Update on Site Statistics

Some interesting news in the ongoing study of site statistics.

Fact: 42% of spankers have been active in the last 30 days. This number was about 91% in August. Did something go wrong? I don't think so. I think it's part of the business of building out the network. Your friends are what pull you to the site, and most people on the site still have only 0 or 1 or 2 friends. As the network builds, the average frequency of visit should build.

Fact: the average (mean) duration of a session on the site is 3.7 hours.

Wow! I have to go now so I'll be brief on this one. As you'd expect, the number is skewed by a very small percentage of very long visits. Also, it includes visits that may involve plenty of open browser windows.

On the other hand, this figure is calculated as the time between the first page load and the last page load of a session. So, if you visit your Inbox, spend 15-20 minutes viewing links, and then jet without any other page load, that was counted in the 3.7 figure as a 0 minute visit, not a 15 minute visit. In other words, there is some slop on both sides, but the figure is real.

Linkspank is sticky! Yay. That's a good Christmas present.

New Concept for Landing Page for new spankers.

Should Entrepreneurs go to Business School?

I’m an entrepreneur who attended business school. I was an entrepreneur before business school (I had an unsuccessful startup on the side) and I went to business school with the plan of starting a business – which ended up being Linkspank. Many entrepreneurs are vocally against attending business school, citing it as a “waste of time” or worse. Today I’ll share some of my thoughts on the issue, and provide a little test for whether you or an entrepreneur you know should attend business school.

Reasons to Attend Business School for Entrepreneurs

I attended business school (the University of Chicago GSB) for three reasons – to get education, to have the life of a student, and to meet people who I could work with as entrepreneurs, investors, or advisors.

1. Get education: this exceeded my expectations. Here’s what I think I learned in business school: strategy, marketing, and some “business sense” in other fields, like investments, accounting, and finance. But I also felt that I got a broader education, like the kind of education that you get in college. Because of this latter point, I felt that whether “it was worth the money” to go to business school is a no-brainer “yes”. What would you think of someone who challenged whether it was worth the money to go to college? That feeling is (probably, depending on what it is for you) my first reaction when I hear people say that business school is a waste of time or money.

2. Have the life of a student: This one is two-pronged. First, I was sick of corporate life and psyched about being a student. I ended up being much busier than I thought I would be but I still think that being a business school student (even at Chicago GSB, which is tame relative to other “Tier 1” schools) is just hands-on way more fun than working. People who are working seem to forget about that – they have forgotten about having fun and they’re thinking about their 360 degree evaluations, salaries, and promotions.

Additionally, I wanted to start a business while I was in school. I think this is an underdiscussed opportunity for entrepreneurs. It’s hard as hell to start a business on the side while you’re working. It’s much easier (though not necessarily easy) to start one while you’re in school. Also your resume and finances are basically taken care of in one way or another.

3. Meet entrepreneurs, investors, advisors: I got lots of GREAT advice from my fellow students. They are sub-average contributors as spankers, but far above average as advisors on product and strategy. Not many of them were entrepreneurs. Many of them have offered to stay in touch about investment.

Reasons Not to Attend Business School for Entrepreneurs

(If you are taking a loan,) You’ll be saddled with debt after school, and as an entrepreneur, you may find it difficult to pay it.

The professors and students around you are likely to bash good ideas.

You won’t learn “real-world” stuff – you still have to learn that by doing.

Business school will not help you decide whether you want to be an entrepreneur. In fact, if you’re on the fence, it may even push you away from being an entrepreneur. (Arguably that’s a pro if it’s the right path for you.)

The Test: You’re an Entrepreneur. Should you go to Business School?

Answer the questions and add up the points. (Sorry it's a little ugly, the formatting on Blogger sucks.)

1. I know what kind of business I want to start, or I am already running a business that I will keep running.

Exactly (-5 points)

Vaguely (+2 points)

No (0 points)

2. How willing are you to forgo income and feel poor after school? (If you are financially independent give yourself 0 points for this question)

Willing (+5 points)

Maybe not (-5 points, 0 points if you would pay for school with a loan)

I’m willing to be poor, it’s the time that is the issue (-10 points)

3. I plan

To start a business during school, even if it means slightly worse grades, and a hectic life (+5 points)

To start a business after I graduate (-5 points)

I have no plan (+0 points)

4. Picture this – you go to business school, but you don’t end up with the real-world knowledge you need to start your business. Your professors seem to doubt that you have the necessary experience too. You:

Go into consulting for two years (0 points)

Just wasted my time (-5 points)

Start your business anyway (+5 points)

Scoring:

5 points or higher -Go to business school, and start something.

0 points-ish -You may want to go to business school – but are you sure you want to start a business?

-5 points or lower -Don’t go to business school. Start something now.

FYI, I would have scored a 10 on this test two years ago. I’m not sure if this test actually makes any sense but hopefully it was thought-provoking.

Reflections on the Hawaii Contest.

Let's win some sh*t

I will say that the Hawaii Contest has turned out nicely. Even when only a minority of spankers are trying hard to win, the contests do a good job of feeding the community with a constant diet of tasty spanks.

Our Holiday Contest (beginning next week!) will feature some changes, as usual. We'll have two divisions, with separate standings and separate winners. We'll have a new set of prizes...probably less expensive prizes, since a Hawaii trip is not really 3x or 4x as effective as a Wii or a Bose SoundDock. We'll have slight adjustments to the point system to keep the contests competitive. We will also continue to feature sports analysis of the contest as in Linkspank TV this week.

Many other Great Things are forthcoming on Linkspank this month... stay tuned.