PCI Compliance

Hi everyone,

As the number of threats, attacks, and concerns over the security of person data continue to increase, compliance to security standards is crucial to the success of a new business.  Not only do you have to account for the costs of meeting the standards initially, but you must also consider the costs associated with a data breach.  Although you may think your system is fully secure, you must always be prepared for the unexpected. Take a look at some of these statistics related to PCI Compliance:

• According to the Identity Theft Resource Center, the number of data breaches actually rose nearly 50% in 2008, compromising the personal records of at least 35.7 million Americans
• If a breach is suspected, the organization is responsible for enduring the costs associated with the investigation and the interruption of business as usual (for example: security policy, network vulnerability, and wireless security testing will occur)
• When a breach does occur the costs amount to $3-10 per card for replacement, $5000-20000 in compliance fines  (http://www.pcicomplianceguide.org/merchants-20090416-cost-data-breach.php)

Consider the impact this could have on a small startup business...

How Twitter can help you pursue Entrepreneurship

 As you develop your entrepreneurial ideas, consider how Twitter can be used in varying ways to benefit your initiative.  Consider the use of Twitter to help advertise your new product or service.  One of your primary goals should be to get your users and potential market talking about your product or service. People connect on Twitter through expansive networks, and the outreach potential is huge as people share thoughts, opinions, and experiences.  The conversation on Twitter can be a valuable asset to you if you listen to what people are saying to gain a better understanding of the customer's perspective, need, and experience using your product or service.

Twitter can also be used as a medium of communication between your organization and customers.  It can be used as a forum for feedback and questions, and enable you to respond to customers quickly. By engaging customers in social media sites such as Twitter, you have the potential to expand your customer base, develop your reputation, as well as provide information and customer service.

For those of you that are new to Twitter and are interested in using it for a business, check out this website. It offers tips, best practices, and case studies describing the use of Twitter in a business setting.  I encourage you all to think beyond  the social aspects of Twitter, and view it as an important resource with potential to increase the likelihood of success of your entrepreneurial idea.

Twitter 101

Coming up with an Entrepreneurial Idea

Hello everyone!

Throughout the semester I will be using this blog to provide materials that I think you will find useful as you continue to develop your entrepreneurial idea.  I will post articles and videos for you to reference to gain further insight into the world of entrepreneurship. 

To start,  I have posted a link to a video that may provide inspiration to you as you try to come up with a new, innovative, idea to pursue.  Enjoy!

Entrepreneurs can change the world