Eloqua CEO: “We Had $200k in Bank Day Before IPO”

Joe Payne, Eloqua, Says Company Had $200k in Bank Day Before IPO

Joe Payne, Eloqua

Talk to most entrepreneurs, and you’ll likely hear incredible stories of near-death experiences.  I can’t think of one entrepreneur I know who hasn’t stared failure in the face (in some cases, multiple times).  It’s scary, sometimes nearly incapacitating — but you somehow find your way through and life goes on.

Here’s an anecdote to remember next time you’re feeling down: Eloqua (who happens to a quasi-MindFire marketing automation competitor), had a successful IPO in August of this year (they raised $92 million).

But according to Bill Flook of the Washington Business Journal, Joe Payne (CEO) reports that they only had $200k in the bank the day before going public.  Holy cow!

From looking at Eloqua’s SEC filings, I don’t think they were in any near-death situation, but it just goes to show that to be an entrepreneur, you need guts (and tons of help — it’s very difficult to do on your own).

Kudos to Joe Payne and the entire Eloqua team for their continued success. Here’s the full article on the Washington Business Journal.

What about you?  What near-death experiences have you had?  Do you agree that nearly everyone goes through them?

Would You Sell Your Last Name For $34,500?

Jason Sadler -- for now [CNN]

Jason Sadler — for now [CNN]

Here’s something you don’t see every day: Jason Sadler, a 30-year-old entrepreneur who sells the shirt off his back for advertising space, has found a new way to raise money for his small company.

He’s selling his last name to the highest bidder — and if nothing changes between now and when the auction ends on December 12, 2012, his new name will be Jason JLabAudio.  Talk about thinking outside the box!

For a cool $34,500, JLab Audio, an audio company from Tucson, Arizona, will gain the right to have their company name plastered all over Jason’s identify — including his driver’s license, passport, and other ID.  I imagine his Facebook, Twitter, and other social media handles will also change.

That’s an interesting way to raise cash.  Jason currently has 5 employees, so I can’t see the $34k going very far, but you have to give it to him for his creativity — and the buzz he’s generating is sure to get him added visibility.  Read more about Jason on CNN Money.

What about you?  Would you sell your last name to a corporation?  How much would it take?  Be honest!

(Oh, and if you want to place a bid on Jason’s last name, do it here: buymylastname.com)

V2MOM: How SalesForce.com Went From Idea to Billion-Dollar SAAS Company

Marc's book on Salesforce.com and V2MOM

Marc’s book on Salesforce.com and V2MOM [Amazon]

One area that we spend a lot of time thinking about (and working to improve) is our ability to communicate our company’s direction in a way that aligns everyone.

We use the word “alignment” a lot around the office, and we’ve made a number of changes that have helped us improve in this area, like daily stand-ups (video example here).  Alignment is critical for start-ups and companies going through rapid growth.

In “Behind The Cloud“, Marc Benioff (co-founder of Salesforce.com), shared the V2MOM planning process he and his team used to grow Salesforce.com into the largest SaaS company in the world.

The acronym stands for vision, values, methods, obstacles, and metrics.  The purpose of V2MOM is to create alignment, from the leadership team out to every team member.

Here’s how the V2MOM process works:  Read more of this post

John Rosendahl: 1955 – 9/1/2012

John Rosendahl, UCI

12/8/12: My Uncle’s Memorial

On September 1st, 2012, as I enjoyed a lazy Saturday morning in bed playing with my 4 month old daughter, we received news that my uncle had committed suicide, somewhere around 3:30 AM PT. Read more of this post

Should Our Egos And Positions Be Kept Separate?

A way of thinking and living that I’ve been trying to cultivate is the idea that our positions (meaning our beliefs about an issue), and who we are as people (our ego, for lack of a better word) — are two separate things.

In other words, if I allow my ego to become tightly coupled to an idea or position, it is easy to lose objectivity and the pursuit of the higher truth or reality. This can look like trying to prove you’re right just because you’re the one with the idea.  We’ve all been there.

Further, if your position is later refuted or proven wrong, it’s easy to become emotional and feel a lack of worth as a person.  These feelings can haunt us and further corrode our ability to think clearly.

Decoupling ourselves from our positions is much easier said than done.  Here’s what I’ve found helps in these types of situations:

  • Foster a culture where ideas are the things that may be right or wrong, not where people are good or bad because of their ideas. Don’t attack the person, but rather seek to understand why they believe the idea is true.  Instead of going after the person, keep in mind that it is likely they have reasoning that seems perfectly logical to them, and that you need to uncover those reasons in order to fully understand the idea.
  • Be open to the idea that your position may be flawed.  Lead by example in actively seeking input from a variety of sources to gain perspective.  Don’t attach your personal ego to the position, but float the idea as a thing of itself.   You may begin to see others doing the same.
  • Build a culture where the data are used to get at what is true. Otherwise, you may run the risk of succumbing to your own weaknesses and blind spots, or the opinion of your HIPPOs (Highest Paid Person’s Opinion). Data can become the great equalizer, helping you get to what is true and beyond personal biases.

What else?  Do you believe that keeping our egos and positions separate may help us make better decisions?  If not, why?

Mind Hack: Increase Your Ability To Foresee The Future By 30%

I’m not a negative person, but here’s something I’ve noticed: projects fail at an alarming rate.  One reason seems to be that people are afraid to speak up during the planning phase.  Unless you’ve fostered a safe environment that encourages people to raise issues, concerns may fester in silence and only become evident when its too late.

A premortem is a technique (pioneered by a psychologist named Gary Klein) for minimizing this kind of risk.  Instead of being held after an event like a postmortem, the premortem is Read more of this post

Screencast Recording Tips: Preparing A Script

Screencasts are very helpful for communicating ideas, features, and information about your product.  We’ve recorded a number over the years, and I have experimented with a variety of methods to produce the best results in the shortest amount of time.  I’ve found there are some processes that make preparing, recording, editing, and sharing screencasts easier. (I’ve included an example at the end of the post which uses the tips contained here — let me know what you think.)

In this post, we’ll focus on preparing a script — although I have found there are situations where extemporaneous recording works well too.

Here’s what we’ve found helpful in preparing a script:

  • Create a document with two columns: the column on the left contains the words you intend to use for your video, and the column on the right contains short descriptions of what you intend to show on the screen, like “Show Login Page” or “Show the user searching for a widget”.  If you create this document using Google Docs, it makes it super easy to share with people you want to get feedback from.
  • Create a rough outline of the major thoughts you want to communicate. Don’t worry about the specific words; just create an ordered flow of ideas you want to communicate.  Try to put them in a logical order.
  • Sit in a quiet place; using your outline, start speaking as if you’re talking to someone sitting next to you. I’ll often record what comes to mind, and then create my first draft by transcribing the recording.  At this stage, don’t worry about making it perfect – you just want to capture the spirit of what you want to say.
  • Read your draft out loud, and refine it so that there are no major errors. Check to see if your ideas still seem to be in logical order.

After creating a first draft, I’ve found it helpful to review it with a group of 2-3 people who have subject matter insight or are clear thinkers.  Inserting this step into my process has dramatically improved the end result.

Here’s how I use this feedback and review session:

  • I ask everyone to read the script in advance.  If they don’t, I’ve found that their input seems more limited and less helpful, so try to give everyone enough time to prepare.
  • Do a read through.  I’ll usually read the script out loud from top to bottom, and ask for general feedback about the flow. Does it make sense? Are the thoughts in a logical order?  How’s my inflection?
  • If necessary, we’ll make changes to the flow, and then begin to work on each sentence, one at a time.  I’ll ask if each word is the best choice to communicate the idea.  I’ll also try to cut out as many words as possible.  This is an iterative process and can be a lot of fun if you have a good group!
  • After you’ve revised your draft, let it sit for a bit. Maybe wait a day, and then go back and re-read it (out loud — not in your head) and see if it still makes sense. With a clear mind, you can make additional changes you think are appropriate.

At this point, you should have a relatively good draft to record from.  Get your vocal cords ready!  In another post, I’ll cover some of the things we’ve found helpful in recording a screencast.

What about you? Have you found any tips that are helpful in recording screencasts? If you’ve recorded them in the past, which part of the process is most difficult for you?

Here’s a 3 minute example that used the methods described in this post.  Enjoy!

[Video] Daily Scrum Stand-up Meeting: A Real-Life Example

At MindFire, we’ve been using a daily stand-up meeting for our multi-channel marketing automation platform.  We’ve also applied it in other areas, including our Leadership Team, which does its stand-up at 11:00 AM.

Here’s how we run the engineering stand-up meeting:

1) We start promptly at 9:00 AM.  We experimented with having the meeting at 4:00 PM, but meeting towards the start of the day seemed to work better.  I personally enjoy the buzz from getting everyone together in the morning, hearing the prior day’s activities, and charting the day’s course.

As I walk into the meeting, I make it a point to greet everyone, shake hands (or a quick fist-bump), and look everyone in the eye and smile.  I don’t always succeed at this, but I like to try and give everyone a good start to the day.  I feel it makes a difference.

2) We time-box the meeting to 12 minutes.  We use an iPhone timer to keep us honest.  These days, we usually finish with about a minute to spare.  We used to get lazy and go for 20 or 30 minutes, but now that we stand up and use a timer, we’re good.  I check the timer from time-to-time during the meeting and sometimes call out the number of minutes remaining.  Even though each person only has a few minutes, you’ll notice that it doesn’t seemed rushed; everyone has plenty of time.

3) We go in the same order each day, cycling through 7 people.  The people involved are:

  • The Product Owner (me).  I report on both my product-related tasks, as well as whatever I’m working on with the Leadership Team or any other part of our company.  If someone listens carefully, they can get a pretty good sense for what’s going on elsewhere in the company.
  • Our QA lead, who also is involved with our Professional Services.  He goes first, and you’ll hear him mentioning working from home the prior day.  We do this from time-to-time to improve focus.
  • Our senior architect and 3 engineers, each of whom are responsible for a different sub-system.
  • A member of our Support Team, responsible for communicating Clients issues, escalated cases, and any other meaningful data (we use SalesForce.com to track all cases).  We added this person to our daily stand-up just recently, and we’ve already seen it pay dividends.

Even though we go in the same order each day (and it is written on the board!), I often forget.  Senior moment!

4) We stay fairly disciplined.  If something comes up during the meeting that requires additional discussion, we’re disciplined about putting it in the “parking lot” and discussing it later.  I have to resist asking a lot of questions; you’ll see me ask a few quick ones, but I try to keep us focused and moving forward.  If anyone is blocked, it’s my job to make sure that I do what I can to move them forward.  You’ll hear me ask about blocks after some of the updates.

5) We update the Sprint board.  We usually start updating User Story status (as a percentage towards completion) a few days into the Sprint, once we’ve started making progress.  We recently changed what we display on the board, and it seems to have made an improvement.  We can cover that in another post.

The meeting runs well if everyone is prepared (which is most often the case). Some come prepared with a summary of what they worked on, others seem to have great memories and can recite their work without notes. Personally, I write everything down in a Google Doc, and just reference this document during the meeting; otherwise, I’d never remember anything — maybe I’m getting old!

Here’s the video from one of our recent Scrum meetings; excuse the brief interruption around 1:45.  Enjoy!

Do You Measure Your We-We?

The next time you’re talking with someone in a position of authority or responsibility, try this: Count the number of times they say “we” or “us” — versus “me”, “my” or “I”.

For example, imagine you work at a company that makes gizmos. You’ve worked hard with a group of people to create the gizmo, and someone in a leadership position relates a story about meeting with a potential Client and says: “I want them to see the value of my product.

Oh really, it’s your product?

Or, are they more inclusive, and instead say something like: “We want to show them the value we can provide.

I would argue that in certain situations, leaders who use words that are inclusive (like “we” or “our”) resonate more strongly with the people around them than those who make things about themselves.

Personally, I am put off by a person who makes it all about them.  I’m sure this is much more about me and my issues than them and their words, but I often wonder how people would respond to their leaders if more inclusive words are used.  I’m sure there are studies that have looked at this.

So the next time you’re thinking about how to communicate to your team (or listening to someone in leadership), consider measuring your (or their) we-we factor (not wee-wee, come on kids!), and see if you notice any difference when inclusive words are used.

What do you think? Are you turned off by people who make things about themselves? Does it make any difference in how you feel?  Or, are people like me just too sensitive?

Things You Wish You Could Say At Work

The other day I heard one of our engineers say that he had to take vacation before the end of the year.  It seemed he actually wanted to work, but that he had to use the vacation — or he’d lose it.

Wait a sec.  Here’s a guy who wants to work, but for whom our “use it or lose it” policy is back-firing.  (Of course, he could still take time off and work anyway [I won’t get into that here], and that’s not the point.)

But before I get to my point: I am a big believer in taking time off.  In my earlier days, I had a very hard time pulling myself away.  I went through what felt like extreme emotional duress, worrying about this, that, and the other thing.  I couldn’t sleep, focus, or be present with the people around me.

I was somewhere else and nowhere at all.  Maybe you know the feeling.

But over the years, something strange happened.  I started learning how to unwind, and began forcing myself to disconnect.  And in doing so, I didn’t become lazy (one of my fears), or miss out on something (another fear).  Instead, my thinking was enriched, my soul refreshed, and my body renewed.  Vacation and time away is a wonderful thing and can actually improve your results.  I encourage everyone around me to do it and feel good about it.

So here’s the point — something I wish we could say at work: Why do we even have a vacation policy at all?

I wish we (and other companies) had the guts to implement a policy like this:

  • Official Policy: Be Reasonable And Use Your Head.  That’s it.
  • What does that mean?  It means we don’t track vacation or sick days.  Take as little or as many as you need to feel creative and productive.
  • This doesn’t mean people take time off without getting their job done.  Instead, it means that we track their results  – and people make sure their work gets done.  They’re adults.

I’ve thrown this idea out to people, and I usually get the same question: “Dave, you’re smoking something.  What do we do if someone abuses this policy?

I think that’s easy: We’d let them know they aren’t meeting our “be reasonable and use your head” policy, and we’d say “bye-bye” if it doesn’t improve.  They wouldn’t fit in and I fully expect their peers would call them out.   I realize there are legal implications that would have to be worked out (especially here in CA), but I feel that (maybe?) the right people would be attracted by a policy like this.

Your turn: What do you think of doing away with vacation policies?  What are some things you wish you could say at work, but don’t have the guts to utter?

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