Artist Ventures and the author of the entrepreneurial guidebook “Business Playground: Where Creativity and Commerce Collide.”

Stewart embraces and rewards creativity, understanding that it’s essential for a business to stand out in a crowded market. He also knows how to ask the right questions and when to seek different perspectives from trustworthy people.

Take it from Dave: “A creative culture is one in which people aren’t just rewarded for successes, but are allowed and actively encouraged to experiment and make mistakes.

“The perfect brainstorm removes the barriers to creativity by letting all ideas come out without the judgment and criticism that might otherwise kill them. It also involves having clear parameters, including a mix of people from different backgrounds, and setting high expectations for performance.”

5. Sammy Hagar

Also known as “The Red Rocker,” Sammy Hagar is a singer/songwriter and the musician best known as a member of Van Halen.

Hagar also owns a popular chain of nightclubs and restaurants called Cabo Wabo, a chain of airport restaurants, a restaurant with celeb chef Tyler Florence, and a tequila company.

While it might seem like a leap for a rocker to run a chain of restaurants, Hagar is successful because he follows his intuition, looks for new opportunities, finds the right people to run his businesses, and has fun.

Take it from Sammy: “Before I made it as a rocker, I had a lot of executives tell me what to do to make it, and I never listened to them. I did it my way…I like owning and operating a business. It’s as creative as stepping on stage or making a record. I’ve never started a business thinking, ‘Oh, I’m gonna make money off of this.’ All my ideas have come from sheer enthusiasm.”

While you probably shouldn’t take all your business advice from music legends, there are some common lessons that transcend industries:

  • Surround yourself with great people.
  • Explore potential opportunities that challenge you.
  • Don’t make money the first priority.
  • Always trust your gut.

Sometimes, the best advice comes from unexpected sources. Another lesson you can learn from these individuals is that you don’t necessarily have to start in business to build great companies. It’s just a matter of listening to your inner entrepreneur and seizing opportunities that excite you.

Which unlikely individuals have given you the best advice on entrepreneurship? What was their advice?

 

Until next time,

Kelli Richards, President, CEO of the All Access Group, LLC

PS: Subscribe to my FREE All Access Group Newsletter https://bit.ly/AAGNewletter

PSS: Listen to an entire library of intimate discussions with industry visionarieshttps://bit.ly/AllAccessPodcastSeries   (Priceless)

 

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