That question was in an email to me yesterday from someone I do not know.  I found it amusingly audacious.  I will follow up, but I'm assuming the subtext of the question is, "How do you make money and are you making enough of it to buy something from me?"

I will acknowledge, however, that it's the time of year when I ask myself the same question: "What's your business model?"

The 4th Annual VT KnowledgeWorks Entrepreneurship Challenge will be held on April 11, 2012 in Blacksburg, Virginia, USA.  The deadline for registering for both the Student Competition and the Open Competition is February 10.

I joined VT KnowledgeWorks in 2008 as an individual.  At the time, VT KnowledgeWorks was called an "incubator," a term too limiting to describe both starting and growing a company, so it's now more aptly named an "acceleration center."  However, my company, Handshake Media, Incorporated, was truly born at VT KnowledgeWorks and will celebrate its 4th year of membership in July, 2012.

Passionate by nature and eager to take full advantage of all that VT KnowledgeWorks offered - to reduce the risk of my small company failing and to increase its potential for growth - for the first three years, I participated in every single program and event at VT KnowledgeWorks. 

I have found one of the hardest parts of this entrepreneurial life to be that, having achieved mastery in another field in another life, I have entered a new field in which I am a novice. Trial-and-error learning is to be expected in any new endeavor, from dribbling a basketball to scaling an enterprise. I find the error part of this second go-round very painful. The greater the knowledge I had in my former field, the fewer errors I made. I will make fewer errors as I learn this field. But now? Ooh, they smart.

I, unapologetically, take work personally. My experience with the Entrepreneurship Challenge is, therefore, personal.  I applied to present at the first Entrepreneurship Challenge and wasn't accepted.  That smarted.  I applied and was accepted to present at the second Entrepreneurship Challenge.  At the end of my pitch, one of the angel investors on the panel had his head in his hands.  That smarted.  Still feeling terrible about that experience, I missed my first VTKW event and didn't apply to the third Entrepreneurship Challenge. 

In addition to submitting an intent to compete and a registration fee, entrants must submit a one-page summary of their business concepts. (Here's the .pdf of the guidelines for the Open Competition.)

Did I think about applying to the third Entrepreneurship Challenge?  Yes, I did.  As I had each year before, I wrote a one-page summary - this time for myself - in response to the application's prompts:

1. Please state the business concept title and all team member name(s)
2. Explain the product or service
3. Underlying technology
4. Uniqueness and/or innovation of the concept
5. Initial Customer Base for the product or service
6. Customer need met by the product or service
7. Estimate of the market size for the product or service

The subtext of the prompts?  The same question as in yesterday's email:  "What's your business model?"

The deadline to enter 4th Annual VT KnowledgeWorks Entrepreneurship Challenge is two days from today.

I am thinking of applying.

Why would I apply again?  The prizes are VT KnowledgeWorks services, which I consider invaluable and of which, therefore, I have already partaken. So it's not the prizes.

It's the audience. Who's in the audience at the VT KnowledgeWorks Entrepreneurship Challenge? According to the information page, it's "individuals interested in investing in early-stage companies."  Subtext?  The panelists and some members of the audience are angel investors - or know someone who is because "It's still who you know" - whose funds and guidance could turn ideas for companies - my idea among them - into real companies.

To an individual considering applying, I wrote a full disclosure of my experience with pitching at this and similar events: "I give my presentation all I have and feel elated at the end, the panelists ask me horrible questions about revenue and users that I can’t answer, I feel publicly humiliated, and I hate myself for days, sometimes weeks afterward. Then I sign up again, because how I feel about the ideas I pitch is stronger than how I feel about having the ideas - or myself - questioned, even ridiculed, even in public."

The deadline for registering for both the Student Competition and the Open Competition is February 10, two days from today...

I have found writing a yearly one-page summary answering the question - whether in response to an email, on paper, or for a business concept competition - "What is your business model?" deepens my understanding of my company and helps me see new ideas for its growth.

And I am crazy passionate about my ideas.

See you at the 4th Annual VT KnowledgeWorks Entrepreneurship Challenge, one way - or another.

***

I gave a one-minute elevator pitch at Distilled Intelligence 1.0 on October 11, 2011.  In this recording of the first round of pitches, you can click here to see my pitch for She Chooses at 1:02:40.  Eli the Computer Guy mentions the pitch at 1:11:42.

Posts that may be of further interest:
Angel Investor Guide to Blacksburg, Virginia
Ten Bottom Line Stats About Angel Investing
An Entrepreneur Walks into a Bar...

VT KnowledgeWorks is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.  Handshake Media, Incorporated is a passionate and eager member of VT KnowledgeWorks.

When I met Jim Ellison at a Roanoke-Blacksburg Technology Council meeting and learned of his experience, I asked, "Will you think and write about mobile apps for Handshake 2.0?" I'm delighted to share Jim's musings on mobile apps.

From Jim Ellison:

I'd like to have had a ten spot each time I heard someone in an office say, "We need an app."

These people knew a mobile strategy was needed. But how could an app make them money?  Was it worth the time, trouble and expense? 

Consideration of these tactics could have helped them form a mobile strategy:

No question why web portals like Yahoo and MSN always run top 10 lists. People love lists. People understand lists and use them. List apps are relatively easy to develop and can point potential customers in the right direction.

A few apps sell directly or help turn a potential customer into a buyer.

Suppose nobody in the office is helping a daughter sell her Girl Scout Cookies this year? I can use Kellogg's Little Brownie Bakers app to search for sellers in my neighborhood, just in time for the annual mid-winter sale on the 100th anniversary of Girl Scouting.

If I wanted to make it convenient for prospects to reach me interactively, I’d  consider a directory app of my sales force with names, photos and contact information.  Coldwell Banker Townside in Blacksburg, Virginia is one of many Realtors who list houses and the agents to move them. Research firm Gartner reports location-based services like these will be “one of the most disruptive in the next few years...because of its perceived high user value and its influence on user loyalty.”

Apps can also work at the point of sale.  I’m able to trace the purity and potency of Gaia’s herbs with their  app, Meet Your Herbs. I type in the ID number on the back of a package to learn an herb’s source, harvest field, lab test details and date of manufacture – far more info than could ever fit on the package: plenty to try to convince me of the herb’s provenance.

Of course, the cost of developing an app varies widely.  Some can be built out of an existing web page. Others can run into the many thousands of dollars.  (Here's Handshake 2.0's post on the costs of mobile app development.)  It’s up to me to weigh that against how much product I think it will move. 

Next time I hear someone say "We need an app," I'll advise him to consider the valuable opportunities that could drift away - even if he's scared off by the price of mobile development. He might save $20,000 by not spending it. He might also forgo the chance to earn twenty grand over and above his investment.

Jim Ellison is a Roanoke, Virginia-based freelance writer and web developer.

Coldwell Banker Townside, REALTORS(R) is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.

Terri Luzynski of Altizer & Altizer, Attorneys-at-Law was featured in the February, 2012 issue of Valley Business FRONT.

Photo: Randolph Walker

Each week, Who's in FRONT on Handshake 2.0? showcases photographs of the people featured in business news magazine Valley Business FRONT.

Valley Business FRONT for iPad is available for free in the iTunes App Store. For an overview, please see Anne Giles Clelland's YouTube video on the VBF app.

Keep in front with Valley Business FRONT on Valley Business FRONT for iPad, Valley Business FRONT's blog, moreFRONT, Twitter and Facebook. Anne's Giles Clelland's Workplace Advice Column appears monthly in Valley Business FRONT.

Valley Business FRONT is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.

From Kelsey Sarles:

Hire a professional photographer:

• If your objective is to convey credibility, trust, and professionalism.
• If your face is part of your brand. Attn.: REALTORS®, company founders, authors, actors, actresses, models, sales people, etc.
• If you're getting married.

When choosing a photographer, DO:

• Browse the photographer's website portfolio and print portfolio (if you need prints). Photographers are artists, and each artist has his or her own unique style. You’ll want to choose a photographer who’s style matches your own artistic preferences.
• Ask the photographer in what type of photography they specialize, i.e. don't hire an aerial photographer to take your headshot.
• Ask the photographer if they have a professional studio with professional lighting and background screens.
• Tell the photographer how you plan on using the photo.
• Ask the photographer if the final product includes retouching services. I don’t care how handsome you are, you’re going to want this service.
• Ask the photographer about turn-around time (from photo-shoot to delivery).
• Ask the photographer how he or she delivers the final product. You should receive a high quality digital copy of your photo. The photographer should also offer professional printing services.

When choosing a photographer, DO NOT:

• Hire your cousin, uncle, or stepmother's daughter, simply because this person has a "big camera."
• Be tempted by "free" or "cheap" photography.  Professional cameras do not necessarily equate to professional photographs.
• Assume that an amateur is cheaper.  Keep in mind that most amateur photographers charge the same for their services as do professional photographers.

You should be able to get up to three quality poses for around $150 (give or take, based on where you live).   Bottom line - hire a professional photographer. It's worth it. I promise. 

Kelsey Sarles is a User Experience and Graphic Designer, passionate about creating inspiring, results-driven marketing and design solutions for her clients. Her portfolio includes concept, UX and graphic design of Thought Full™ – an app to remember, and UX and graphic design for She Chooses® mobile powered by Feel. Think. Choose.(TM). View more from Kelsey Sarles on Handshake 2.0.

Think you have an idea for the NEXT GREAT PRODUCT? Want to sell your product in Walmart stores? 

I wanted to.  See below.  Now there's a contest for that.

On January 18, 2012, Walmart announced the launch of Get on the Shelf, an online video competition whereby product developers have a shot at getting their product sold on Walmart.com and in Walmart stores.

According to a Walmart press release, anyone with a great product in any of the Walmart product categories is invited to participate. 

Here's what you do:

• Create your prototype.
• Make a video demonstrating your product.
• Submit your video to Walmart's new product competition: Get on the Shelf

Who decides who wins? We do. The public. Inventors will create videos of their products and the public gets to decide who wins. The grand prize winner gets their product on Walmart's shelves.

Contestants have until February 22, 2012 to submit an entry. First-round voting will take place March 7th - April 4th. Ten finalists will move to round two which takes place on April 11 – April 24, culminating in the announcement of the top three contestants and the grand prize winner. 

If you think you have the next great product idea, go to GetOnTheShelf.com and enter the competition. All you need is a good idea and a YouTube account to enter.

Having attempted to get a product in front of Walmart buyers the "old" way (Apply. Wait. Hope for a 10-minute pitch session with a buyer if lucky enough. Wait. "Thank you,  not at this time."), this video competition seems like a terrific alternative. 

*** 

Z. Kelly Queijo is founder of Smart College Visit, Inc., a Blacksburg, Virginia-based higher-ed marketing company focused on mobile app and mobile web development with a special interest in creating travel and location-based tools and services. SmartCollegeVisit.com, a college search and college visit planning portal, has been listed in the Top 100 education advice blogs and as one of the top 5 college visit sites. You are invited to follow her on Twitter @collegevisit.

Z. Kelly Queijo is a client columnist for Handshake 2.0.  Smart College Visit, Inc. is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.

Hoo-hoo!  Check it out!

Congratulations to Valley Business FRONT and New River Mobile for creating such a gorgeous app!

Valley Business FRONT for iPad is available for free in the iTunes App Store!

***

Valley Business FRONT is the monthly magazine for in-depth business news in the Roanoke Valley and the New River Valley of Virginia. Valley Business FRONT for iPad was developed by New River Mobile.

Who's in FRONT? is a weekly series on Handshake 2.0 featuring photographs of the people in the news in Valley Business FRONT.

Keep in front with Valley Business FRONT on Valley Business FRONT's blog, moreFRONT, Twitter and Facebook. Anne's Giles Clelland's Workplace Advice Column appears monthly in Valley Business FRONT.

Valley Business FRONT and New River Mobile are clients of Handshake Media, Incorporated, the parent company of Handshake 2.0.

Home appraiser Richard Varney of Roanoke, Virginia was featured in the January, 2012 issue of Valley Business FRONT.

Photo:  Dan Smith

Who's in FRONT? is a weekly series on Handshake 2.0 featuring photographs of the people in the news in Valley Business FRONT.

Valley Business FRONT is the monthly magazine for in-depth business news in the Roanoke Valley and the New River Valley of Virginia. 

Valley Business FRONT for iPad is available for free in the iTunes App Store.  For an overview, see Anne Giles Clelland's YouTube video on the VBF app.

Keep in front with Valley Business FRONT on Valley Business FRONT for iPad, Valley Business FRONT's blog, moreFRONT, Twitter and Facebook. Anne's Giles Clelland's Workplace Advice Column appears monthly in Valley Business FRONT.

Valley Business FRONT is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.

The latest Handshake(R) brand mobile application from Handshake Mobile, a division of Handshake Media, Incorporated, was released today.  She Chooses(R), the personal awareness and social sharing software platform for women - first released as a web app on March 22, 2011 - is now available as a mobile app in the iTunes App Store.

She ChoosesR) mobile was developed by Alex Edelman using Titanium Appcelerator and designed by Kelsey Sarles.

Please read more about the She Chooses mobile app on the She Chooses blog.

You're invited to read our extensive coverage of the Mobile Industry on Handshake 2.0 and all about our Handshake apps on Handshake 2.0.

Sponsored by First Bank & Trust Company

From Wil Collins:

Business and physics do not, on the surface, appear to have the common underlying principles needed to create a substantial relationship. However, after reading this thought-provoking post by Richard Hammer, I was left questioning that very assumption.

The path of least resistance is a physics term used to describe a channel through which a desired outcome can be attained with the least amount of opposition. People and businesses are continuously searching for guidance to find the path of least resistance towards their success.

Some see the birth of a new industry as the opening of their path of least resistance – they are allured by the illusion of immediate success and wealth. The first few to flock to a newborn industry can find it remarkably easy to strike it rich with little or no opposition. However, many then enter the market, leaving newcomers scrambling for alternative techniques to mine the remaining riches.

Currently, the mobile sector is becoming a prominent technology and, therefore, appears to hold endless business possibilities. During this week of the anniversary of the 1848 California Gold Rush, it's apt to point out that as a result of the current gold rush for Silicon Valley, there are myriad app developers trying their luck out to become the next millionaire. Unfortunately, most prospectors do not strike it rich with sheer luck, so other, more refined methods must be devised for those seeking the same success.

The influx of entrepreneurs caused by a so-called Gold Rush to a single market creates vast disparity between the supply and demand in that market. On the other hand, it also spurs innovative thinking by those on the cutting edge of that industry. These effects on the software industry have created an environment where every developer has the chance to strike gold with their next app.

Wil Collins is a computer science major at Virginia Tech and an intern with Handshake Media, Incorporated. You're invited to read more from Wil Collins on Handshake 2.0.

This post is sponsored by First Bank & Trust Company, one of the top community banks in the United States, with office locations in southwest Virginia, northeast Tennessee, and the New River and Shenandoah Valleys of Virginia. You're invited to read more from First Bank & Trust Company on Handshake 2.0.

First Bank & Trust Company is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.

From Eric Sallee, President of Progress Street Builders in Blacksburg, Virginia, USA:

So how is a busy gottalotastufftodo person supposed to know a great time from a bad one in today’s real estate market? How can she/he/you/they be (reasonably) sure prices are more likely to head up than down?  After decades of experience I can tell you what the pros look for and what they ignore...

First, what the nightly national news has to say about the national real estate market really doesn't mean a whole lot in a local area.

Interest rates are an important part of the equation but not the most important part (I'm getting there). Everyone likes low interest rates but a great rate won't make for a great investment if the key ingredient is missing. There’s a key?

Jobs are key. Simple. Housing follows job trends. If the local area is creating jobs, more people buy houses and prices rise.  If the local job base is shrinking, you can bet prices will fall.

Historically the job base in Southwest Virginia, home of Progress Street Builders, has remained remarkably stable and unemployment runs below the national average.  But it's a small market, so a one-stop source for local job growth information doesn’t exist as in larger markets.

But local news media sources stay on top of big job news – a company decides to locate here, another one is hiring, or a big layoff is announced. Local government websites do a fine job of tracking employment - try
Montgomery County, VA Economic Development, Demographics on the Town of Blacksburg's site, Economic Development on the City of Roanoke's site or Roanoke County Economic Development. You will be amazed at all the information at your finger tips.

Watch, listen, and learn a little about job growth in your area and you can decide for yourself if now is a great time to buy... really.

Image sources:  Bureau of Labor Statistics, Department of Commerce

***

Eric Sallee is President of Progress Street Builders, a custom home builder serving the Blacksburg, Roanoke and New River Valleys of Virginia, specializing in the design and construction of unique single family homes, townhouses, additions and residential remodeling projects.

You're invited to read more about Progress Street Builders on Handshake 2.0 and to visit Progress Street Builders on Facebook.

Progress Street Builders, Inc. is a client of Handshake Media, Incorporated, the parent company of Handshake 2.0.