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:
Calculate DPMO for Six Sigma
If you have the short term sigma score, you can enter it in this spreadsheet to get the DPMO.
If you have the DPMO and need the short term sigma score, you can enter it in this spreadsheet.
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
Six Sigma- What is it, how to use it, etc
This is NOT my material. This is from an MBA course at the University of Utah.Six_Sigma_Introduction
Here are the key steps for Six Sigma's DMAICÂ (they are further defined in the PDF).
- Define
- Measure
- Analyze
- Improve
- Control
Using Excel to determine a portfolio’s Mean, Variance and Standard Deviation
9/23/10 Update. I've uploaded an image to show that there is a video to show you how to do this.You will still probably want to see the text version of these instructions below.
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.
24- An Entrepreneur’s Version
With the launch of the new season of "24" I thought I would share my own version of 24. Unfortunately I didn't get to shoot anyone and I didn't have to hack any Closed Circuit security systems but it was still a pretty hectic day.
In addition to running an ecommerce startup I also consult for a handful of websites, I'm going to school to get my MBA because I love learning AND I depend on exercise to keep me sane. Here is how I fit it all in.
- 5:30 AM Get up to go cross country skiing up Millcreek Canyon. Okay, when I said "yes" to the idea of getting up early to go skiing, I had no idea that that meant 5:30 AM. It's still night time and I have to wear a headlamp! I usually get up around 8:00 AM but in the winter it's really hard to exercise so I'll roll with it.
- 5:45 AM pick up John. I thought that dentists had Fridays off... turns out that there are a few that don't. (Wonder if he thinks that part in "Hangover" about the dentist is as funny to him as it is to me.) Good thing I picked up my skis from REI the night before. I rented cross country skis because I'm normally a downhill guy and don't have cross country skis.
- 7:10 AM back from skiing. I didn't realize how good of a work out it was to cross country ski. It's been awhile. I almost stumbled down the stairs because I didn't realize my legs were that tired. I spend a few minutes chatting with my 10 and 8 year old sons. They're watching some "japanesee" cartoon that I don't understand and I wonder to myself when my parents' interests started to diverge from my own interests.
- 7:45 AM After a quick shower and getting dressed in the dark to avoid waking my wife and sleeping 2-year old, I grab the Wall Street Journal and leave for work.
- 8:00 AM I decide to stop by the bakery for some breakfast. I'm a little disappointed that this location doesn't have the breakfast bagel sandwiches for $3.00. I buy a croissandwich from Paradise Bakery and leave for work.
- 8:15 AM arrive at work and start reading the Journal. I have to read it for school but rather quite like it. After about 15 minutes I start to read my email. If you ask my kids what I do for a living, they will tell you that I send email and sit in front of a computer all day. They would be right. I think that's what I do most days. I had a couple of calls, send a quick email campaign and continue answering emails. I check on projects and make a few calls. It's a good thing I had a big breakfast because I don't have time to go to lunch. I planned on going skiing with my kids at Alta because it's free after 3:00 but the time gets away from me so I leave too late to go. It's okay because their grandparents just got to town from Colorado. I think I'll go for a quick bike ride.
- 3:30 PM leave for bike ride. Ride for 25 miles with a friend. Talk about jobs, bikes, the weather. Where else can you ski and ride your bike on the same day? It's amazing really! I have to ride while Paul B. is away so I can drop him when we ride next time. He's been working out at the gym with the goal of dropping me. Do you think that's too competitive?
- 5:00 PM arrive back home. Shower and grab a snack of fresh rolls from Great Harvest... ah, what a great bread store!
- 5:45 PM leave for study group.
- 6:00 PM arrive at study group. Study Finance until 10:00 PM.
- 10:15 PM arrive home. Grab leftovers from the fridge and chat with my wife and her parents.
- 11:00 PM sit down to send out an email campaign and make a blog post for a client. I got it all ready to go but then I had to upgrade the account because our subscriber list has grown since we did the redesign. I'll have to get permission from my client.
- 12:15 AM go to bed and kiss my sleeping wife goodnight.
- 7:00 AM wake up to go to MBA school from 8:00 AM to 5:00 PM while trying to answer email and calls during breaks.
This was a little busier than normal but as you can see there is not time to watch TV. I spend quality time with my wife and kids on weekends and evenings.
