Recently, I was able to interview a local business leader about her business. I'm going to leave her name out, but she brought up a very interesting point about small businesses.

Now as a disclaimer, this post will be mostly my own thoughts on the topic as well as my initial reactions based off of the notes I took during the interview.

When I got to her place of business, I began asking her questions about the business: history, where it came from, how it started, what the environment was like, ups and downs, market highs and lows, product, customer, relationships.

These were a few of the questions I used to guide my interview:

Current Business Landscape?
Their Market?
Their Product?
What they’re selling?
How they’re selling?
Length in Market?
Changes Product (Adaptation)?
Rises and Falls; changing landscape?
Flagstaff Business Landscape?
Trends and Change?
Competition (Perceived)?
With their Product?
Their Business?
Thoughts on their Competition?

It's all very fascinating. And learning about on this level is making me more and more excited about about majoring in business.

Let me explain.

Each business has a 'business model.' Usually set and adhered to by the business owner. Business models' sole purpose is to address the business 'landscape' or 'market.' Now, how successful the business model turns out to be is another question entirely.

All businesses follow a certain path in their lifetime, small businesses are no different, just at a reduced scale. However, there are many small businesses who get stuck in the established stage. Business owners fall into the established staging and never continue to the expansion stage.

Stages of Business

It is only after a business reaches maturity can they have the comfort of choosing to expand or exit the market. The established stage is an illusion for the maturity stage. But the difference between the two can make or break the business.

The established stage is the point where you 'catch your breath' however, many business owners stop walking; in fact, they slowly let their once successful business model, fall apart and deteriorate.

The maturity stage is only reached once you 'catch your breath' after running and making your business successful, you continue to jog. You continue to improved your business after it's successful. This state of 'constant improvement' is the maturity level. At this point in time, you will be dealing with increased competition, business choices, and stress.

With that being said, many small businesses fail because of that. But, there are businesses who are doing well, addressing different customers as well as selling a different type of product.

DISCLAIMER: Take these with a grain of salt as these are from what I've seen as well as the local business owners I've talked to.

First on the list is the local farmers market and the recently opened Sprouts Farmers Market. A few years ago, Flagstaff Farmer's Market over on 4th street was one of the only places in town that was established and could cater to the 'localvore' health conscious residents here.

That was the case since 1990. 25 years later, that isn't the case anymore.

Natural Grocers, Whole Foods (Previously New Frontiers), Sprouts Farmers Market, Safe-Way, etc. Under the new-age wave of health-foods and organics have risen up to compete for the market that is Flagstaff, AZ. All these big businesses have a lot of experience, highly versatile business models, the name, and the marketing to back it up.

And Flagstaff Farmer's Market has been left in the dust. During peak times of grocery shopping, FFM is barren.

Ultimately, this is just business, pure and simple. Nothing more, nothing less. Because of the lack of expansion to address a wider, and developing audience, FFM fell behind. This is a mom-and-pop, locally-owned business that has been open for almost 25 years.

I give them 3-5 more years before they close their doors...

To be Continued in Part 2

"People use the internet for information."

When people hop on to the internet, they primarily use it as a source of information. And in this day and age, the Internet is becoming the main source that people use, especially Google.

But, like any good source, it will only give you the information you are looking for or, by extension, information that you might be interested in.

For example, if I'm searching for dogs, I might be a dog person, and if I'm searching for suits, then I might be a person who wears suits. Now, as a person who appreciates suits and dogs, without searching for it, I might appreciate coming across this handsome devil right here:

Or not, depending on what I'm interested in or would be interested in. Meaning this could peak my interest in searching for canine-related clothing. Afterwards, I might go on a 'searching' spree of Dog Suits.

This is the backbone of what online marketing is.

First, figuring out what your customer wants to find out, providing that information.

Next, predicting what your client might want to find out and providing that information, and then some.

Some of the best websites out there present predicted content to searchers on Google, Bing, Yahoo, or any other site. The people click on it, absorb the content, reflect on what they have learned. But, what they don't know is that every good article or piece of information that's optimized for the business, doesn't have all the information located on one page, or else it would be an encyclopedia set. Even Wikipedia, the Internet's premier encyclopedia with it's 4.5 million plus articles is organized by title.

With that being said, every good piece of information on the internet doesn't have all the information contained within it. However, what it does is make finding new information extremely easy, especially if those new pieces of information keep you on that website.

This varies across businesses and your strategy will be different. A local coffee shop's online presence is going to be drastically different than a lawyer's or a restaurant's firm.

Marketing, alone, consists of buying ads, spending money, researching competition, and figuring out your market. Online marketing is all of that, except the foundation in which you start, is your content and online presence.

What information you choose to create your online presence is important, but how you choose to present that information is just as important.

I'll cover the how in my next post.

Until next time,
Josh

Disclaimer: By no means am I saying you should follow these guidelines when starting a business, just food for thought. Please ask me as many questions as possible, as I am learning as well.

Today I'm going to write about one of my favorite topics: entrepreneurship. And why it should be your favorite topic as well. I'm going to split this up into a three-part series beginning with some introductions.

Recently, I've been given a task. I'm suppose to set-up a financial advice service in the form of a blog, initially. And treat it as a business along with a business model of growth. With that it means, I have research the industry, find a niche market, research the competition, and apply that to the blog.

It's on a much smaller scale, but it is a form of entrepreneurship. Because I'm satisfying a demand.
That's the difference between a hobby or a method of venting. With the content product, or idea I'm putting out there, I am providing a service to a a separate party. Which may or may not be for-profit.

This applies to both non-profit and for-profit areas of businesses. Each business is used to meet a demand, be it a social, a industry, a personal, private, or public. And each business is started by an entrepreneur.

Entrepreneurs are the individuals who see there is some problem that exists. And they find a solution. They see what can be improved and set out to do it.

However, starting a new business isn't simple nor easy. Renting a building, putting up a sign, and expecting customers to show up is a very quick path to failure. According to the WSJ, three out of four start-ups fail. In fact, 95 percent of all start-ups fail to meet a specific revenue growth rate or date to break-even on cash flow. It is a very daunting profession.

As a reference:
The Venture Capital Secret: 3 Out of 4 Start-Ups Fail

Daunting, I know.

Don't worry, "Code and Capital" will attempt to give you guys some light on this monumentous task.

Week 1, February 9-13.

Summary of week 1.

I'll admit, I wasn't quite sure what I would be doing at the law firm. I had a tentative thesis/outline. I had various information from here and there. But, nothing along the lines of "this is what you'll be doing for the next 3 months."

That still hasn't changed.

But, I wouldn't have it any other way.

I was introduced to a new project that the members of this firm had not yet embarked on which means, at least to a certain extent, I am able to learn with them. They can teach me and I can teach them, or at least try to. As my time here progresses, I learn a little more about the job description and what my workload will consist down the road.

So far, I have these in mind:

Marketing manual:

I will create a manual with marketing techniques and information tailored to this firm's business makeup for future marketing managers.

Corporate Structure:

This will be on my own time. I will supplement the research I conduct on marketing techniques and analyze how large scale corporations perform marketing.

Okay now onto my project. I can't give too much information as like I said in my first post, it has to remain confidential, but I will try to include as much as I can.

Project #001

Had initial meeting with the head manager at the firm. We began by outlining each company under my bosses' name as well as their respective histories, how they were started, how they were set-up, and how they were doing.

Next, we discussed the industry/competition of each individual company. We covered everything from outlines of mission statements and business plans to corporate drama and power struggles.

Again, like I said not too many details but I'd be more than happy to answer any questions.

Okay, what I've learned this week:

The world of online marketing is HUGE and is only getting bigger.

The amount of information that is out there is enormous and I know for one thing is that if any business wants to become successful, they better implement some kind of online marketing.

My favorite kind of clients: paying clients.

-The Boss

Take two steps back to make one forward.

-The Boss

I'm Josh, nice to meet you.

My passion is business, or rather, I see myself in a room, directing a group of individuals from all kinds of educational backgrounds to find a solution for a company we're all apart of.

So CEO.

For example:


















Right now, I need to acquire as much knowledge as possible. Be it educational knowledge, work knowledge, or anything in between.

My Project:

My center of work is at a Law Office, which I will be the work center of my research. However, legal responsibilities will be far from what I will be assigned.

My project consists of examining marketing techniques that are used or should be used by modern small businesses in order to make their name stand out in whichever industry they are operating in. Businesses are becoming increasingly more complex integrated with our society, especially with the advent of technology such as Social Media, Smartphones, second-by-second information sources such as Twitter and Facebook. These new sources of consumer usage has made marketing all the more extensive and important in any successful business of the modern age.

This project will begin to give me a basic understanding of business practice and execution. Over the course of this project, I will be posting information I have learned both about business and life per Boss's words of Wisdom (I'm thinking about creating a daily thing).

Along with examining marketing techniques, I will be looking into corporate structure, finance, and structure with a focus in marketing techniques. In short, I will be looking at the various marketing efforts of large corporations and their effectiveness. Once I grasp a basic understanding of the information, I will post what I have learned here.

Now, just a heads up, there will be certain information that I will not be disclosing, as some of the information I will be working with is confidential. However, if anything I post seems confusing, please feel free to comment and I will do my best to explain it, within reason of course. Also, my blogs will not have a set schedule of posting as I need to have my supervisors approve my post, for clarity as well as confidential information.

Please let me know if you have any questions, critiques, improvements, or any commentary.

Yours truly,
Joshua Hsu