By Irina: My 1M/1M Journey

Fashion Entrepreneurs: Anya Ponorovskaya, NY Fashion Designer, Opens Miami Boutique

                    Above: Reversible silk dress in red and black by Anya Ponorovskaya. Photo by Presscott McDonald

 

I recently spoke with Anya Ponorovskaya, a New York fashion designer who opened her first Miami boutique, Anya Ponorovskay, in the Design District. It's the 4th store for this self-described fierce  entrepreneur and Russian native who came to the US with her parents as a child in the '70s. Her 3 other stores are based in New York.

 

Irina: Hi,  Anya. Let's start with your background and how did you arrive to this point? 

Anya: I was born in St. Petersburg,  Russia and my parents were able to emigrate in the late 1970's as part of the first wave of emigres to leave Russia.  I studied fashion design in New York City at The Fashion Institute of Technology and in Florence, Italy at Polimoda Institute for Design.

Irina: Tell us about your company. When and how it all started?

Anya: I opened my first store in NYC's Nolita neighborhood in 2005 and began there by carrying other designers.  But within a year I had my own line and opened a second location in Soho in 2007.  I opened my third location in Boerum Hill,  Brooklyn,  in 2008, the same year I premiered my first shoe designs.  

The following year, in 2009 I began designing handbags and opened my Miami store.  This year,  I re-launched my very first location as Anya Ponorovskaya Bridal Studio.  

Now, when I'm saying it,  it looks like it was all planned out but in actuality it has been a very organic natural trajectory of growing the business at it's own speed. 

I have a staff of 10-12 people,  and my husband is a huge support and motivation for me,  in addition to being our in house lawyer. My employees are more like sisters or daughters to me.  They are all my GirlCATS and going to work is always enjoyable because the energy in the stores and the design studio is more like a home than an office. 
 
Irina: How did you finance your company? 

Anya: One dress at a time.  Honestly,  the sales from my boutiques finance the business as I grow.  It's an alternative business model,  but I've been very sure from day one that I didn't want to take on a financial partner.  I need to have the freedom to make the decisions without having to deal with someone else's idea of what a bottom-line should look like.  It is really the only way I could run this business and I have  found that it is a great way to maintain the personal touch and control of the business, which is necessary since it is my name on the label. 

Irina: What are your daily challenges?

Anya: Although,  I absolutely love the freedom of being my own boss,  it is always a challenge.  I need to juggle the responsibilities of a designer, a boss, a wife and most importantly, as a mom.  Quite often, I work seven days a week, balancing design, sales, being home with my son when he gets out of school, and its always a challenge, but I would not change a thing. 

There are times when I am constantly anticipating and preparing for the future, which makes it a challenge to be in the moment and enjoy the fruits of my labor.  But then I will have one client come to the store and absolutely love the designs, look fabulous in them and tell me what a great designer I am.  In those moments, the challenges drip away and I can live in the moment. 

Irina: Who are your clients?  

Anya: It's funny, as I don't have a true target market.  I design for the female body, for a woman of all shapes and sizes to look fabulous and feel sexy.  Many of my repeat clientele are professional women who can take one of my designs and dress it up for a night out, or dress it conservatively for the work place. 

We sell  to lawyers, bankers, teachers, actresses, producers, students, artists, brides,  mother of the bride's and C.E.O's in their 20's to their 70's. 

A very diverse range of women, who all appreciate the timeless and  feminine aspects of the design, but keep coming back because of the fit of the designs. Since we manufacture in the garment district of New York City, I will keep sending a new design back to the sewer until the fit is just right.  It takes a bit longer, but I have always been rewarded for this demand for perfection in the fit.  

Irina: What are your distribution channels?  

Anya: I have avoided wholesale wholeheartedly. There may come a time where I move in that direction, but I have built the business by only selling to customers at my own boutiques. I'm available exclusively at my four boutiques located in NYC, Brooklyn and Miami Design District.

Irina: Do you do anything special to build your brand and to get your name out there? 

Anya: I prefer to keep things very personal and close to my heart.  This business is really an extension of myself and when I do grow I would like to preserve that sentiment.  We have grown through word-of-mouth as one client will come back with their sister, who will return with their best-friend, who will return with her mother.  Part of our mystique is the exclusiveness of the designs. 

Irina: Do you sell on line?

Anya: Yes, we are going live on-line to coincide with Art Basel this year.  So, we are unsure what percent of business will be from online sales, however, we have learned that many of our customers are not local, and make it a point to come to the boutiques every time they visit NYC or Miami.  They know the designs, they know the sizing, and the online sales will help them keep up to date, even when they can't get on a plane to come visit one of the boutiques.

Irina: Tell us about your day. How many hours a week do you work?

Anya: It's hard to say,  the business is such a integral part of me,  that  I'm never really not working,  but I love it,  it's a way of life.  I usually start my days around 8 am when I pack a lunch for my son and send him to school, then I turn on my iPad and begin to plan out the day and what needs to be accomplished. 

I will then head to the design studio, one of the boutiques or to one of my suppliers.  By the afternoon, I try to be home to meet my son when he is out of school, and then back to work until 8 or later each night.  

I find inspiration for my business and my designs in just about everything,  from building a sand castle with my son on vacation, to traveling to Peru for my shoe production.  The revenues have grown steadily over the past eight years since I opened the first boutique. 

We have definitely seen how the economy can affect retail, but anecdotely, we have felt much less affect than other boutiques and retail that we know or have read about. I'm very happy to keep moving forward. 

Irina: What are your plans for the future? Do you see any need for financing as you grow?

Anya: I'm not sure at the moment. Although part of my love for the business comes from the excitement of the next challenge. I would continue to avoid financing unless some concept comes along that is too good to refuse.  As far as what's next,  maybe wholesale,  maybe a European location,  maybe menswear...

Irina: What would you say some key ingredients of your success so far? 

Anya: Taking it one step at a time and keeping grounded. 

Irina: In conclusion, what would be your advice to others entrepreneurs?  

Anya: I know its cliche, but I would say do something you love, surround yourself with people you can spend a lot of time with and go for it!

True to her Russian heritage, this month Anya invited The Russian Round Table, a socio-cultural organization that origated in Coral Gables, to have their 2nd Anniversary party at her boutique. During Art Basel, Dec 2-4, 2010, she plans to host Downtown Salon at her boutique showcasing some New York contempoarty artists.

Anya Ponorovskaya 35 N.E. 40th St. Miami FL 33137  AnyaPonorovskaya.com

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide. Feel fee to ask your quesitons below in the comments.

 

Miami Angel Investors: Bay Elliott, Private Angel Investor, Works in the Gables

                                            Above: Bay Elliott. Photo by Monica Hopkins

I recently spoke with Bay Elliott,  a private angel investor who has been working in the Gables since '83 when he moved here from New York City.

 

Irina:  Hi, Bay. Let's start with your personal background and how you came to this point in your life.

Bay: I started flying in college and I am a bit of a techno junkie. I love technology and I love creating solutions and love creating products that fit market needs. 

While in college, mulling these core aptitudes and risks, I decided that I had to create a foil where I could enjoy my work, pay the bills and have the ability to work in the off hours on new products and if they hit, build companies out of them. 

The plan that married many of my passions and the foil scenario was to become an airline pilot, get on international routes where I could work 3 on, 4 off so I could use the 4 off days a week to do the product development and business building.

After a stint in Europe and experiencing life in some of the former Soviet-bloc countries, I also wanted to serve our country and give something back.  Being a military pilot was a key path to becoming an airline pilot and if I was going to go that route, I wanted to do something really exciting so I joined the Navy as a carrier based pilot. 

I got on with the airlines, got transferred to Miami and picked up the international routes and the first company I built was a telecom interface and voice mail for PCs, the next company was airfoils for tractor trailer trucks, and the next company was a parts provision suppler for mega yachts and that brought me to Gulf War I.

In the early stages, I was based in Rome, flying troops into the desert near Kuwait on 24 hour missions. When  back in Rome, on my 24 hour off, I had my duties with National Marine so I had a real need for a professional business services & unified messaging system (which didn’t exist at the time), so I drafted an outline for that system and when I came back to the States, I searched for a joint venture partner to build what became WorldLink.  

After trading my joint venture position for stock and residual income about 15 years ago, I was invited to join the Farwell Group, [a Coral Gables-based executive search firm], where my primary focus  is building high performance teams for our client companies. In my off hours, I started investing in a wide variety of early stage companies, many with a technical product aspect.

After investing on my own, in half a dozen early stage companies, I worked with Peter Hairston and a couple of others to create New World Angels to benefit from the knowledge of a group and to have a greater impact on the early stage companies in South Florida. 

Although several years ago I resigned NWA, I have to say that it's a great group of professionals, most are serial and hardened entrepreneurs who are excited by the prospect of helping worthy early stage teams become very successful. While I was involved, we looked at a lot of deals, helped a lot of companies and I learned a lot.  I continue to refer promising early stage companies to them and other Angel groups, and on occasion, I reach out to individual NWA members when I see something in which I think they might have a strong interest.

Since resigning from  NWA, I have been primarily been focused on investing in cleantech. Most recently I have invested in a couple of cleantech companies.

Irina: Could you name any interesting tech entrepreneurs that are based in Coral Gables, if not in the Gables, then in Miami?

Bay: [In the Gables], one of my favorites is John Daly who built Americas Software and sold that to a British conglomerate [Experian in 2004] and he is now developing medical services and practice management software which are quite simply amazing. 

In Miami, I have many favorites and some of them are Mike Kasbar, President and COO of World Fuel, he is one of the most driven and most successful entrepreneurs I have ever met.  John Sicilian is a founding partner of 1848 Capital, brilliant business, finance and legal mind and a joy to work with.  David Brillembourg is a driven serial entrepreneur who has moved from building tech companies to building a high end resort focused private equity firm. I can go on and on and on…

Irina: From your personal experience, what are some common mistakes that entrepreneurs tend to make?

Bay: The biggest mistake is not taking the acutely important task of picking the right team members for the monumental challenges ahead with enough: thought, planning, time, dedication, deliberation, seriousness. 

A second mistake is not working strategic to tactical, macro to micro, always understanding where you are in a business cycle and how megatrends and competitive technologies trends etc. are going to affect your market, your products or services. 

A third mistake is being more enamored with your product or service than what the market needs and/or wants. 

A fourth mistake is underestimating your time lines and capital needs and the competitive space you are playing in. 

A fifth mistake is not changing out your team members fast enough when you see that they don’t have the commitment, drive, brilliance, creativity, the endurance, the focus, the stamina that you need. 

A sixth mistake is not bringing every ounce of your energy, talent, brilliance, enthusiasm, vision and drive to the table each day and infusing each and every member of the team with that vision and enthusiasm (and then giving them the recognition and rewards they deserve). 

A seventh mistake is not driving down into the nth degree of the details, of making sure that you drive past everyone else in every aspect of your business and you make sure that your customers have wow experiences at every touch point.  “The devil is in the details" (and big profits in the nickels and dimes left on the table). 

An eighth mistake is trying to compete by being a commodity.

Irina: What do you think entrepreneurs could do to increase their chances of success?  

Bay: See above. Don’t make those mistakes and eat, breathe, sleep your business 24/7 with every pore of your being so that there is no one on the planet who knows the wants and needs of your customer segment as well as you do, and care enough to blow them away with wow experiences in meeting those needs.

Irina: What do you think we, as a community, could do in South Florida to foster serious, scalable Silicon Valley-style entrepreneurship?

Bay: We need to support our public and private education system and make them and the students they produce, the best on the planet.

In addition to the technical skills, we need to teach our children to learn how to learn and teach them critical thinking skills, we need to broaden their horizons in every way possible. When we do this, it starts to raise the bar in every aspect of society. 

We have the weather, we can build the education systems, we have the medical systems, we could have the financial systems, but we need a very well and broadly educated populace to make sure that we have the political systems and bright, well educated, ethical political and business leaders to support the educational and business infrastructure, incentives, grants, etc to attract and encourage developing businesses and give greater comfort to those individuals, organizations, financial institutions which will fund the startup and then growth needs of these companies.

In general, we have allowed the education of our children to degrade significantly over the past 30 years. We are long past the capabilities of the system designed for the industrial revolution and we are still in the nascent stages of the information age however we haven’t yet really assessed, understood and altered our support and educational paths for those needs, skills and knowledge ahead (in both the teachers and the students).

There are other areas of the country and perhaps much more importantly, other countries, which have been doing better than we have, for many reasons and they appear to be well poised to continue to outdistance us.   

These are not quick solutions and they require a macro to micro view, a long distance vision that is understood by the greater community and enables the will of all to make the long term commitments to drive all the pieces to successful implementation.  The funny thing is that it often doesn’t require great sacrifice but it sure requires understanding, vision and commitment (and the synergies of these drive the growth curves to be exponential). 

A possible case in point: in the past 5 years, one of the only job growth sectors has been in cleantech and it is slated to be one of the top corporate and job growth sectors for the next 40 years.  In prototype and in labs, we already have alternate energy and fuels that unsubsidized are already cheaper than our highly subsidized hydrocarbon (gas etc) energy sources and yet a good portion of our political leaders still don’t understand or support these cleantech areas (or more cynically, maybe they do but lobbying money has influenced the landscape).  Because of this lack of real leadership, we have literally driven many of our companies to other areas (and other countries) and some of our technologies continue to languish or be eclipsed by those of others.  The entire planet suffers as a result.

Irina: Thank you, Bay. Great insights!

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide. Feel fee to ask your quesitons below in the comments.

 

Miami Fashion Entrepreneurs: Luciana Scarabello, Founder, Scarabello Fashion Line

                                     Photo: Luciana Scarabello

I recently spoke with Luciana Scarabello, a fashion entrepreneur who is determined to succeed right here, in South Florida. She is the founder of her namesake fashion line Scarabello that features sexy party dresses. An Agrentina native and Miami Beach resident now, Luciana shares here how she has been growing her business steadily since 2007, step by step. Today she sells her line to over 100 stores, not only in South Florida and nationwide, but also in Argentina, Mexico, Canada, Japan, Australia and South Africa.

 

Irina: Hi, Luciana. Let's start with your background and how you arrived to this point.

Luciana: I'm originally from Buenos Aires. We moved with my family in the year 2000 to Boston, Massachusetts because my father was transfered there from work. While in Boston I went to school in Suffolk University where I graduated with a bachelor degree in Marketing and a Minor in Management.

I was drawn to business studies because my father had always been a business man but another side of me loved design and fashion, and that came from my mother's creative side. She taught me how to sew since I was a little girl but up to this point I wasn't sure if that was something I wanted to do for the rest of my life though I had a strong incline towards fashion. So, I decided to move to New York City to go to school in Parson's School of Design. I obtained there an associate degree in Fashion Merchandising and while going to school I did two internships: one in Ann Taylor and the other one in Armani Exchange.

While working for these two companies I realized that even though they were big players in the fashion industry they were too corporate for me simulating an executive office rather than a creative environment. After I completed my studies and my internships I flew to Miami to visit my parents [that was about 5 years ago].

The change in weather was great for me because I really don't like the cold and just decided to stay here in Miami for a while. At this point I had no plans.

Irina: Now, take us to the starting point of your fashion design company?

Luciana: After realizing that I did want to stay in Miami for a while I decided to explore the fashion industry in Miami. Unfortunately, there are not a lot of opportunities here work wise because most of the companies are either based in NY or in California.

I started working for a small boutique on Lincoln Road in Miami Beach to gain some experience in retail while I figured out my next move. I eventually went to a fabric store and with my credit card purchased some fabric. I made with that fabric two dresses and printed my hang tag at Kinkos to put it on the dresses. I then walked to a boutique here in Miami Beach because I knew the owner and asked him if I could put the dresses in on consignment.

He agreed and after a week he called me to tell me that he sold them and to please make more! With the money I earned from those dresses I made four dresses this time, and that has been the way I started, only with two dresses and growing in small steps.

To this day I have not yet taken any partners and have been financing the company with its own growth even though it is very hard when it comes to cash flow and this only allows you to take small steps.

Eventually, I will be looking at taking a partner but to take the company to a different level that I cant do by myself. I'm waiting for the economy to get back in track and for me to gain more experience in order to make as many mistakes now that I can afford it and not in the future when I might not be able to.

I have maintained the infrastructure of the company small as well due to the unstable economy and prefer to have variable costs associated with the product rather that fixed costs.

My father that has retired from his previous job runs the office and is in charge of all the logistics while I am in charge of the design and communication between the office and our contractors.  These contractors we work with are in the area of distribution and in production as well, and their pay is based on how much product we produce and how much we sell.

I think this is a smart model to live by when things are unstable to ensure the survival of the company in its growing steps.

Irina: How did you finance your company?

Luciana: It all started with a $300 charge in my credit card! As I started to grow more and more I applied for a line of credit with the bank for $15,000. I have also in occasions run to my father for help when I needed money for production or for a show when I have cash flow issues due to late payments made by clients.

We will need financing to take the next big step. But I'm not just looking for a partner that can only provide capital but for someone that has the expertise and vision to take our line Scarabello to the next level. I have refused several offers waiting to find the right match.

Irina: What are your daily challenges?

Luciana: There are so many. I would have to divide the challenges in two different categories: design and business.

Regarding design its a challenge to offer a product that the consumer wants to purchase with all the competition out there. If I have a bad season because I wasn't inspired into making great designs or I didn't understand what my costumers want i can be out of business in a heartbeat. Its important to be unique, creative and the best out there to stay alive.

Besides the fact that we are selling a product based on its design, this is a business and it faces the same problems any other business could face. There seems to be always a problem with cash flow due to late payments by the clients. Logistics are also very important in trying to have the product ready and shipped in time.

In a larger scale I find that the biggest challenge we will have to  take this company to the next level is economies of scale. It is very hard to compete with companies that are already producing millions of times more than you are and get their product manufactured 1/5 cheaper for this reason. Let's not forget about their big adverisitng and marketing budgets. It makes me feel like a small fish in a tank full of sharks!

Irina: What is your target market?

Luciana: My clients are small high end boutiques that are trendy and carry the latest labels. Their look is young and fashion forward.  My final consumer are women in their 20's 30's that have a busy social lifestyle. They go to trendy restaurants, events, lounges, and nightclubs and are looking for something to wear that is unique and feminine yet edgy and modern.

Irina:  What are your distribution channels?

Luciana: I'm currently working with "Allure showroom" that represents my line Scarabello in the United States. The idea is to eventually start working with other showrooms in different locations to increase our sales. I want to still keep this as a contractual agreement between two companies rather than invest the money in having an in house sales department.

Irina: Tell us more about your marketing efforts. Do you do anything special to build your brand and to get your name out there?

Luciana: Hiring a PR company is still too expensive for us to engage in. Social networking is an accessible way to get your name out there.  We do a lot of viral marketing through these sort of websites. We also try to participate in any events we can locally to try to get the name out there. PR is very important for a fashion brand to mark its identity in the consumer's eyes. Eventually, we want to come up with a solid marketing strategy that will help us create brand awareness, but we will have to be patient for now.

Irina: Do you sell on line?

Luciana: We don't sell online but some of my clients do sell online. We have created a link from our website to those online shops so if a person goes to the Scarabello website wanting to purchase an item they are still able to do so through our clients.

Irina: How many hours a week you work?

Luciana: I make my own schedule so it really depends on how much work needs to be done. Usually it is pretty regular hours but right before deadlines I might be up working till 2 or 4 a.m trying to finish whatever needs to be finished.

Irina: Did you work with any fashion organizations in Miami?

Luciana: I have worked from time to time with The Fashion Group International and Funkshion Fashion Week in Miami Beach.

Irina: What would you say some key ingredients of your success so far?

Luciana: Determination, strong work ethics and believing in myself.

Irina: In conclusion, what would be your advice to others entrepreneurs?

Luciana: I think the smartest advice I can give to an entrepreneur is to start with the letter A. You see, we usually envision the big picture, what we want to be, where we want to get and that is usually the last letter of the alphabet. When we think like this we sometimes give up because the goal is too big and too difficult to reach. We should start small and set small objectives that will take us through the whole alphabet towards that last letter. Unfortunately, there are no shortcuts and only hard work and determination will take you to that final goal.

 

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide. Feel fee to ask your quesitons below in the comments.

Miami Tech Entrepreneurs: Mike Dannheim, The Founder and CEO of FreeLunched

                                                              Photo: Mike Dannheim

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

I recently spoke with Mike Dannheim, a technology entrepreneur who is determined to succeed right here, in South Florida. Mike is the founder and CEO of FreeLunched, an online site where retailers can offer daily promotional giveaways to consumers and the consumers are getting rewarded for promoting products that they like to their friends.

Mike and I  talked about what it’s like to be a technology entrepreneur in Miami and where a Miami entrepreneur can turn for help and support. Below is an edited version of our conversation.

Irina: Hi, Mike. How did you become an entrepreneur?

Mike: When I was 16 I started a profitable business, a commercial landscaping service. I remember it as one of the most enjoyable times of my life.

Then I spent 10 years working in business development, mostly for finance companies. I worked for Key Bank, Merrill Lynch, and Hansen Capital Management --  a hedge fund.

In 2009 I left the financial industry to pursue a consulting opportunity at a Miami-based startup called AdShip, that facilitated relationships between shippers and advertisers. I worked on building their advertising model and developing revenue generating partnerships. I learned a great deal while working at AdShip about tech entrepreneurship.

Irina: Where did you get the idea for FreeLunched?

Mike: A few month back, Samsung ran a marketing campaign where they gave away an item a day. I saw this business model combined with a flash sale email campaign as a great business opportunity. I left AdShip and started FreeLunched.

Irina: Do you have any co-founders?

Mike: I'm the only founder, however FreeLunched has a board of advisors. They all are senior corporate executives from companies such as FedEx, Alibaba, and Disney.

Irina: So, FreeLunched, what does it offer?

FreeLunched is a promotional platform where we give away an item a day to one of our registered members. Each giveaway is followed up with a flash sale email campaign which is sent to all who entered that day's giveaway.

We incentivize our users to communicate about the products we give away. We give them points for writing product reviews, for answering trivia questions on Facebook and more points if they refer their friends to our site.

Later, we plan to roll out a consumer social ad network where our users will be encouraged to build their own ads for our sponsor’s products using sponsor approved materials and then share those ads with their own social networks, like friends and followers on Facebook.

Irina: Why anyone should care?

Mike: Every day FreeLunched registered users have an chance to win an item, such as a cool gadget,  and receive discounts on their purchases from retailers via daily and weekly email campaigns. And for businesses FreeLunched offers grassroots marketing driven by social networks and an online platform where they can engage with their product users.

Irina: How do you feel about being a tech entrepreneur in Miami?

Mike: I feel great. Anytime I need a mini vacation I just look out my window! Although there are times that it can be challenging, especially trying to find resources and support.

I was fortunate to discover Incubate Miami, a business incubator that is focused on early stage technology companies.

Located downtown, Incubate Miami provides resources to Miami entrepreneurs, from temporary office space to access to attorneys and business development experts. FreeLunched was selected to be a part of their free educational program this fall.

I also attend entrepreneur events offered by Innovate Miami and Start Up Addicts.

Irina: Did you use any other local resources  to launch your company?

Mike: Not local, but online. I did use Elance.com where I met Ukrainian developers.

Irina: What is your going forward strategy?

Mike: Our game plan is to continue to gather data on our social advertising network, assemble a compelling story, complete the development of our platform and attract the right capital to help commercialize our product. 

Irina: What do you think the most critical ingredient to your success?

Mike: My ability to communicate our mission effectively and raise the funds needed to complete the development and commercialization of our platform.  

Irina: Do you have any suggestions for Miami entrepreneurs ?

Mike: Don’t quit! If you have a great idea, put it on paper, come up with a plan and don’t be afraid to share it with people you trust. Surround yourself with successful, supportive people especially the ones with a track record of success in what you are trying to do, and most of all, don’t ever quit!

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide. Feel fee to ask your quesitons below in the comments.

Entrepreneurs: Three critical issues of business development and how to solve them.

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

As I talk to many budding entrepreneurs every week, I see a number of critical issues that entrepreneurs are missing  at their early stages of business development. I will cover three of those issues here.

1. Not doing enough of their pre-business-development research.

I call it "heavy lifting" or "sweat equity." The more sweat equity you put in your business, the greater returns you'll get. The nice thing about sweat equity is it doesn't require any money. It does require a great deal of time and persistence.

I would suggest budding entrepreneurs start researching their intended market landscape before they create any product or service and answer the following questions. Does anyone really need or want this? How many people would buy this? At what price? Who's your competition? Can you really make money at doing this? How much? Is this really worth your precious time and efforts?

2. Next critical issue is that most budding entrepreneurs are not able to describe well what their product or service is all about.

To overcome this issue I suggest reading quality business press,  Wall Street Journal, New York Times or any other quality publications. As you read, note how a business is described in each story. The essence of a business is usually given in one or two sentences, sharply, vividly, without any overused stale jargon. Now, use this as a template to describe your own product or service. Do it at least ten times using different ''templates" that you glean from different business articles.

3. Another common one is that budding entrepreneurs are doing it alone, unaware of the  great number of support systems that are out there.

From trade associations to angel investor networks, the help is out there. One caveat though. Only those entrepreneurs that possess work ethics, intellectual curiosity and are coachable, will be able to take advantage of all the help that is available out there. Stubborn, know-it-all entrepreneurs will not be able to use those networks of support.

Please don't get enamored with your idea. Always assume that there are people out there who have more expertise and experience in any given field than you do. Seek out those wise, experienced people for feedback on your idea. Google for trade associations, trade journals and market research on your subject. Search LinkedIn to find people with experience and expertise in what you are trying to do. Be humble and grateful. It will serve you well.

 

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.

Miami Finance Entrepreneurs: OUR MicroLending lends where banks don't.

Above: First row standing left to right:  Eli Ochoa, Alfredo Caprirolo, CEO. Emilio Santandreu, Melina Santandreu, Joaquin Moreno, Fabio Beltran, Marcial Robiou, Alfonso Benavides
Second row sitting left to right: Eliese Gonzalez, Frida Garcia, Ileana Pelegrino, Joanne Cubillan

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

I recently spoke to Emilio Santandreu, the president and CEO of  OUR MicroLending.

OUR MicroLending is a Florida LLC for-profit company. It does what its name says, it lends money to micro-entrepreneurs. Headquartered on Coral Way, by Coral Gables, they are my neighbors.

Since 2007, they've made 840 loans in South Florida, giving over $ 4 Million in funding (on an average $5,500 per loan), helping at least 936 people and supporting and creating at least 900 jobs.

The company is committed to assist  South Florida entrepreneurs through micro-loans.

The money to lend comes from their shareholders and a small group of socially responsible investors. Their focus is on small business loans and not on consumer loans.

Emilio Santandreu, the president and CEO, is no stranger to micro-finance. He was the found­ing mem­ber and the CEO of BDM (Banco de Desar­rollo del Microem­pre­sario), the first micro­fi­nance bank in Venezuela.

OUR MicroLending serves low and moderate income entrepreneurs that have no access to commercial business loans for various reasons.

These micro-loans enable their customers to work their way up through the economic ladder and become eventually bankable.

His company, Emilio said, prides itself on making their loan process as comfortable, as possible. They send loan officers to meet potential borrowers at their places of business, where they also weigh intangibles like references from customers.

About 80 percent of their clients, Emilio said, find them through referrals from former and current customers. Although, it is common for their loan officers to go out and do door-to-door sales.

The loan officers make their own evaluation about the micro-entrepreneur's drive to succeed. This character-based lending allows them to go “beyond the numbers” than a traditional credit score would allow.

As for the rates and terms, Emilio said, they provide small, short-term loans at interest rates that reflect the cost and risk of lending. As any business they need to stay profitable.

So, just like traditional banks, OUR MicroLending evaluates potential borrowers by taking into consideration business assets – which could be as small as a tin stall in the market – cost of goods sold and household expenses.

But unlike traditional banks, they do not make loans based upon revenue or collateral alone.

What makes their process different from traditional bank loans is their approvals are not based on credit scores, but on criteria, such as the individual’s experience in the field, business plan and other important clues that demonstrate that the loan will be repaid.

His company, Emilo told me, offers an uncommonly fast response time. The initial credit analysis takes approximately 48 hours, after which funds can be disbursed as quickly as 72 hours later. They also tailor the terms of the loans, amounts and payment schedules based on a study of the client’s business, so they get a loan that not only fits their needs, but which they can afford.

Borrowers either apply for loans individually, or, if they lack physical collateral or a co-signer, they team up with a few other borrowers. Known as solidarity group lending, this method allows members to cross-guarantee one another’s loans in lieu of collateral.

Emilio said that typical OUR MicroLending clients are truck drivers, restaurants, flea market stores, nurseries, or produce distributors, as well as consultants of all kinds.

Since my own development focus is on technology and online entrepreneurship, I asked Emilio about that sector specifically. He said, although they don't lend to startups (unproven businesses), they do provide funds to professionals that have extensive experience in their fields of expertise. And online and technology businesses can apply and will be evaluated based on their standard criteria, just like any other business.

That is good news for those in Miami who have a profitable online or consulting business and are looking for capital to grow. Check with OUR MicroLending and see if they can help.

Emilio said that they have a number of clients who are retirees who wish to continue working from home, also many attorneys, accountants, and other freelance professionals.

Then Emilio and I looked at OUR MicroLending as a business, their own profitability and their plans for the future.

He said, having started in 2007, they are looking to break even this year and begin making a profit in 2011. The progress has been moderate, he said, but they consider it as a reasonable trade for the assurance that they are being socially responsible and truly improving the lives of their borrowers.

OUR MicroLending, he said, makes a profit the same way that the banks do, through interest paid on loans. The difference is in their approach, taking the time to know the people and their business to maximize everyone’s potential for success.

Emilio told me that they are not aware of any direct competition in Miami, but noted that ACCION and Partners for Self-Employment are two local non-profit organization that also work with micro-entrepreneurs.

OUR MicroLending employs nine loan specialists, eight administrative team members, and has a board of fourteen chair holders.

The company is always in search of committed specialists and investors that believe in community growth through socially responsible practices.

They currently have offices on Coral Way and Hialeah, and will be opening two additional offices in Palmetto Bay and Oakland Park soon.

They plan new offices in Tampa and Orlando by 2011, full coverage of Florida by 2012, and then further expansions to the northeast of the country, Emilio said.

For more information, please visit www.ourmicrolending.com. Whether you are an investor, entrepreneur, or a community leader, I think OUR MicroLending deserves a closer look.

 

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.

 

Miami Family Entrepreneurs: Pride Flooring and Home Decor

 

Above: Brett, Mike, Nick, Pam, Liz, Marc Amore

 

 

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

Gables Home Page reader and contributor, Liz Amore, recently told me with a great deal of pride about her family business... incidentally... named Pride Flooring and Home Decor.

Since 1974, the Amore family has been doing floors, be it in carpet, hardwood or tile, add to this carpet-cleaning or repair.

Too bad I didn't meet Liz five years ago when I was desperately seeking someone to tile my new condo.

Liz said, Domenic and Mike Amore started the tradition back in 1974 with their business Action Carpet and Tile.

They sold it in 2001 and retired, but not for a long time because in 2004, Domenic's two sons, Marc and Brett, both college grads, revived the family tradition with Pride Flooring and Home Decor.

Liz is the wife of Marc. She consults the business on PR. Her day job is at the University of Miami in Media Relations.

Liz said their services are reasonably priced and they pride themselves in honest, dependable craftsmanship. Last year the sales were at $1 million plus.

When I asked her about their market size, she quoted me Freedonia industry research that estimated that demand for hard surface flooring in the US will increase 4.6 percent annually through 2013, reaching 9.6 billion square feet, for an estimated value of $12 billion. Nice!

The question now is how much of that market Pride Flooring could realistically access? That’s where competitive positioning might help.

Tight positioning allows for unique cost effective marketing strategies. Liz told me that the healthcare businesses is one of  their larger customer segments. Could they position themselves as a flooring services for the healthcare industry?

And where do their largest residential sales come from? Surprise! Celebrities and athletes. Jimmy Johnson is one of their clients. It is also true, what people say, he does live on nachos!

In the early days, back in the 70s, the family went door to door asking businesses and homeowners if they needed flooring services. As far as I know, this still holds true. Ask and you should receive!

But wait, we don't have to go door to door today, do we? We have the Internet and we can ask for orders there, right? Right.

Go check prideflooring.com and see if you can figure out how they built such an impressive online presence for a small business. Hint, look for BuiltBiz.com icon at the lower left corner.  Liz said they have over 1000 visitors a month and their Facebook page has over 100 followers, including past customers.

The business is financed through a small business loan. Good for them, as it is not an easy fit these days. I should know, I am doing research on financing for entrepreneurs.

If they could get more capital, Liz said, they would use if for marketing, physical expansion and inventory. They currently employ 5 people and work with several contractors.

Looking for a job in Miami? You are welcome to inquire, Liz said. Also, see my recent story How to get a job when there are no openings? All you need is to demonstrate your usefulness.

I always loved hardworking people who work with their hands. I think I'll be building houses in my next life.

But nowadays for efficient growth, I suggest to all brick-and-mortar businesses that they seriously look into adding e-commerce to their offerings. I highly recommend reading here and here relevant e-commerce case studies.

And, as always, ask me questions and share your own experiences in the comments below.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.

7 Questions Entrepreneurs Should Ask Themselves Before They Create A Product

                Photo credit: mconnors from morguefile.com

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

The Miami Herald recently had a small business makeover story in which two Broward SCORE counselors gave entrepreneur Brigitte Brown advice on how to grow her fledgling natural skin-care business.

I want to recap the sound basics that were given to Brigitte and then add my own two cents. First, let's recap what SCORE counselors said:

• Write a business plan. Yes, it helps to think about your business strategically.

• Don't pay anyone to write your business plan. Yes, you should use advisors for feedback but ultimately you need to map your own destiny yourself.

• Limit your first efforts to just a couple of key products. Yes, as a newcomer to the market with limited resources, you can't spread yourself too thin.

• Spend a lot of time with your customers and seek their feedback. Yes, that will allow you to create what your customers need rather then what you think they need.

• Keep your expenses low. This is just common sense but still many entrepreneurs forget this.

Now, here is what I would like to add.

Brigitte describes her product on her website as "unique, natural olive butter skin care products, we drew upon centuries-old herbal wisdom, time-honored production methods, and the need for modern-convenience." 

I don't feel that with this description Brigitte clearly defined her niche. I am afraid that deep-pocketed cosmetics companies with large marketing budgets and established distribution channels will have no trouble outselling Brigitte.

I would advise Brigitte and any other entrepreneur to ask themselves these seven important questions during their business development stage.

• Who is your target customer?

• Does the customer care? Why?

• What is your value proposition to your customer?

• Which market? Which segment? What demographics?

• How big is your market? Can you segment your market further?

• Who is your competition? What are their strengths and weaknesses, and how do you position against them?

• Which premium qualities of your products do you think your customers would be willing to pay for and how much?

Granted, these seven questions are not a cakewalk for someone who’s just starting in the business. I would strongly advise Brigitte and other entrepreneurs to seek help from the SCORE and other mentors.

Only when Brigitte identifies a real unaddressed market need and communicates her message clearly and precisely, her skin-care line will get well positioned for growth.

The basic marketing premises of defining a niche is carefully targeting the audience, said Donna C. Barson of Barson Marketing, a business consultancy in the personal care industry. 

Donna gives good pointers on how to do it in her article Marketing Matters: Creating A Successful Brand in Challenging Times. I read it in GCI -- Beauty Business, Brand Impact -- magazine, a treasure trove for skin-care market research and development. Hope, Brigitte reads it too.

Have a question about your business? Ask in the comments bellow and feel free to share your own story.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.

Miami Entrepreneurs: Ivan Mladenovic is a computer doctor who makes house calls

                                                                                      Photo: Ivan Mladenovic

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

I recently spoke with Miami entrepreneur Ivan Mladenovic, who launched his company Preemo, a hyper-local tech solutions for families and small businesses, in 2009.

Hi Ivan, What is your business?

We provide computer repair, tech consulting, and training to families and small businesses throughout Miami-Dade and Broward. We focus on the customer experience - making sure each client feels like they've have a "Preemo" experience. 

Where did you get the idea? What is your personal experience in this industry?

My background is actually in film production (degree from UM), however I've always love technology, and started my first computer repair company at age 14 (The IT Group). I love reading and learning about new technology, and sharing my knowledge with others to help them leverage their own tech better. Preemo is the business model to generate revenue from this previously "free advice."

Any particular reason that led up to this venture?

I worked in the entertainment business for a little over a year, realized that film/tv business was not only a long path to success, but also filled with people I didn't want to associate with (agents, managers). If I was going down a long path, I wanted it to be my own. I started my business in my kitchen (attached pic) and basically started telling people that I'm fixing computer - again. My business picked up pretty quickly, and within 6 months, I moved to an office space in South Miami.

Who are your direct and indirect competition? How are you different from your competition?

Direct: local computer repair store, IT consulting companies, Geek Squad, CompUSA, Staples

Indirect: home theater companies, web development companies, VoiP companies

Differences: I haven't seen another company providing pre-paid technology support in the way that we do. My clients hate to be billed hourly, so I started with a fixed price model. But that required more money to market my services, especially since I wasn't in retail. So I tried the pre-paid model, and it's been working quite well. Now I can charge for anything we do - giving advice, personal shopping for a client, installation, repair, maintenance - and the client only feels it as a decrease in hours, not an hourly bill every time.

It's important to note that TechTime (the pre-paid program) allows clients to purchase 5, 10, and 20 hours at a discounted rate as well. So we charge $85/hour for on-site services of any kind or consulting, but if you buy 5 hours ($65/hour), 10 hours ($55/hour), or 20 hours ($45/hour). Hours are valid for 12 months, and are transferable. So you can buy 20 hours, and offer 5 to your mother to setup and learn how to use a new computer, maybe use 2 hours for a client that may be having issues, use hours between home and work, etc. It's been great because our services are being used more often, and for a variety of different things.

What is your special value that you offer to your customers, that your competition doesn't offer?

Besides the above reference TechTime program, we also offer in-store fixed price services, as well as the high-end concierge. We have a program that caters to almost anyone that steps inside of our doors - and we're able to take care of them with the utmost care. Take a look at our reviews.

I always challenge any new prospective client to calls anyone in our existing client base - I'm confident that any one of the 100 would give a good review of our business. We make sure that customers leave satisfied, and that their computer problems are solved.

How big is the market? What is your business model?

The market is quite large, obviously, as most people today have a personal computer of some kind. I like to think of it this way: if every person that owns/drives a car also has a computer (we can agree that's true most of the time) - then there should be just as many computer repair shops as there are car repair shops. And it's not even close. As far as I know, I think there are about 100 or so computer repair companies in Miami-Dade. My office is actually in a car repair district in South Miami, and we probably have 40 car repair shops within 1 mile of our offices. I haven't found many studies with actual computer repair statistics, but we are averaging 15-20 computers a week, and it's growing every month.

Our business model is three fold: One is fixed price in-store services, two is pre-paid TechTime and three, our newest service, a technology concierge for of athletes, celebrities, and high net worth individuals.

Who are your top customers?

Our top customers are small businesses, less than 20 users, independent contractors, like realtors, insurance agents, etc. and finally (and my favorite) families that want to leverage technology better, but don't know how.

How did you get your first customers? What are your ways of getting customers now?

My first customers came from referrals. Actually I had one person, Monica Betancourt of EWM Realtors, who really helped me a lot. She introduced me to probably 20 clients to date. She also brought me into the EWM offices in Coral Gables regularly, and made it clear that "Ivan's my tech guy" - Realtors, especially, need lots of help with technology since they need to be networking, selling, buying, etc. So referrals are probably the #1 way we get clients. That is why testimonials are very important to us.

Our second way for getting customers is Google - we were able to rank high for the term "miami mac repair" and as a result have become a secondary option to fixing your Mac at the Apple store (also much cheaper). We're in the process of becoming an Authorized Apple Service Center, and our technicians are being certified as well to be Apple Certified Technicians. Apple products account for about 40% of our business today, mainly because we have the expertise to fix complicated issues (like broken screens, motherboards) at a fraction of the cost of the Apple store.

Third way is networking. I've always been a big networker, I'm part of Refresh, Social Media Club, Red Sunset Merchant Association, and Pinecrest Business Association. Offering free, candid tech advice at these venues has really help me grow my own network, and as a result, people tend to think of me/Preemo when they have computer problems. Obviously, we have a Facebook page, an active twitter account (@gopreemo), and I'm also personally active on Twitter as well (@ivanmladenovic)

What stage are you at now? Revenue? Profitability?

We're still growing, probably still premature to see any kind of financing. I'd like to open a retail store, but I'm looking to partner with someone to do this. We did $39k in revenue the first year, and we are on pace to do over $100k this year.

How many customers do you have?  Any other metrics you track and are willing to share?

- about 150 small business and residential clients
- exactly 19 clients using TechTime since launch May 1st. Adding one a week.
- 40% of our business is Mac/Apple repair
- one of the top reviewed computer repair companies in South Florida

How did you finance this company?

Preemo is completely bootstrapped by  me. I actually went into business when I was heavily in debt - just had a feeling this was the best way to generate income. I share an office space currently with my father, who is an engineer, but moving to downtown South Miami in the next 30-60 days, probably at 5901 Building next to Winn Dixie.

What financing stage are you at right now? Will you be raising more money? If so, what is your ideal investor?

Right now, we would love to have a partner/investor, but probably not willing to give up as much equity as would be needed to get the right amount of money. We will certainly raise money at some point, but probably want to grow the business financials a little more so I have more to negotiate when the time comes. Ideal investor is an operations person, not an idea person. Someone that clearly understand technology, customer service, and possible has relationships with athletes, celebs, other high net worth individuals. A retired sports agent, maybe a real estate investor sick of the current market, or possibly a tech investor looking for something more grounded to invest in.

How many people work for you, including service providers and contractors?

We have currently, 2 employees (1 lead technician, 1 marketing/design intern), and 2 technician sub contractors. Only one senior exec is me and several business advisers, all local experienced business professionals.

Do you have any strategic partners? Who are your ideal strategic partners?

Lots of partners. I used to try to be all things to all people (web dev, VoiP, email marketing, social media, hosting, backup - now I refer all that out to strategic partners.

Main strategic relationship is Adrian Esquivel @TeckPert - my web/software dev company, and hosting company. We started our businesses at the same time, and he has the exact same philosophy about building websites as I do about fixing computer -make sure the customer is satisfied.

What is your growth strategy?

Our growth strategy is to beef up a little more, then open a retail store in South Miami. We're trying to conquest the hyper local market (South Miami, Coral Gables, Pinecrest, Coconut Grove) before expanding - especially since there's little computer repair resources in these areas.

What are your thoughts about exit?

We plan for extensive growth by building a national network of computer repair companies. Never want to sell to a big company (i.e. Geek Squad/Best Buy) - I think that destroys the customer service aspect.

But partnering or franchising the name with the thousands of computer repair shops in the US, and building a brand that echo's Zappos "Built On Service" model. There's nothing that make me feel like we have a great business, like a very happy client with a working computer, or helping a small biz leverage their own technology better.

Fantastic! Thank you, Ivan. Where do we go for more info?

Preemo: http://www.preemo.com
Twitter: http://www.twitter.com/gopreemo

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.

Street Food Desire: What's up with gourmet food vendors and why don't we have more of them in Miami?

 

Feel free to use this art, if you link it to this site or my twitter @mylifeandart

This blog is a part of my volunteer efforts to build a strong entrepreneurial community in South Florida and worldwide.

Lately, I was thinking about gourmet street vendors. I haven't seen many of them in Miami, have you? I am not talking about the proverbial hot dog vendors. Let me paint you a modern day street vending picture completed with gourmet offerings and social media marketing.

It looks like street vending is booming in New York and San Francisco. And why not? It is good for the city (fees!) it is good for the vendors (earnings!) and it's great for the people (new food!)

The Miami Herald recently wrote a nice piece on South Florida mobile gourmet. Apparently, we have some in Miami.

But do we have a support organization for street vendors as they have in New York or San Francisco? Does anyone monitor best practices? Do we have role models that could inspire and lead the next generation of gourmet vendor entrepreneurs?

In New York, they have The Street Vendor Project, an  850-member grassroots nonprofit that represents street vendors. Reportedly, there are over 300 food trucks in the city, that sell anything from artisan ice-cream to grass-fed burgers to fresh fruits and vegetables.

In San Francisco, there is SFCartProject.com, an online hub for people who want to start, or expand their street food business. And according to this story, the artisan street-food scene is exploding in the City of Lights.

Traditionally, street vending was the domain of immigrants with few employable skills. Today, it is not rare to spot a street vendor with an MBA, who uses Facebook and Tweeter to keep in touch with devoted and hungry fans.

I myself can identify with Paawan Kothari who chucked her high paying job as a marketing strategist at IBM to sell chai on the streets of San Francisco.

Known as chaiwalli (a road side tea vendor in her native India), Paawan became somewhat of a local celebrity in less than a year.

If you are a small business owner, you can pick up some great marketing strategies for your business from Paawan, by following her on her blog, her Twitter  and Facebook pages. 

I like Paawan's choice of business transportation. She converted a three-wheeler bicycle in a chai cart. As I am a proud owner of a red-three-wheeler myself, I know it feels great just pedaling one of those up and down the street.

I myself, like Paawan, was burned out on a corporate job a few years ago. At one time I was inspired by street performers to become a balloon artist. It was an amazing discovery that I was paid for what is a sheer pleasure to do, basically for being a center of attention and creating art.

And of course, being in control is what gives us entrepreneurs the real thrill. We do as we wish. I had my creative satisfaction while experimenting with my balloon designs. Paawan is experimenting with chai flavors. Apparently, chai could be not only in ginger and mint flavors, that are more common, but also in black pepper and green chilly!

I am sure at some point Paawan will scale her chavali business. And the reason for that is a savvy mind needs constant intellectual challenge. It just a law of nature.

If you studied business, you'd say, how could street vending be a serious business? How much money can you make pedaling your bike all day and selling a hot drink here and there... Not much, true.

But what I see Paawan and other savvy street vendors are doing is building their brand one customer and one tweet at a time. There are a number of ways they could monetize their ground work once their brand is established.

Paawan is already talking about "her dream of  franchising her chavali business so every city could have its own chai cart with her proprietary mixes." And that is only one way. There are numerous others..

So, jump right in here and tell us how you feel about gourmet food vendors in Miami? Suggest what Paawan's next business move should be? Or share  your own personal story below in the comments.

About me: I am Irina Patterson, was a Medical Doctor and tech PR executive in the past, My current passion is entrepreneurship. I'm a volunteer for the Silicon Valley-based Global Initiative 1M1M that offers free online guidance to entrepreneurs worldwide.