Links to the other sessions: Session 1, Session 3, Session 4
Day broken out in “movements.” First session was culture. Now business.
In this session:
- Bob Fish – Random Entrepreneurial Thoughts
- Erik Qualman – The Future of Social Commerce
- Patrick Retzer – Lifelong Learning from 10,000 Feet
- Ross Emmett – Innovation is an Act of Love
Random Entrepreneurial Thoughts
Presenter: Bob Fish
http://biggbybob.com
Twitter: @biggbybob
Robert (Bob) Fish, better known to many local coffee aficionados as “Biggby Bob,” is the CEO and co-founder of Biggby Coffee. The Lansing, Mich.-based chain now has more than 115 cafes located across a five state area.
He worked several restaurant jobs to pay his own way through college. In 1989, Bob earned his degree from MSU’s School of Hospitality Business. Two years later, Fish and his partner, Mary Roszel, opened their own restaurant — a Flap Jack Shack. After two successful years in the breakfast business, it was time for a change. In March 1995 Biggby Coffee served its first Caramel Marvel and Bob has never looked back. The first franchised Biggby Coffee was sold in 1999 and the company has basically doubled in size every two years since.
This year Fish was honored to serve as the past chairman of board of the Michigan Restaurant Association. He is also a member of the board for the Small Business Association of Michigan and JA of Mid-Michigan.
Started first store next to Crunchy’s 15 years ago. 8 years to get bachelors at MSU. Advised to not use a PowerPoint presentation, frightened to death, but did it anyway. Several topics to discuss.
Core Value for an entreprenuer – faith, confidence and courage.
Faith - internal (inner spirit) or external (religion). You need it. Need it for when you have moments of doubt… which will happen.
Confidence - a virtual fabrication. Just an idea. Doesn’t exist unless you say it does. Nothing more than having done something before or self-reliance. Comfortable in who you are and what you’re doing. You believe in you.
Courage - Do something you’re afraid of anyway. Essential component to personal freedom. Has personal fear of public speaking. Only way to overcome was to look in mirror and say “I am afraid.”
3 Ds
- Desire – Want it more than anything else.
- Dedication – Single-minded commitment, focus. Ability to block out the minutiae.
- Dependability – stead-fast, tenacious responsibility
Herding Chickens – Social media enables pipeline to talk to all groups of people at once. Share insight of person and company. Fills in cracks of little ideas that hold a company together.
Don’t forget to fly the plan – Flight school puts you in crisis scenarios. Lots of warnings and signals. New pilot pays attentions to bells and whistles, but forgets to fly the plane. Regardless of those, got to fly the plane.
Choose to be profitable – small business is a lot like personal checking and savings account. Can save money by paying bills, then save or always save upfront. Only real way to save is to do it upfront. Need to do the same in business. Profit needs to be an expense line item.
Work Hard
3 Es
- Energy – drive, stamina. Gotta have pluck damnit!
- Excitement
- Enthusiasm – zelous conviction inwhat you’re doing
It’s not free – social media is a marketing tool. Don’t forget name of business. Increases frequency of marketing. Takes time, energy, thought. Should be a line item on your budget
Risks - Ent. take risks, it’s what makes them successful. Agrees but it’s not gambling. Not Vegas style. Ent. have info or an idea that’s just a little bit different. Might appear risky on the outside
Failure - Not an option… that’s wrong. Fail just a little bit. Lets you know you’re trying hard.
Marketing - Continuity and number of impressions is everything. Rather market to 1 person 100 times, than 100 people once.
ROI times 10 – Giving is getting. It’s return on involvement. Donate, donate, donate. Give time, energy, money… doesn’t matter. Invest where you work, live and play.
Have fun, help people.
Work Hard – Ent. work hard that’s why they’re successful… maybe. Everybody works hard. Need to make better decisions, that’s the hard part. Okay to make mistakes. Try to make them just once. Small business is a race against your own mistakes.
The Future of Social Commerce
Presenter: Erik Qualman
http://socialnomics.com
Twitter: @equalman
Erik Qualman is the author of “Socialnomics: How Social Media Transforms the Way we Live and Do Business.” Socialnomics made Amazon’s No. 1 best sellers list in the U.S. & UK after three weeks of publication and is consistently on the top 100 best selling business books list. Qualman is a frequently requested international speaker for the Fortune 500 and has been highlighted in numerous media outlets. His video, “Social Media Revolution,” is one of 2010’s most viral YouTube videos.
Qualman is an MBA professor at the Hult International Business School. He has helped grow the online marketing and eBusiness capabilities of many companies and brands including Cadillac, EarthLink, EF Education, Yahoo, Travelzoo and AT&T. He is a columnist for ClickZ, while also owning the social media blog socialnomics.com. Qualman has a BA from Michigan State University(MSU) and an MBA from the University of Texas. He is currently the global vice president of Digital Marketing at EF Education. He was Academic All-Big Ten in basketball at MSU and still finds time to follow his beloved Spartans while living in Boston with his wife.
It’s a people driven economy stupid…
Maslo heirarchy of needs. After security, comes need to belong. That’s Twitter, Facebook, Foursquare is. How much we’ve wanted that has been extraordinary. 96% of Millennials have joined a social network. Don’t have a choice to do social media, it’s a matter of how we do it.
Emaiil is now passe. Do you like what social media is saying about your brand? 78% trust what our peers think. Only 14% of people trust advertisements. SM isn’t a fad. Listen first, sell second… Dale Carnegie, not Mad Men.
Only at the beginning of the revolution. Social commerce is next. QR codes on products to show ratings from friends on Facebook, Twitter, etc. Multiple individual redundancy. Don’t perform same task our friends have done. Huge time saving for individual. Re-purpose savings back into society.
Google knows this is coming. That’s why they integrated Twitter. We already have the technology. Facebook currently making a lighter touch. Consumer has more power in social commerce. “United Beaks Guitars” video by Dave Carroll.
What is the ROI on social commerce? What’s the ROI of your phone? Tidal wave is coming. Great companies are swimming with that tide. Companies that do social media well will survive the next 5 years. Whether individual, small company or big business, need to adjust to it.
Lifelong Learning from 10,000 Feet
Presenter: Patrick Retzer
As a entrepreneur, flight instructor, homeowner and full time Western Michigan University (WMU) student, Patrick Retzer is always staying busy. After earning his private pilot license at Lansing Community College (LCC), he continues his aviation training at a number of various schools and has advanced certifications as an instrument, commercial single and multi engine pilot, flight instructor and advanced ground instructor.
Outside of school Retzer has successfully established himself as a flight instructor in both Charlotte, Mich. and Lansing, Mich. He founded a training school, Capital Aviation, with Aric Newstad and Steve Blocher at the Port of Lansing Airport. Retzer also aims to develop flight training services at the Charlotte Airport with his company Great Lakes Air Ventures.
Retzer’s passion for aviation is only matched by his keen interest in engineering. He’s also passionate about music, being both a bass guitarist and booking agent. Retzer’s band, Batteries Not Included, plays in the area at local clubs and events.
Learning should be taking place at every given moment. Look at entire idea of learning.
Lifelong learning, lifelong enjoyment, learn to fly.
Your perspective is from the ground. Can’t focus on just learning. Perspective from 10,000 feet allows you to take it all in.
Learning
- Listen – focus on what the person is saying. Enjoy the silence. Listen to the world to catch the nuances.
- Observe – Texting ban is to make sure we’re observing. Not just watch out for danger, but look out for opportunity. Need to see big picture.
- Perceive without barriers – Learning based on perception. When you put up barriers you prevent yourself from learning.
Difference between day and night. It’s not just the trees, but also the infrastructure.
Lifelong commitment to learning. Find your passion. What will take you to 10,000 feet.
Innovation is an Act of Love
Presenter: Ross Emmett
https://www.msu.edu/~emmettr/
Twitter: @rossemmett
Ross B. Emmett is a professor in James Madison College at Michigan State University (MSU) and co-director of the college’s Michigan Center for Innovation & Economic Prosperity. His teaching deals with the central question of comparative economic governance: what is the relationship between basic economic institutions and their legal, cultural and political contexts? His research concerns both the history of how modern societies have answered that question and how today’s answers affect liberty, innovation and entrepreneurship.
Emmett is the lead editor of Research in the History of Economic Thought & Methodology, a research annual published in three volumes a year by Emerald. In 2009 he published “Frank Knight and the Chicago School in the History of American Economics.” He has edited five collections of material about the history of economics, including the “Elgar Companion to the Chicago School of Economics” and “Great Bubbles.”
Trying to foster a more innovative and entrepreneurial Michigan. Through conversations with policy makers, community members people saying need to optimization, efficiency, incentives, resource utilization to increase innovation. That is the language of economics. Life is not all economics.
Innovation is something economics has done a really bad job of explaining. Love is similar, so tried to connect love and innovation. Looked at how sites have used the two together. Things they love, love to talk about, love to see happen. None talked about innovation as an act of love.
What makes for a society of innovation?
What makes for a society in which people can express love to others? Not optimize, incentivize, etc.
If everybody loves, does everybody innovate? Heart of society that fosters love, fosters networks, community and opportunities to express love. Same for innovation. When did you last engage a student to share your passion/love?
Love conquers the world one relationship at a time. So does/should innovation.
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