International Trade
I've always been fascinated by all aspects of international business. I'm enrolled in an international management course being taught by a career diplomat. As I pick up interesting facts or resources, I'm going to post them here.
Here is the first: http://www.export.gov/tradedata/index.asp. This is a site with trade data report. You can pick almost any product or category and start researching the numbers.
TagCrowd- generate a tag cloud
You have probably seen them on blogs, they are the box of words where words are different sizes and colors. They are known as "Tag Clouds" in internet parlance.
As it relates to blogging and websites, BIGGER words represent more frequent appearances in posts. If you click on one of the words, it brings up all posts that have used that "tag". If you're asking yourself, "What is a Tag?", wonder no more.
A TAG is an association to a topic, subject, project, etc. For example, when I wrote this article, I thought of the tags that summarize this post. They include: Tag cloud, blog, big words, how to, resources for websites, and several more.
More and more things are taking advantage of tags. For example, instead of creating folders for your email, some email programs let you enter tags. When you want to find that email, you simply search for all the tags that are related to the email you're trying to find.
Not too long ago a friend of mine told me about this site: http://www.tagcrowd.com. You can create a tag cloud from a list of words that you've created. Why would you want to do this? Well.... if you want to reach the technologically advanced, you could create a tag crowd graphic for a presentation, brochure, etc. TagCrowd.com makes it easy. However, the ironic thing about this service is that they failed to include examples of tag clouds so others could see what they're all about. I sent them an email to suggest that they should create a gallery of clouds that have been created on their site.
To show you how it works, I copied the text from this blog and pasted it on TagCrowd. Here is an example of a Tag Cloud that was created as a result:
How smaller companies can outperform larger companies with deep pockets
What do you do if you find yourself competing against a much larger, more recognized competitor? You probably already know the answer: you focus on customers, not competitors. If you can meet the needs of your customers better than anyone else, you'll keep them longer and be able to charge more. It's kind of like becoming a specialist such as when a doctor chooses a focus in order to charge more for his/her specialized knowledge. The key is to understand the market potential, e.g., size, before you commit to a specific focus.
In addition, here are three questions that you need to answer:
- What are your differentiating capabilities? How will you be different or better than competitors? You should try and stay away from "lower cost" as that has scalability issues. What changes can you make to solidify your position?
- Who are your customers? Keep in mind that your perception of who your customers are may not be accurate. Take the time to meet with your customers. Ask them questions about other ways you can meet their needs. What made your existing customers choose you over competitors?
- What expansion plans or diversification can you employ without sacrificing quality? There may be a temptation to do more than you could reasonably do. Avoid this as it could lead to your undoing.
For additional details, ideas and a case study of what could be done, take a look at "When New Products and Customer Loyalty Collide" by Regina Fazio Maruca and Amy L Halliday in the Harvard Business Review from November-December, 1993.
Software development- continuous deployment
I was delighted to read this post about the efficiencies of doing "Continuous deployment". My software company has been doing this for years with really good success. Of course we've run into problems from time to time but all in all our customers have been really happy with the process. They've gotten what they've needed at a fraction of the cost of traditional development.
I used to try and explain our approach by telling people that we followed an "Agile" development process or an "XP development" process but in reality we have been doing continuous deployment. They key is using principles that are rooted in continuous improvement processes such as Six Sigma and asking the "5 Why's" and looking at root causes.
Read more about how to gets started with continuous deployment and some things you can do to maximize your chances for success: Continuous Deployment.
Here are some other relevant links: Lessons Learned Case Study and 5 Steps for Continuous Deployment.
Process driven approach is key to improving online marketing results
If you're in marketing you know this all too familiar rule. The top paid person usually decides which creative should be used. That means they are deciding what they think not only represents the brand and marketing strategy but also the creative they think will be most effective. However, this is where they could be wrong. Pretty doesn't always mean effective.
Here is a video cast that I came across that makes this point. It goes into detail about how to have a structured approach to email marketing. This process based approach is applicable to not only email marketing but all other electronic marketing mediums and traditional mediums as well.
Here's the link: Five Best Ways to Optimize Email Marketing
Using Excel to determine a portfolio’s Mean, Variance and Standard Deviation
Okay, so you probably don't really want to know how to do this but this is also a reference for me when I need to do it in the future.
Here's the scenario: You have several stocks and you want to know what their combined returns and risk are. This is how you can figure it out.
Step 1: Set up the percentages
Step 2: Calculate the sample mean (average return for the individual stocks)
Step 3: Label the percentage as "p". This represents the proportion of the portfolio that is in a particular stock. This is how you name a range of cells. You highlight them and then give it a name in the top right in the "Name box".
Step 4: Label the sample mean as "mu".
Step 5: Use Excel to create a Covariance matrix. You'll need to install the data analysis tools in excel in order to do this. See below for a video on how to do this.
Step 6: Populate the rest of the covariance matrix by using "paste special".
Step 7: Name the covariance matrix results "sigma".
Step 8: Use this formula to calculate the "mean": =MMULT(TRANSPOSE(p),mu). After you've entered that formula, you have to hit "shift, ctrl, and enter" at the same time because it's a special function in Excel.
Step 9: Use this formula to calculate the "Variance": =MMULT(MMULT(TRANSPOSE(p),sigma),p). Again, after you've entered that formula, you have to hit "shift, ctrl, and enter" at the same time because it's a special function in Excel.
Step 10: Use the sqrt function in excel on the Variance to get the Standard deviation for the portfolio.
I really don't think you would be able to follow that based on my instructions so I've included a short video to show you how. Video: Using Excel to calculate a portfolio's mean, variance and standard deviation.
Here is a video showing you how to turn on Data Analysis tools in Excel.
Way to send large files for free: www.yousendit.com
I use this site probably once a week. I've sent hundreds of files using YouSendIt's free file transfer service. Generally speaking, you should never email something over 8 MBs. So if you want to send someone a file, go to www.yousendit.com and sign up for one of their free accounts. It basically works like an FTP (File Transfer protocol) replacement service. FTP used to be the way you would send a large file. FTP was a less reliable and more technically difficult way of sending large files by uploading it to a server so the receiving person could pull it down.
After you've tried the free services, you may want to try their paid features. The one I like the most is a "Return Receipt". It sends you an email once the recipient downloads the file. I've used this to send small and large files when responding to RFPs (request for proposal). I used it to test a theory that people flip to the pricing page then decide to look at the rest of my RFP response. Using www.yousendit.com allowed me to confirm that it sometimes is the case.
Here are some things to keep in mind:
- Unless you pay for the premium delivery and password protect the file, anyone with the web address to the file will be able to download your file. Of course the chances of someone guessing your file location are extremely rare but if someone forwards the link to someone, say a competitor, they would also be able to download the file.
- The file will only be there for 7 days. I actually like the fact that they don't keep my file indefinitely. If I were willing to bet, I would say that they made the decision as a company as a way to reduce not only the server load that could happen if it was used as a file sharing site but also as a way to reduce liability for files.
- If you use their direct notification service by entering the recipient's email address as you're uploading the file, you're going to want to let the recipient know that you're sending it via yousendit.com so they can add them to their approved list so it doesn't get flagged as spam.
- I recommend that you copy and paste the link to the file in an email and send it directly from your own email account. This also ensures that you'll have a record of when you sent it even though yousendit.com emails you a confirmation file that the file has been sent.
This is one of the best ways to send large files for free.
Checklists- a great tool for doing things right
Good processes will consistently outperform really smart people over time. Checklists are an amazing tool because they are easy to create and easy to update. I probably don't need to tell anyone exactly what a checklist is but just in case, here is a link to Wikipedia with a definition: checklists.
I was recently reminded of the power of this simple tool when I was listening to NPR. In the segment, a well respected surgeon was talking about the results he has seen by using checklists. He said that checklists have reduced at least one major problem per week. He further drew a comparison between a surgical checklist to a pilot's checklist. The results are clear: checklists are effective in all areas of life. Here is a link to the article on NPR's website: 'Atul Gawande's Checklist' For Surgery Success.
Here is how to create a simple checklist:
- Write down a list of things that have to get done.
- Put them in the order in which they need to be completed.
- Do the project.
- Consult the checklist and mark off each one as you do it.
- Update your checklist with things you learned or may have forgotten on the initial checklist.
Checklists are best suited for projects or activities that are frequently repeated and they are particularly useful for reviewing your approach to solving everyday issues. For example, let's say that you are about to have a meeting with a group of important people. Here is a simple example of a meeting checklist:
- Put together an agenda
- Determine who should review the agenda and have them review it
- Determine who should attend
- Send meeting invites
- Prepare material to discuss with attendees
- Send meeting reminder 30 minutes before the beginning of the meeting
- Hold the meeting
- Type up action items and send to attendees
- Follow up with attendees
10 Principles to Achieving Balance
You'll never achieve total balance in your life. It's a fact so get over it. Now that you know that, here are 10 things for busy entrepreneurs to keep in mind that are most likely to lead you to a "more balanced" life. These are some things that I've learned over the years. I can't claim that they are my original thoughts but these are the principles that keep resurfacing. Embrace these and let these simple principles fill your life with a feeling of accomplishment.
- Take time to reflect and meditate-- the answer comes from finding internal peace.
- Assess your priorities-- are you doing what you want to be doing? what can you do to change that?
- Keep a journal- you'll be amazed how things increase in clarity as you write them down.
- Don't sweat it-- there are some things you can't control
- You don't have to do it or know it all-- don't be afraid of what you don't know-- take action and fix things later.
- It's easier to correct a course than to get something going-- how much effort does it take to stop a stopped car?
- Eat healthy-- eat a bag of oreo's how does that feel?
- Exercise-- your body was made for action. You are supposed to sweat. Getting the blood flowing changes everything.
- Serve others-- thinking about others has transformative power.
- Take small steps-- you won't get it all done today. What can you get done today? Write it down and do it.
