13 definitions by ProfBruce

The three most important things in entrepreneurship are: sell, sell, sell. Good salespeople are always closing deals. They never forget to bring the contracts with them, never forget to ask for the deal and never forget to get their client's signature. They also understand that the true purpose of marketing is not really to sell anything but to build a brand and the true purpose of a brand is to build trust and the true purpose of building trust is to give the salesperson a greater opportunity to close the deal. After all, people like to buy from people they like and trust.
Here is an exchange between actor Nicky Katt in character as Greg Weinstein in the 2000 film, Boiler Room, with Giovanni Ribisi playing Seth Davis:

Greg: Now, now, listen to me. Even though you're not actually selling stock yet, I want you to remember the code we have here, okay? Did you see Glengarry Glen Ross?

Seth: Yeah.

Greg: Okay, do you remember 'ABC'?

Seth: Yeah. 'Always be closing.'

Greg: That's right. 'Always be closing.' 'Telling's not selling.' That's the attitude you wanna have, okay.
by ProfBruce April 2, 2011
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The moral underpinnings of being or becoming an entrepreneur include: 1. take care of your business, 2. so your business can take care of your family, 3. so your family can take care of you, 4. so you do not become a burden on your fellow human being or the state, 5. so you are in a position to help your fellow human being and 6. so they can help your business.
When you give a person a fishing rod instead of a fish, you have started him or her on the road to self reliance which is the sine qua non of entrepreneur ethics.
by ProfBruce April 2, 2011
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Where consumers band together online to influence, collectively, the price of a good or service, a form of social shopping and reverse pricing.
A website or mobile app that reduces the prices of its products or services for every like or tweet that potential customers generate as a group is using a form of social commerce. Or when consumers get their friends to buy a sufficient number of ecommerce coupons, they are engaged in social commerce. In effect, consumers are banding together online to influence the price at which they are willing to buy and companies are paying their customers to do their marketing for them.
by ProfBruce April 17, 2011
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Where consumers band together online to influence, collectively, the price of a good or service, a form of social shopping.
A website or mobile app that, reduces its price for every like or tweet that potential customers generate as a group or where customers can get enough of their friends to buy ecommerce coupons, are engaged in forms of social commerce. In effect, consumers are banding together online to influence the price at which they are willing to buy and companies are paying their customers to do some marketing for them.
by ProfBruce April 2, 2011
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A strategic investor is someone who has a strategic reason for investing in your enterprise; that is, they have an over-arching interest in your success. You can find strategic investors by looking through your supply chain and your value chain. Even your competitors can be a source of strategic start-up capital if they are looking to you as a new co-opetitor.
Say you are bootstrapping a new home builder. A trade creditor (supplier) might extend credit to you for building materials and supplies or a client might give you a sizable down payment on a home purchase; in essence, each of them become a strategic investor in your business. Or say you are starting an athletic wear clothing business, department stores might give you a cash advance in return for exclusivity or a sports drink company might sponsor your line of clothing in return for co-branding opportunities.
by ProfBruce April 2, 2011
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There is truth and smart truth. In a media-saturated world where each word is parsed by many looking for scandal, it is more important than ever to tell the smart truth. Lawyers, especially criminal law lawyers, understand the difference.
“Coca-cola proudly announced some years ago that it was introducing vending machines that would raise the price of their sodas when the weather got hot. The announcement was widely panned in the media—just when a consumer needed a break most, the company would be raising its price. The smarter play and the smart truth would have been an announcement that the company was introducing vending machines that lowered the price of their drinks when the weather got cold. It is the same thing yet it isn’t—the smart truth would have had radically different (and much more positive) PR repercussions. The end result—the vending machines never left Coke labs…”
by ProfBruce October 31, 2009
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Reverse marketing happens when an organization’s planned marketing campaign results in negative consequences for their brand. The reason a brand is important is, in part, that it creates trust in that organization, which, in a for-profit business, results in higher sales. Reverse marketing works in the opposite direction.
“Coca-cola decided some years ago to introduce New Coke and stop producing Coke Classic based on blind taste tests that indicated younger consumers preferred the sweeter taste of Pepsi. What they didn’t take into account was the loyalty of Coke buyers to the classic formula. The result was a rapid climb down by the Company and massive reverse marketing.”
by ProfBruce October 31, 2009
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