Size doesn't matter...

Joseph Ades - New York City's "Peeler Man" (RIP Feb 09)

...in most cases anyway, size doesn't matter ;)

In New York City, there was a distinguished English man who, for many years, sold a very simple product: a vegetable peeler. He secured an exclusive distribution agreement with the Swedish company that made them and started to sell their peelers right on the streets. He had no fancy offices, legions of employees nor a big ego. He was a very humble man who knew how to draw a crowd, entertain them and get them to buy his product.

Most would think that this man lived a simple life based on his small cutting board and his very low stool. In reality, the man was a MILLIONAIRE. He lived in an expensive high rise on Park Avenue, was a very distinguished gentleman and a connoisseur of fine arts, wines and music (apparently women too, because he married 4 times). How did he make his fortune? Selling his vegetable peelers.

Most days, he would go to a high-traffic area (i.e. China Town, Times Square, Union Square, etc.) and set up shop. He'd take out his vegetables and start using the peelers. All the while, he'd tell jokes, ask passers-by questions and show how ridiculously easy it was to peel carrots, potatoes and all kinds of vegetables with his peelers. He would sell them for $5 a piece, and often sold out every single time. Even if the weather was cold or hot, he'd be out there (with the exception of snow or rain of course).

He knew how people think, and how to use a crowd to his advantage. When people see a crowd, they stop and look to see what's happening. When people see someone buying, chances are, they're that much more likely to buy too. It's the concept of "Social Proof" where people look to their surroundings to help determine their decision. Some people call it a "herd mentality" as well.

Entrepreneurs can learn from his example. Sometimes, it isn't size that matters. You don't need a giant organization to do what you love or make a good living. You just need a good product or service, motivation, the ability to connect with people and a dream. Remember, at the end of the day, it is how much PROFIT you make that matters. You could be making billions in revenue, but what about if your costs are nearly that high too? Sure, it's good to think big...but it's even better to think smart and simple.

For those who asked him about how he became successful, he had one simple saying:

"Never underestimate the dollar."

He sure didn't.

How to find inspiration for your future venture

Artist: Bruce Clarke

"Whether you believe you can do something or not, you are right." - Henry Ford

As you may have read in the post before, one of the first steps you need to do before starting a business is to think about what interests you first.

The next few posts are going to expand on each and every step. Today starts with finding inspiration. There are a number of ways to do this:

1. One of the best ways I've found is to learn from the example of entrepreneurs who have already made it. Publications like Inc. Magazine are a great source of success stories. In fact, these success stores can often trigger a creative spark and allow you to think of a great idea you never thought of before.

2. Talk to people! Whether it be friends, co-workers or people you meet at networking events or parties. Often times, people are glad to give you ideas...usually because they don't want to do it themselves! Obviously, I'm not saying you should steal ideas from others, that's not cool. Make sure you're not stealing an idea that someone is already working on. Although we live in a jungle, that doesn't mean you have to be one of the apes in it.

3. Sit in silence and just let your imagination run wild. You'll be surprised what your mind can conjure up when you allow yourself to silence your thoughts and distance yourself from un-needed distractions. When you put yourself in the right mindset, you'll find that ideas will come to you rather than the other way around.

4. Closely observe your surroundings. Usually in the chaos of everyday life, we forget to just step back, take a deep breath and notice what's going on around us. You may overhear your friends or even complete strangers say golden things like "God, I wish xyz could be done better" or whatever. Not only that, you may find how things could be done better in the very industry that you work in (if you work at a job).

5. Learn new skills. By expanding your capabilities and horizons, you will most likely develop a great idea....or finally be able to execute on an idea you already had.

6. Approach someone you know who has a great idea and offer to help. You don't always have to be the one who thinks of the idea. If you think an an idea is great, be part of its success! It's much like someone who becomes an entrepreneur through franchising. You don't have to be a grand visionary, you just need to have the determination. Like Edison once said, it's 99% perspiration, 1% inspiration.

7. Keep reading this blog...unless of course my mentioning of taking a dump in your boss' top drawer didn't already give you a business idea related to human resource counseling or waste management ;)

Stay tuned for the next episode. We'll discuss how to organize your ideas and focus on the best one.