This was originally published on The Success Bug website by The Success Bug Team.

Writing a business plan for the first time can be daunting and confusing. Why should I write one? Where do I even start? How will this improve the success of my business?

In this article, we answer all of these questions in a step by step guide on how to write your first business plan from scratch.

Should I Write a Business Plan?

There seems to be a debate on whether or not a business plan is relevant. Many of today’s biggest companies started without one. This leads many people to believe that it isn’t useful, let alone necessary for success.

However, a recent study examined 11,046 small businesses and looked at the correlation between their success and whether or not they had a business plan. The study concluded that companies that used a business plan grew 30% faster than their counterparts. In fact, 71% of fast-growing companies have business plans.

Having a plan also can also assist with organization and consistency. By having a plan written out, it allows an entrepreneur to refer back to the outline and make sure everything in their business is operating efficiently, and as expected.

Business Plan Composition

The first step in writing a successful business plan is deciding its structure. For the sake of simplicity, we’ll stick to a 5-page business plan template. The composition of this 5-section template will be broken down into:

• Overview
• Competitive Analysis
• Product
• Marketing
• Goals

Overview

In this section, you’re essentially providing a general breakdown of your business. This can begin with simple details such as the business name, location, legal structure, and a description of what the business does. If you’re creating a plan for an existing company, it will likely have sales, return on investments and all other financial information.

A mission statement is also usually included in this section. The best mission statements include the company’s values, vision, and mission. Furthermore, the statement should be clear, concise, and easy for the reader to understand.

The company’s structure of responsibility should be mapped out in this section as well. This should outline who’s in charge of the sales, marketing, and finance areas of a company for instance.

While it’s the first thing that people will read, we generally advise that you write the overview last. Why? Because once you know the details of your business inside and out, you will be better prepared to write your overview.

Competitive Analysis

You want to start by describing the industry you’re competing in and the markets you’re targeting. It is crucial for all business owners to be up-to-date with their industry. This can include familiarity with industry trends, innovations, and shifts. Once we know this, we can identify what our competitive advantage is. A competitive advantage is any strategy that puts a company in a favorable business position over its competitors.

In this section, you want to describe as much about your competitors, supplier and buyer powers, and external threats. This can all be scoped through traditional industry analysis.

If you’d like to learn more about how to perform an industry analysis, check out our guide on how to use Porter’s Five Forces. Porter’s Five Forces is a powerful tool, created by Harvard Business School professor Michael Porter. It was designed to understand the competitiveness of a business environment. This enables us to better identify profitable opportunities. 

Product

This section provides information about the products or services your company provides. A good start would be to explain what problem your product solves, and how it accomplishes this. If you can’t pinpoint a problem that your product solves, then you might not have a viable business concept.

Additionally, this section should include information about the products:

• manufacturing cost
• pricing strategy
• supplier/ source
• consumer demand

Marketing

To begin, a good business plan will identify the target market segments. This is then followed with data to indicate how fast each segment is growing. When identifying target markets, a classic method is to use the TAM, SAM, and SOM breakdown.

• TAM: Total Available Market (everyone you wish to reach with your product)
• SAM: Segment Addressable Market (the section of TAM you will target)
• SOM: Share Of the Market (the portion of your SAM that you will realistically reach—particularly in the first few years of business)

Once you have identified your key market segments, you should discuss the trends for these markets. Are they growing or shrinking? Identify the market’s evolving needs, tastes, or upcoming changes.

Another important question to address in this section is how you plan to build customer loyalty. A great marketing strategy should aim to build consumer interest and retain customers.

Goals

Finally, the last section when you write a business plan should be the company’s goals. This can be broken into two sections of goals: short term (1-year) and long term (3-5years).

Each section should aim to describe goals in respects to:

• revenues
• profits
• sales
• company development
• company impact

It’s important to note that this is solely the minimum of goals a business should set. It’s very likely for a company to have goals not measured by numbers. If they’re significant to the company, they should also be added to this section for a more detailed comparison in the future.

The power of this section lies in manifesting the direction you want your company to head in. A popular study by Psychology professor Dr. Gail Matthews, revealed you’re 42% more likely to achieve your goals if you write them down.

Key Takeaways

Creating a business plan can serve many purposes alongside increasing a company’s likelihood of success. A strong business plan template consists of an Overview, Competitive Analysis, Product Description, Marketing Plan, and List of Company Goals. The more detailed each of the sections of the business plan is the more accurately you can achieve your goals and grow your company. Hopefully, after having read this guide, you now have a more concrete understanding of how to write a strong business plan.

If you would like to learn more about more ways to improve your company, you will definitely like this article on “Why Brand Activism Matters for Your Business.“

This was originally published on The Success Bug website by The Success Bug Team.

WHY YOU SHOULD KNOW ALEC AND QUINN

For our seventh interview, we had on Alec Gillinder and Quinn King, two friends intent on shaking up the medical device industry. In their third year of college at Syracuse University, Alec and Quinn entered Invent @SU, a 6-week summer program at Syracuse, where you can design a product and pitch it to a board of investors for an opportunity to win cash prizes.

Now, most kids who enter business plan competitions like this one do so for the experience. They think it would be cool to compete and the idea of winning is alluring but they don’t break their backs over it. Alec and Quinn are not like most kids though. They had one goal in mind: Win.

So they sat down and studied every winner of previous competitions and saw almost every winner had one thing in common: They were all in the medical device industry.

So they got to work and created their product L-IV (The Liberating Intravenous System). This portable IV system can connect an IV system to the body using two simple straps, allowing the patient to receive treatment while remaining mobile.

This invention safe to say got them first place in the competition​, awarding them $5,000 along with a $1,000 stipend which helped them develop their first prototype. They not only won this competition but​ also went on to place first in The Impact Prize Competition. Impact Prize is another business plan competition where staff with expertise in civic engagement or social entrepreneurship select teams to pitch their venture and win grant money.

They then placed second in CuseTank, amassing them another cool $2,500, a “Shark-Tank” style competition featuring idea pitches by student innovators to a panel of distinguished entrepreneurs. From there they placed first in the Panasci Business Plan Competition, another campus-wide student business plan competition. This time getting a check for $20,000.

Finally, the two took the big stage and entered the ACC InVenture Prize Competition, the startup competition of the year! They competed against 12 other Atlantic Coast Conference’s best entrepreneurs from schools like Duke, Georgia Tech, Notre Dame, Virginia Tech, and landed second place, amassing them another $10,000.

Just recently, they were accepted by the prestigious MassChallenge Boston accelerator, a nonprofit that has raised over 6 billion dollars for their various startups. These guys are on track to make huge waves within the medical device industry and this interview will let you dive into the minds of these two and see how they think.

IN THIS EPISODE YOU’LL LEARN

How to succeed in business plan competitions, how to think unconventionally, and how to create something that doesn’t aim to just create value but make a difference. You will also learn what Alec and Quinn think is the number 1 key to all of their early success and what other people should be doing if they plan on starting a business of their own.

Be the first to hear about new blog posts and episodes just like this by subscribing to our website or following us and liking our pages on Facebook, Instagram, or LinkedIn.

You can listen to this episode on Apple Podcast, Spotify, or Google Podcasts.

BOOKS, RESOURCES, NOTABLE QUOTES

MedUX website
MedUX LinkedIn
Alec Gillinder LinkedIn
Quinn King LinkedIn
Kevin Rieck interview: Starting A Business In College

“The key to entrepreneurship in a way is you see all the issues in front of you and you just got to go for it. And you have to not be afraid to put your issues to the side and give 100%.”

“Alec and I were never afraid to break social norms in terms of our age. There were times early on when people would doubt us because of our age and I think having the mindset of keep going really got us through.”

“We had a moment where we were like alright if we are going to do this business plan competition let’s really win this. So the first thing we did was look up all the previous winners of the competition and what we saw is that they were all medical products. So from there we just knocked off everything that wasn’t related to medical for our ideas.”

“One of the most productive things you can do is take your product and put it in front of someone that you think might use the product and say, “Do your best to figure out what I just did. Just play with it.” From this you will be able to see first hand how someone interacts with your product.”

“A common misconception online is that when you’re an entrepreneur you need to be that kind of person who has to destroy relationships just to get this one thing off the ground but you don’t have to do that. Most people don’t work that way that’s just a very small percentage of people who are okay with burning bridges along the way.”

This was originally published on ZULUECHO INITIATIVE on June 27th, 2020.

“It’s a systemic issue”… I think we’ve all heard this a lot recently.

I have to admit, I did not know what that truly meant until now, and even still, I am learning more and more what it means and the extent of the impact of systemic injustice. As I continue to educate myself, however, I can’t help but think how all this new knowledge can inform and truly provide insight for me to constructively use my creative work in achieving not only my own goals, but also helping people who have been systemically deprived of that ability achieve theirs. The short answer as of now, is I don’t know yet. I have TONS of work to do in terms of thoroughly educating myself, but I think the first step is to ask the difficult questions and situate ourselves within our context. We must examine our surroundings, to understand how systemic injustices manifest themselves in our respective industries and creative endeavors. We are each responsible for our OWN research in this regard. Here is my thought process thus far…

I was on a phone call the other day with a friend and we were discussing an idea. I told him something that he seemed to find tremendous value in, and when he re-shared my quote on his social media, I began to think about it further.

“How can we design a ‘system’ whereby when people benefit themselves, they are in fact benefiting the world?”

Yes, this is a somewhat loosely and overly optimistic thought, but if we really think about it and adapt it to our working and social cultures, it can inform a shift in mindset – a revolution of how we THINK about the work we do, while also grounding it with a worthy purpose. Let’s take a step back.

The nature of systemic injustice, and the reason that it is so incredibly oppressive, is not as simple as “good people” vs. “bad people”. When we say “systemic” we are referring to something that has been designed to function in the way it is functioning, whether for the good, or the bad. In other words, a horrific event that is continuously repeating itself with no change, is evidence that the system was designed for that event to occur, time and time again. It’s something bigger than the individual. THAT is the problem.

I consider myself a digital creator and an architectural designer, but to limit the expectation of my influence to these fields alone is to separate their potential as change makers from the greater context of social, cultural, and systemic reform. This is a critical connection that I urge ANYONE who is on a path towards conceptualizing a project, chasing a dream, following a vision, founding a business etc. to consider. The nature of creative types is that they are rebellious. They want to try things in new ways. They want to challenge not only the status quo but they want to challenge themselves as well. They want to see things nobody has seen before and do things people may not even have imagined before. For this exact reason, these people are positioned in a unique place to actively contribute to global change. Their art resonates with people. Their music inspires people. Their photographs tell the stories of those who can’t tell their own. Their films help you see the world through the eyes of others. Their designs and spaces shelter and empower those who need it. These are the impacts that creative people CAN have. But before we can have such an impact, we need to realize the power of our medium. The power that we have to express through our art, content, design, whatever it may be, something beyond us. Something much, MUCH bigger.

We hear the term “influencer” thrown around a lot, typically associated with high follower counts, and brand collaborations, but the truth is that you are an influencer even without the backdrop and hype of social media. The first person you influence on a daily basis is yourself. The way you talk to yourself, the way you think about and reflect on the experiences you share with others is all part of the influence that you have. Leverage that influence. Start with yourself first. Don’t follow the numbers, follow the potential to use your platform in a way that educates and inspires. There is a necessity for that. Social media is not just a game, it can also be tool. And like with most tools, they have two sides, one that is detrimental, and one that if used correctly, can truly bring about generational change. Just take a look at the landscape of social media recently. Take a look at your friends who have started fitness accounts, cooking accounts, self help accounts, or have changed their personal feeds into resourceful posts to help YOU learn the things that you don’t know because of the extent of the “system.”

It’s hard to say that one person can change the world and believe it. It’s impossible to expect one person to change the world. What changes the world isn’t one person. What changes the world is a value that ALL people can share. When that value becomes the driving force for our collective actions, that is how change is brought about. The question is, what do we value? Whoever you are and whatever you do, what influence are you having? Let’s re-evaluate what we consider important in our lives.

To believe in the power of y(our) dreams is to recognize the responsibility we have to create a culture where EVERYONE can have that belief, not only the privileged few.

We have work to do… #zuluechoinitiative

This was originally published on The Success Bug website by Ashlyn Rosario. Click here to subscribe to The Success Bug.

Many people would love the opportunity to make some extra money on the side with their startup ideas. Today, it is more accessible for people to not only work a day job but also pursue a side hustle in hopes of achieving monetary success. Whatever success means to you, it goes without saying that many people would like to live life based on their terms.

There are many different ways in which people can pursue entrepreneurship and generate additional wealth. This week, we compiled a list of a few different ways in which you can make money online and potentially start your own business.

1. Write an Ebook

Perhaps you are an expert in your field and have extensive knowledge of a particular subject. Companies like Shopify allow users to sell their e-books online and offer SEO services to attract customers on platforms like Facebook and Twitter. You can also learn from and interact with Shopify’s large e-book sellers’ large community on its massive eCommerce platform.

Another way to sell your ebook is through Amazon.com, where users can create a store and sell their published ebook online. Amazon also offers unique services like the Amazon Kindle Direct Program, which allows writers to self-publish ebooks and advertise their work to users in mere minutes.

Speaking of ebooks, check out The Success Bug’s latest free E-book that shows you step by step how to gain more traffic to your website with SEO.

2. Become an Online Tutor

Do you love working with students and enjoy working with people of different cultures? Companies like Cambly offer paid tutoring services to people from all around the world. Tutors make .70 cents per minute and about $10.20 an hour. They also dictate their hours, which is ideal for anyone looking for freelance work.

Another great platform to tutor on is Tutor.com, which offers a range of subjects from Physics, statistics, English, Chemistry, and more. Many of the tutors are Ivy League professionals, doctors, teachers, Ph.D. students, and more. Additionally, tutors can earn from $10 to $40 per hour. Being an online tutor is a great way to make additional income if you enjoy teaching and controlling your schedule.

3. Sell Your Graphic Designs Online

Are you a creative person? Do you enjoy creating art? A great way to make money online with your startup ideas is by selling your artwork on websites like Redbubble. Redbubble allows you to display artwork on items like coffee mugs, T-shirts, blankets, clocks, pillows, sweaters, stickers, and more. You can select your price range individually on the products where you want your artwork displayed. Also, Redbubble takes care of all shipping and delivery to customers.

Another excellent site for selling artwork online is Etsy. In this global marketplace, designers can sell their work online to over a million customers. Etsy is a great place for designers to sell their prints, jewelry, bags, and more. While the website charges a small fee, designers have the benefit of choosing their price range. Not only that, but designers can also network with its large community of creatives.

4. Start a YouTube Channel

Do you enjoy creating videos? Are you someone who loves entertaining? Starting a YouTube channel is the best way to create content and build a large following of potential customers with your startup ideas. YouTubers make money through YouTube Ads, which subscribers click on as they browse the site.

In other words, when subscribers purchase after clicking a YouTube Ad, YouTubers receive profit. Youtube Ads also have various services that walk users through the process of hosting ads on their videos. Not only that, but Youtube offers a list of partnerships with advertising agencies you can work with, as well as courses for building your following of subscribers to your channel.

Many entrepreneurs and businesses have found massive success in creating a YouTube channel. For example, 8-year-old Ryan Guan, or famously known as Ryan from Ryan’s World. The YouTube sensation made $26 million just from reviewing toys on his Youtube channel in 2019. Ryan’s World currently has over 25.6 million subscribers on Youtube as of June 2020 and continues to grow.

5. Freelance Writing

Becoming a freelance writer is an excellent way to make money online with your startup ideas, especially for creatives who enjoy writing in their free time. If you are knowledgeable of topics like marketing, advertising, and editing, then consider taking your writing talents to BloggingPro. This blogging giant regularly looks for individuals who can write in-depth articles on specified subject matters. BloggingPro is updated daily, and companies pay writers based on their experience and writing ability.

Another way to make money as a freelance writer is to create a blog using websites like WordPress or Wix, which allows users to create a customizable website. These websites allow users to post affiliate links and ads on their sites, which can generate sales when users click through an ad and make a purchase.

Key Takeaways

There are so many simple ways to make money online. So, it is essential to do your research into what resources you can use to generate additional monthly income. Whether you are an entrepreneur, creative, writer, or even a teacher, there are tons of ways to use your skills to your advantage. With the internet at your fingertips, the sky is the limit.

Enjoyed this post? You’ll love our article on How to Start a Dropshipping Business in 2020!

This was originally published on The Success Bug website by Ashlyn Rosario. Click here to subscribe to The Success Bug.

This was originally published on The Success Bug website by Sean Murphy, ’19 VPA CRS. Click here to subscribe to The Success Bug.

Sales. You either love it or hate it as there isn’t any in-between. For a lot of recent college graduates having difficulty finding full-time opportunities in their major, a sales job offers real experience and, more importantly, the chance to make money. Whether its selling cars, tech software, or even door to door sales, all salespeople rely on a few simple keys to sales success.

Have a Positive Mindset

If you show up your first day doubting your abilities, then you’re doomed from the start. Having an open mind and a positive attitude can go a long way in achieving results. The word that you’ll often hear throughout your sales career is, “no” and sometimes that’s the best response to get. Not all the clients you work with will be a good fit for your business so you shouldn’t expect all clients to say yes.

Listen

Most people assume that to be successful in sales you need to be a fast-talker and persuasive. While it’s true that articulating the right words is important to sway your client one way, the best salespeople listen to their client’s needs. If you’re on a call with a lead, don’t jump into your pitch and rant about what services are offered. Instead, get to know the client and their pain points and use that as a roadmap for the rest of the meeting.

Ask Questions

Don’t hesitate to ask questions. If you’re not sure whether to draft your own cold outbound emails or use an email template ask your team lead or a fellow colleague. Although at the end of the day sales is an individual career there’s a reason your apart of a sales team.

In due time all salespeople develop what works for them and what doesn’t. In the meantime ask to sit-in and shadow meetings from the top-selling representatives on the floor. The best salespeople will take tips and tricks from other reps and incorporate this into their own style.

Enjoying the article? Then you’ll love our post on, “Marketing Through The Pandemic.”

Research

What’s the worst thing that can happen to a salesperson? You dial into your meeting with an interested client, and you forget what the company does or to whom you’re speaking with. It’s critical in sales to know your clients inside and out to have a successful pitch. Preparing for all the potential questions a prospect might have will give you the confidence needed to have a great sales call.

Organization

A salesperson that doesn’t have multiple folders in their outlook email or doesn’t have their calendar color-coded will not succeed. It is challenging to keep track of your book of business, espicially during peak times of the year like Black Friday and Christmas.

Imagine if your manager approaches you and asks for the rundown with that client meeting you had last week? If your excel sheet were cataloged correctly, then you’d be able to tell your team lead that the client is sending over the contract via DocuSign tomorrow. If you want more help with organizing your work life, check out Entrepreneur’s slideshow for real-life examples.

Effort

As you may have picked up on, hard work and effort are quintessential for any successful salesman. Although, indeed, luck is often intertwined with sales, more than anything sales are about effort.

The salespeople that practice their elevator pitch during lunch and go the extra mile are continuously the ones that smash their quota. If at the end of the quarter you’re unsure why you came up short, reflect on the effort that was put in.

Be Prepared To Grind

To say that sales are a grind is an understatement. Even when you think you’re ahead, you always worry that you may fall behind. While the “first one in and last one out” mentality is great to have, it can also be hard and physically exhausting. Therefore, remember that one of the keys to sales success is to enjoy yourself. Make sure that you have a life outside the office and always make time for friends and family. The best salespeople have the perfect work/life balance down to a science.

Key Takeaways

An open mindset is necessary to succeed in any job, especially sales. If you show up on day one already counting yourself out, then you won’t be willing to listen, you won’t be ready to put in the effort, and most of all, you won’t succeed. The goal of this article is to offer insight into the keys to sales success that should result in jumpstarting one’s career in sales.

While it’s true that sales are not for everyone one thing is for certain. If at the end of your sales tenure you can confidently tell yourself that you had a positive mindset throughout, then that gratifying feeling of self-reward cannot be overlooked.

This was originally published on The Success Bug website by Sean Murphy, ’19 VPA CRS. Click here to subscribe to The Success Bug.

This was originally published by Chris Guimarin on June 16th, 2020. Subscribe to his weekly collection of thoughts here!

Analyzing concepts and systems through different languages creates a deeper understanding of a topic and provides new insights.

? Design and Developer Communication

Design and development are two different systems that work together. Two methods that use different languages but are talking about the exact same thing, the product. This is the cornerstone for the developers should design, and designers should code arguments. Essentially both sides are saying that the other doesn’t listen to them and wants the other to bend to their language. Instead of fighting over the modality of communication, there should be an acknowledgment that there is a communication breakdown. There is no need for one to say that the other is better; they simply have different strengths and focuses. Thankfully some individuals are creating shared languages within their organizations; this comes in the form of blended teams, transparent repositories, or a design system. Creating a design system emerges when there is a disconnect between how the designers envisioned the product and how the developers interpreted and built it.

I’d encourage you to look through the documentation created by Invision; they’ve created a deep repository of articles, guides, and how-tos.

On Twitter, I’d recommend you follow Jina Anne and Brad Frost. Jina is a design systems advocate, founded the Clarify Conference, and has been influentially in companies and the community in moving design systems forward. Brad Frost’s book about atomic design is also a must-read as he will outline the process and methodology when approaching design systems.

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? Design Industry

The design industry continues to introspectively review the disparity between those who enter the industry and those who lead it. I encourage you to participate in events like “Where are the black designers?”

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?‍? Unpacking Systems

When are we creating companies on what layer of the system are you creating for? When we look at new technologies and new companies, they get this edge by finding ways to rethink existing paradigms. Super excited for the work that Pinwheel is doing to create an API layer for payroll data. So much of our financial data is stuck within silos, usually under the auspices of privacy and security; however, it makes transferring information for example when securing a mortgage or transferring money onerous. These ideas identify themselves when we unravel how systems are interconnected showcasing where to layer in value.

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?The Toolbox

A look at a tool that has improved my workflow.

Woven

I love Woven, it is my go-to calendar tool. I use it to my scheduled meetings through easily share my availability with other people. Previously, I paid for Calendly for the same features that Woven provides for free. I can set up a custom woven invite link, have it either automatically, or manually pick times that are free in my calendar and send it to the other person to choose. Especially in this WFH environment, it has been a great resource and a blast to use. My favorite use case is using it with students to schedule time with me for office hours when I am teaching at General Assembly.

Image from Woven.com

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? The Bookshelf

Notes and ideas from books I have read or are currently reading.

In The Information, it breaks down George Boole’s Mathematical Analysis of Logic, Being an Essay Towards a Calculus of Deductive Reasoning and talks about the mathematics of language and breaking down concepts into their smallest parts. This discussion is a continuation of last week’s regarding design thinking about only through breaking down a design into their smallest parts can we devise a solution. Design, in my view, requires more of a middle way to simplify concepts, creating a space to test the impact of particular ideas on wicked problems. For example, take any extensive complex system like music and identify all the players, levers, and inputs created. Will that identification exercise reveal a clear solution, doubtful, but it will uncover space to run experiments and try out ideas and determine an impact. It becomes a way to re-imagine a problem and see it differently to uncover existing truths.

Boole was claiming possession on behalf of mathematics. In doing so, he devised a new form of encoding. Its code book paired two types of symbolism, each abstracted far from the world of things. On one side was a set of characters drawn from the formalism of mathematics p’s and q’s +’s and -’s, braces and brackets. On the other were operations, propositions, relations ordinarily expressed in the fuzzy and mutable speech of everyday life: words about truth and falsity, membership in classes, premises and conclusions. There were “particles”: if, either, or. These were the elements of Boole’s credo:

That Language is an instrument of human reason, and not merely a medium for the expression of thought.

The elements of which all language consists are signs or symbols.

Words are signs. Sometimes they are said to represent things;sometimes the operations by which the mind combines together the simple notions of things into complex conceptions.

Words… are not the only signs which we are capable of employing. Arbitrary marks, which speak only to the eye, and arbitrary sounds or actions… are equally of the nature of signs.

The encoding, the conversion from one modality to the other, served a purpose. In the case of Morse code, the purpose was to turn everyday language into a form suitable for near-instantaneous transmission across miles of copper wire. In the case of symbolic logic, the new form was suitable for manipulation by a calculus. The symbols were like little capsules, protecting their delicate cargo from the wind and the fog of everyday communication. How much safer to write:

1 – x = y(1-z)+z(1-y)+(1-y)(1-z)

Than the real-language proposition for which, in a typical Boolean example, it stood:

Unclean beasts are all which divide the hoof without chewing the cud, all which chew the cud without dividing the hoof, and all which neither divide the hoof nor chew the cud.

The safety came in no small part from draining the words of meaning. Signs and symbols were not just placeholders; they were operators, like the gears and levers in a machine. Language, after all, is an instrument.

This passage from The Information pgs. 164-165 reminds me of the stories my grandmother would tell me when she translated for the International Criminal Court, she talked about how it was never about an exact literal translation but about having the empathy to understand what is the individual expressing in their words, their context, their mood and translating that expression to the other language. Language allows for ideas to be codified and enables them to be viewed in new ways through new filters. If we continue the instrument idea, playing a chord on a piano is vastly different then playing a chord on a violin. The instrument is suited for particular types of music, at times through experimentation a structure originated on one instrument sounds better or worse when transplanted to another instrument. Like language, the focus rests on what is the desired expression and matching the instrument afterward.

Check out more of my recommendations here

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I hope you have a wonderful week, and please continue to be engaged. To receive this newsletter in your inbox weekly, subscribe here.

This was originally published on The Success Bug website by Sean Murphy, ’19 VPA CRS. Click here to subscribe to The Success Bug.

In February 2020, the U.S. unemployment dropped to 3.5%, the lowest it had been in the states in a decade, per the Bureau of Labor Statistics. Fast forward two months to April 2020, and the unemployment rate shot up to an alarming 14.7%. The reason for this unheard-of increase? The COVID-19 pandemic. 

The recent uncertainty in the U.S. has created comparisons between the COVID-19 pandemic and the financial crisis of 2008. This week, we looked back at the effect of the 2008 financial crisis on entrepreneurship and how it led to the formation of successful companies, ranging from tech to hospitality and media.

Successful Companies Founded During the 2008 Crisis

Airbnb

Struggling with rent in 2007, Rhode Island School of Design students Joe Gebbia and Brian Chesky knew there had to be alternative ways for people to find hospitality. So, Joe and Brian created a website (airbedandbreakfast.com). They purchased air mattresses to rent out the loft in their apartment eventually. 

The first people to use Airbnb were in San Francisco for an out of town convention and opted to utilize the roommate’s loft for $80 a night. Twelve years later, Business Insider claims that Airbnb’s net worth is $38 billion, and co-founder Brian Chesky remains the CEO.

WhatsApp

Cofounded by Brian Acton and Jan Koum, WhatsApp is one of the most extensive instant messenger services worldwide, as roughly 1.5 billion people use the platform. The platform is advertisement free as Acton and Koum saw the purpose of their app strictly for, “informational” purposes Koum explained in an interview with Forbes Magazine. 

Without any idea of monetization, WhatsApp struggled to generate initial revenue. However, Facebook CEO Mark Zuckerberg saw something in the app that others didn’t and purchased the platform for a whopping $22 billion in 2014.

Square

The app is a must-have for small business owners offering seamless transactions for their customers via credit card. After years of lobbying for capital and receiving funding, Square went public in November 2015 at an IPO listing of $13 a share. Three years later, Square was a dollar short of $100 a share, and Jack Dorsey now has an estimated net worth of $5.3 billion.

Groupon

In 2006, Groupon founder Andrew Mason was enrolled in the University of Chicago but ended up dropping out after receiving a $1 million investment offer from businessman Eric Lefkoksy. Originally named “The Point,” the idea behind the project was to “improve the online fundraising experience.”

With money quickly running out and not much initial success, Mason shifted, “The Point” to give his consumers buying power. Now, consumers could only access Exclusive deals if they purchased the “Groupon.” This pitch to vendors became known as the “Tipping Point.” With consumers and businesses now both on board, Groupon was born.

Enjoying the article? Then you’ll love this Success Bug article written by Ashlyn Rosario, “Turning Your  Startup Ideas into a Business Model”

Companies Founded in 2006/2007 That Survived The Financial Crisis

Spotify

Believe it or not, Spotify was a small-startup out of Stockholm, Sweden, founded by Daniel Ek and Martin Lorentzon. Ek and Lorentzon came up with the idea in 2006 as a response to the world’s growing music piracy issues. 

Before Spotify and Apple Music, music-lovers had to download music through Napster, LimeWire, and Pirate Bay. This issue cost the music industry millions of dollars thanks to tons of illegal downloads at no cost. 

“The only way to solve the problem was to create a service that was better than piracy and at the same time compensates the music industry,” said Daniel in an interview with the Telegraph back in 2010. After beating out the competition, including Apple Music, Tidal, and Soundcloud, Spotify now holds a prominent foothold in the streaming services and an IPO value of $187.30.

WiX

The cloud-based web development series allows users to create HTML and mobile sites for personal and business use, offering both free and paid services. Initially founded in 2006, a timeline on the Wix homepage shows that the platform had 1 million users in 2009 and topped 10 million in 2011. Cofounders Avishai Abrahamai, Nadav Abrahamai, and Giora Kaplan came together with the idea after quickly realizing how difficult and how costly it was to create a website. Today, Wix reports an IPO price of $215.23 a share.

BuzzFeed

Jonah Peretti, the founder of BuzzFeed, created the concept of a media company about viral events after an email feud with Nike. The idea truly kicked off when Peretti ended up on the Today Show with Nike’s PR director as a result of him sharing his email thread with Nike across the internet. 

“How can a student with no context in the media reach millions of people about an issue he knows little about?” said Peretti on the Today Show. Before BuzzFeed, there was no media outlet designed to track viral content, and therefore Buzzfeed became a huge hit. While BuzzFeed remains a private news outlet, Peretti’s net worth is an impressive $200 million.

Key Takeaways

Before and during the 2008 financial crisis, young entrepreneurs took a chance during unprecedented times and established successful products that millions of people now use daily. Jonah Peretti of Buzzfeed, Andrew Mason of Groupon, and Jack Dorsey of Square all maneuvered the obstacles of founding a business during an economic recession. That fact should be a lesson to entrepreneurs who are unsure if starting a business is possible, given the uncertainty surrounding COVID-19.

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This was originally published by Chris Guimarin on June 9th, 2020. Subscribe to his weekly collection of thoughts here!

What problems can design help to solve, and when is it misused?

?Design Thinking

Design is not a singular concept, it is an interwoven patchwork of ideas. Primarily, when I talk about design, it falls into two views. One is the tactical process of executing a plan. I like to say this is the craft of design, particularly when a practitioner visualizes a concept with a medium and iterates towards a goal. The second is design as an approach and a lens to view systems and ideas. Like how the practitioner makes decisions to visualize a goal like where to put a color or what typeface to use, a person is doing the same process when creating a system. This has also been called design thinking. The article by Maggie Gram titled “On Design Thinking” discusses how the definition of the design has shifted over the years, the impact of design thinking, and how we should address it.

Her definition of design thinking is “using a particular set of design methods to solve problems that traditionally have fallen outside the purview of design.”

The article is woven full of history and insights, I highly recommend it for all designers and anyone working with them. It provided me the historical context for several concepts in design theory. It also beautifully talks about how design isn’t magic and looks at the trend of applying design thinking to wicked problems.

Since the protest began, many have tried to capitalize on the moment to share a poster or an illustration. I ask those who are doing so, what are you hoping to solve? This is a problem that can’t be designed with a new brand or updated messaging; it has to be unpacked, the divergences explored, and understanding that there will be no right solution. We will have to fight our way to an honest and collaborative approach to a problem of genuine complexity. Schessa Garbutt wrote an article also about how black lives matter is not a design challenge.

Support Artists:

As mentioned in Recap #2, continue to seek out creators, voices, and content created by people different from you. For every industry, there are groups to follow and people to learn from so put the work in.

https://twitter.com/BlackDesignTw/status/1268641340079976450?s=20

Here are a few sites for specific industries:

Writers of Colors

People of Craft

Black Women Directors

Women Who Draw

Rememory

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The Toolbox

A look at a tool that has improved my workflow. 

Operational Security for Activists
If you are protesting or want to improve your security, look through this site. It has information on how to use VPNs, how to run a pseudonymous social media account, how the government tracks your location, and more. By using a phone and the internet, we are at times unwitting, compromising our privacy, and participating in a system we may not fully understand.

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? The Bookshelf

Notes and ideas from books I have read or are currently reading. 

Books are a crucial part of development. I love to read and consume information. Reading was my first escape, and is my constant teacher. I thank my grandmother for instilling in me a love of books and giving me the habit of continually collecting them. There is a joy entering a different world, learning new facets of our universe, and experiencing a different perspective.

The bookshelf section here and on my website is my way of sharing what I am reading and what books I’ve enjoyed. As mentioned in Recap #1, here, I will either talk actively about books I am reading or refer to past books for specific, timely insights. On ChrisGuimarin.com will be the fuller list of books and links on where to find them.

For this week, I am going to recommend two books, “Design for the Real World” by Victor Papanek and “Thinking in Systems” by Donella H. Meadows. These two books really opened my mind about how to think about design and how expansive decisions designers can make. “Design for the Real World” challenged my thinking about how to view design. It really analyzes the intended and unintended consequences from design and how to think about it holistically. “Thinking in Systems” is one of my all-time favorites. It provides a language to talk about the systems and provides a way to unpack an idea that may appear too big to understand and review.

Check out more of my recommendations here

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