As we start a new year, let me quickly wrap up the highlights of the Bootstrapped story so next week we can start blogging sections of the book, as promised. I’m still a bit dazed from a turkey hangover and too much holiday candy, but I’ll do my best J
During their first year, Rich and Ron developed CastleWave in a zig zag fashion – switching their focus and channeling the business momentum towards new ideas as appropriate. Right now, one path we are pursuing is asset building (the focus in on digital assets such as websites). The approach to asset building was backwards at first, though. We started building assets around hot topics (riding a ‘wave’) such as horoscopes or cat personalities, but created the assets before figuring out how to monetize them. Note for any budding entrepreneurs: monetization is key! Great ideas are important, but until you figure out how to generate revenue, the idea isn’t going to get you very far. For CastleWave, monetization of some key assets is an ongoing process.
With all the hard work that’s gone into building the company, goals and rewards have always had a central role. In June 2008, for example, the whole office had a Day of Play. We are talking bowling, a nice pizza lunch, and laser tag (everyone got creamed by one of the high school linkers). Don’t get me wrong though – the office isn’t just about having fun – we’re serious about setting goals too. Rich literally wrote ‘$300/day’ on the linkers’ foreheads once to drive home the goal that had been set. Needless to say, that goal was reached! Out of the sheer will of the employees, one asset alone generated $600 in one day. That’s the kind of dedication and drive that’s needed if you want to survive in a small business…
I suppose the capstone on all of the work that Rich and Ron have put into CastleWave and the book happened earlier this fall when they attended a seminar at the Wizard Academy. They returned from that experience completely determined to succeed and to share their success story. As is the case with great leadership, their passion and energy have infected our office to the point that we all feel the same desire and determination for success. The past two years have been an incredible journey for our little office and the future seems all the brighter!
Please feel free to invite any of your friends or family who are interested to join the blog so they can start receiving sections of the book next week. They can sign up by going to this link: http://www.bootstrapbusiness.org/subscribes.php. Happy New Year!