Skip to content

financefoxhunt

Just another WordPress.com site

I had the pleasure of chatting with Jessica Lybeck, founder of Chicago based Dabble. Dabble is one of the front runners in an exciting new trend called Social Learning. Social learning is the idea of people getting together to learn about a common interests. While Lybeck has been the creative and strategic force behind several start-ups, Dabble is the one closest to her heart as it answers a problem she directly faced in the market – it’s either to expensive or requires too much commitment to learn something new. Dabble answers this problem by bringing together teachers, students, and local businesses to help you dabble in whatever your heart desires. Currently Dabble is in Denver, Milwaukee, and of course Chicago.  If you’re interested in Dabble and are looking for an awesome grassroots marketing gig to bring it to your city, get in touch with Lybeck here.

When did you first see the opportunity for Dabble?

Last March I lost all my hobbies due to working a 9-8 job. I had a great family life, but didn’t have time for the things I loved – group theater, languages, wine appreciation. I went to school for architecture, but didn’t have an outlet for that creativity once I entered the working world, and my group of friends were in the same boat. We wished we had more accessible classes, and not having a ton of money to throw at $2k three credit course, nor the desire to commit to that without knowing we wanted to pursue it, we found the market.

Who does Dabble look to help? Is there a specific age group you have in mind or is demographic agnostic?

Such a variety of people use our service, and we don’t want to limit who can learn. We see this as being applicable to college graduates, those looking for fun hobbies or to increase their knowledge, retirees, families – I once saw a woman at least in her 70′s taking a class next to a 20-year old guy covered in tattoos. That said, our marketing efforts are geared to the young professional because that’s who we are, and we know ourselves best.

Was Chicago a city of convenience or strategically chosen?

Chicago worked well with contacts. We already knew about that little knitting shop down the street or the cafe. Chicago also has Mid-Western values, very friendly and open. Even if we weren’t here initially, we probably still would have gone with Chicago as the first Dabble city.

How do you see Dabble as distinguishing itself from competitors?

This space has so much opportunity that it could probably support even more players. After-all education hits everywhere and everyone. While there is competition out there, I see us as solving different things. People are busy, I know I am, and usually don’t like to commit to a lot of classes or just can’t afford it. In other words, you can’t “dabble” in an $800 class. We allow people to try something for $20 and keep trying new things till they find their passion. Also, our brand represents fun and quirky, while most other education start-ups out there take themselves far too seriously.

Where do you see the social learning space going over the next five to 10 years?

Evolving and taking off since traditional education is expensive. If you think about it, pretty much everyone goes to college at this point, it doesn’t really distinguish you anymore. I firmly believe that there are certain things you can’t experience through computers or mobile devices, and the experience of learning together is absolutely one of them. That said, I see a lot of potential in mobile technology to augment the experience. I think we’ll start to see more mobile technology integrating with lessons, but the traditional class structure of meeting and learning together will never go away.

What advice would you give other start-ups and their founders?

I have 700 answers to this question! The main thing is you need a problem to solve that either you yourself have experienced or enough people experience that you solving it would have a major impact on the market. It’s so easy to lose steam when you’re not passionate or the problem isn’t big enough to sustain you past the honeymoon period. Before you keep your head down and work on the legal and business plans, ask the market you have in mind if they’d find your solution relevant. The last thing you want is to put all that work (and it is a lot) into a solution that no one cares about or that doesn’t address the problem in a meaningful way. When we were first getting started, we called up 100 people asking if they would use our service. People are the most important part.

What’s next for Dabble?

Improving the experience for hosts, teachers, and students. We keep what’s working and refine the process. We’re always looking to expand, and are putting a lot of effort into finding people who want to bring Dabble to their city. Anyone who says they have a five year plan is full of it, but that said, we still want to pursue the goals that started us on this journey – create a place where people can have fun, explore a passion, inspire, and learn.

Parting thoughts?

Dabble represents a lot of things, most of which are core pieces of my philosophy. It’s ok not to commit until you’ve found your passion, but once you do, go after it full-speed.

Tags: , , , , , ,

Unless you’re of the “greatest generation” (WWII), odds are you’re first starting to deal with retirement or planning retirement savings. This can be a headache and a half because most of us don’t have copious amounts of extra money to put away. That said, even putting away a little now, ($50 a month) will go a long way in prepping you for the big R. You have options -

IRA -Individual Retirement Account

Within the IRA plan there are four main types:

-Roth IRA: all funds are considered post-taxes and therefore do not help or hinder you when it comes to tax season. Often times this option is the best solution for young investors who may not have a lot of liquid (plain old cash) funds lying around. Depending on the structure of the Roth IRA, you might end up getting a few tax benefits despite’s it’s inherent agnostic tax structure. For example, Fidelity’s Roth IRA has a tax benefit for making the max deposit for each tax year ($5k).

-Traditional IRA: Traditional IRA’s have no max amount you can put into them, but are treated as pre-taxation, so when you withdraw the funds, you will be paying taxes on all profits. This is a good fit for more stable investors who can commit to 10-20% of their income going to retirement, and are not going to need the funds for 40+ years, as there are penalties in addition to the taxes for withdrawing early.

-SEP IRA: SEP IRA’s are very similar to traditional IRA’s, except in this version an employer may match the dollar amount you invest in your retirement up to a certain point.

- SIMPLE IRA: Same as above, except this time the employer has to match dollar amounts.

401K – Deductions from paycheck

A 401k is the most traditional form of employer assistance retirement planning. The most common structure for 401k’s is to have an account through an employer where they just take out the agreed upon amount out of the paycheck and deposit it into an account specified at the beginning of the arrangement. In some cases, the employer will match dollar amounts or for every _ dollar amount. Either way, there is a limit on how much can be deposited per year ($17K currently) and all money allocated to a 401K account is “ignored” until withdrawn. This means taxes will only apply to funds not deposited into a 401K, and to funds withdrawn from a 401K.

Stocks, Funds, and all that jazz – adding a little risk for the hope of large profit

While this can be applied to the IRA structure, almost all financial institutions have a “money management” system where you can decide how much risk and how much your comfortable investing. While a well rounded portfolio will have a little of everything, the main plays in retirement planning are usually ETFs (a grouping of stocks purchased together), and mutual funds ( a collective of investors buying into a managed portfolio of investments). ETF’s have no minimum investment other than the price of the ETF. Mutual Funds have a minimum ranging from $2K to $2500. While this route isn’t for everyone, it does allow for more growth per dollar due to the added risk. Many funds are structured to be high risk in the beginning, while growing more conservative as they reach maturity.

While there are other strategies out there, these are the cornerstones on which to begin planning. What do you find most difficult about planning for retirement?

 

Tags: , , , , , , , ,

All kidding aside these two technologies are poised to either propel Microsoft back into happy dominance, or be yet another money sink that will further cement the dominance of Apple in the software and hardware markets.

First, for those who don’t know two important tech announcements came out last week -

The game plan for the x-box 720 (coming out in 2013), which is meant to be an all inclusive living-room experience for populations of gamers and non-gamers alike. This gaming system along with other elements of the Microsoft model (yammer acquisition) further position Microsoft to be a viable player in the cloud.

The Microsoft answer to the iPad – the Surface, which is essentially a tablet with a keyboard.

Why could it go right?

- As a player of the x-box 360, I can vouch for just how addicting the games and subsequent send can be. All consoles have exclusive games, but the games on the 360 tend to have fiercely loyal following in user groups that actually have the money to spend.

- There’s already a precedent for games to be only shadows of themselves without the downloadable content (dlc) that’s only accessible when a player pays for x-box live. The 720 will be making this even more true where gamers will have to buy into x-box live to play games at all.

- The Surface answers a big reason why people have not switched to tablets: touch screens can be annoying to type on.

- Some people just don’t like apple’s interface and the Surface provides a meaningful alternative in the tablet space.

 

Why could it go wrong?

- As loyal as the following is, the x-box 360 has begun to alienate its audiences with making the x-box live subscription mandatory.

- The gamers with money are not happy about the prospect of not being able to buy used games/share games with friends. This could push gamers onto other systems.

- Apple explicitly stayed away from a keyboard on its tablets because it did not want to bring the baggage of the notebook to the tablet. Microsoft is ignoring this, potentially to its detriment.

- People don’t associate Microsoft with “cool” they associate it with boring (stable) business, and these two platforms represent more of an identity crisis than anything else.

 

Will you be buying Microsoft’s newest gadgets? Do you think they’re just what the doctor ordered or another Steve Balmer sadface moment?

 

Tags: , , , , , , ,

In honor of my recent less than robust posts, we’re going to explore why blogging is such a difficult form of communication. Here’s the top three reasons:

1. Constant creativity is hard -

A blog, unlike an essay, article, novel, short story, pitch…needs constant updates to be successful. The problem is, the average concept has about 10 perspectives to it, before it starts to sound stale. As writers, it falls to us to keep audiences engaged with the written word (not easy), and when one is forced to constantly come up with new ideas that meet quality standards, our creativity can face burnout.

One way to avoid creative burnout is to offer guest post opportunities to bloggers in your space. Odds are they have a slightly different perspective than you do and can bring a fresh perspective to a topic. In seeing how they approach the topic, you should get some new ideas, as well as establish good will in your topical community. Another good way to avoid creative burnout is to compile facts in your space and ask your readership’s opinion on the topic.

2. Original thought is tough -

There’s a huge stigma against regurgitating the advice of others and positioning it as your own. Yet, actually coming up with analytical arguments about where and why your industry is going the way it is, is one of the hardest things to do in engaging writing.

The first option to being seen as an expert rather as a copycat is to quote an expert, and explain why you believe they’re correct and the ramifications of what they’re saying. You are adding your own analysis on top of those who came before you (much like a research paper), this counts as original analysis. The second is to limit the amount of analytical posts to once a month or once a quarter. No matter who you are and what industry you’re writing about, your analytical juices should have recharged by that point so you can say something meaningful.

3. Your job usually isn’t to blog:

Most of us don’t have the luxury of having our blog be our full-time job, and if it is, we’re usually worried more about how to monetize it and network, than the actual writing. Since your focus can’t be dedicated 100% to the blog, the blog becomes an obligation rather than a joy.

The best of all worlds is when the blog is the company blog and you can carve out time to write a blog post a day. When that isn’t an option, test out different posting times to see how you can get the most bang for your posting buck.

How do you combat these problems? What’re some of the ones you face that aren’t listed here?

Tags: , , , ,

Google Search Results Pages in 2008 versus 2012

 

We live in a world where Websites are becoming a thing of the past and useful information is key. Here’s what you (or your online marketing guy/gal need to do right now -

-Establish and claim some kind of location in Google+, Yelp, facebook local.

-Make the majority of your content freely accessible and original (not scraped).

-Make your money off of service not ads…Google will soon be the only meaningful medium for Google ads.

-Fire any SEO companies telling you to “Link like there’s no tomorrow!” They’re too far behind.

-Get on mobile right now, currently 10% of our time is spent there and it’s projected to go up to 50% in the next 5 years.

 

 

Tags: , , , , ,

Facebook is one of my favorite companies. It created an entire generation of innovators, set a new high for success, and gave us “kids” a good name. Now, it’s failing at something critical and I don’t know if it can bounce back – perception. Now, I know what you’re thinking, Facebook has been dealing with perception problems since day one. It took forever to get business people to take it seriously, invaded privacy, and used the information you gave it to sell ads. Why should it care if it’s failing at the perception of growth?

A large mob of investors are wielding pitchforks and screaming they were lied to.

Businesses aren’t happy with the interface.

Users are bored…or so analysts say.

No one is convinced Facebook will solve it’s mobile problem.

 

Wow….

 

These are some major issues to contend with, and while all are arguably perception, Facebook isn’t doing a great job of spinning their problems into opportunities.If Facebook can address the last two, they’ll answer the first. Businesses will adapt if they see the audience they want to reach is congregating in one spot, and investors will be pleased by businesses adopting the Facebook branding and advertising model.

Please don’t let us down, Mrs. Sandberg, please……

Tags: , , , , , , ,

Rather than writing a dissertation on this (totally possible by the way), here’s five simple reasons.

1. People are more likely to transact if they can do so without “dealing” with a sales person. I know it’s sad human interaction isn’t big nowadays, but rather than fighting it, enable those who want to buy from you but don’t want to talk to you, to do so.

2. Websites establish credibility and social discovery, you should be taking advantage of that.

3. Websites allow you to generate “free” (hosting and content always cost something) leads and brand interaction.

4. Websites are a giant interactive banner ad that you don’t have to bid over.

5. Websites are cheaper than sales people.

 

What are some of your favorite examples of awesome websites that sell their brand well?

Tags: , , ,

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: