Here are a few of the things that caught my attention this week:
- How to turn your business idea into a business model: I’m totally a sucker for any article that contains the word “business model” in the title. It’s Pavlov’s bell to me. This article by Entrepreneur does a great job of highlighting the difference between a business idea and a business model and then connects the dots to help you turn your great idea into an actual enterprise. This article is a must-read for any entrepreneur who thinks they’ve created a better mousetrap.
- Live to prospect or prospect to live?: This is a blog post by my friend Mark McLean. Like so many of his blog posts, it contains really practical advice for real estate professionals who want to grow their practice. In this blog posts (which contains video and text — be sure to watch the video!), Mark talks about running (he’s an avid runner) and draws some parallels to prospecting — possibly the most important activity any real estate pro can do.
- Downtowns: This article by The Economist explores the consequences (both good and bad) of cities. Cities have some advantages, like diminished transportation costs and improved competitiveness (if you’re a Michael Porter fan, you’ll think this stuff is gold!). Cities also have disadvantages, primarily short-term economic thinking that can lead to downturns and even amplify their impact. I live this type of macroeconomic thinking (although I recognize that it’s not going to compel anyone to abolish cities anytime soon). What’s interesting about this article, to me, is that you could exchange the word “city” for “nation” and the article preserves a lot of truth. Many of the opportunities and challenges created by a city are also created, on a larger scale by a nation. This article won’t interest everyone but it’s well worth a read if you love economics as much as I do.
- 20 astonishing social media statistics for financial advisors: I often hear from financial professionals that social media is not a place where they can do business. It’s hard to target geographically, people don’t want to talk about finances on social media, and there are (of course) regulatory considerations as well. But this article from the Financial Social Media blog, does a great job of presenting a number of social media statistics that should jolt these professionals into taking a second look at social media. I’m not saying it will be easy but it’s definitely worth considering how your financial practice can use social media. If you’re not sure how, start by developing your social presence map.