Competitive Edge
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Creating your Unique Value Proposition to gain your Competitive Edge.
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Startup Advice for New Entrepreneurs

Startup Advice for New Entrepreneurs | Competitive Edge | Scoop.it

Back in August 2015, we launched Product Hunt LIVE, a series of community-led Q&As with some of the top entrepreneurs, investors, entertainers, and thought leaders in the world. One of the biggest trends we’ve noticed across the hundreds of LIVE Chats has been the seemingly insatiable appetite for startup advice.

Below, you’ll find some of the best advice for new entrepreneurs, selected from over 100 LIVE Chats. Building a new company is hard in and of itself. We’re big believers that learning from those who have already launched, scaled, and invested in startups gives you a better chance of succeeding. Read more: click image or title.

 

Learn more about funding, find great funding sources, get a free business plan template, post your funding request for free, and more:

www.Business-Funding-Insider.com

Marc Kneepkens's insight:

#Founders who have been through the experience bring their best advice.

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Mentors Are The Secret Weapons Of Successful Startups | TechCrunch

Mentors Are The Secret Weapons Of Successful Startups  |  TechCrunch | Competitive Edge | Scoop.it

http://snip.ly/Y1Xg

“I’ve probably revised this investor pitch deck 200 times,” a founder told me recently. She’d met with more than 50 potential investors before closing a seed round last month. This might sound excessive to some, but her experience is not unusual.

Entrepreneurs often spend hundreds of hours raising funds from angel and venture capital investors. While these activities are clearly important, analysis of new data on startups suggests that founders should also dedicate significant time to something that many people overlook: recruiting great mentors. This simple strategy can increase a company’s odds of success more than almost anything else.

Discovering the secrets of the best founders

Our team studied thousands of tech businesses last year. We looked specifically at companies in New York City’s tech sector, which was the fastest-growing tech sector from 2003-2013 and is now the second largest tech hub in the world. The goal of this research was to investigate how local tech firms had become so successful.

Our analysts combined data from CrunchBase, AngelList and LinkedIn, and interviewed nearly 700 founders. (In total, New York tech founders dedicated more than a month of time to this project.) These sources enabled us to create the world’s largest database of a single entrepreneurship community.

We found that a number of characteristics that are often highlighted as predictors of success for startups – such as starting a company while in college – don’t actually make much of a difference. While these conclusions on traditional startup myths were interesting, we uncovered several other intriguing findings by examining the habits of the best firms and founders. Read more here: http://snip.ly/Y1Xg




Get your Free Business Plan Template here: http://bit.ly/1aKy7km

With Growthink on your side, you are in a win-win situation. They placed themselves in my situation and analyzed my business as if it were their own business. I could never recommend any firm but Growthink to provide business planning services at this level of quality. 
 Prem K. Kapani, CEO

Marc Kneepkens's insight:

Mentors are a major advantage in the start up world. They can lead the way or facilitate specialized aspects of your business. They can open doors, and much more.

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Serial Entrepreneurs Chart

Serial Entrepreneurs Chart | Competitive Edge | Scoop.it

Do most great entrepreneurs focus on one idea or pursue many? A quick look at billionaire entrepreneurs reveals that most of them are serial entrepreneurs.

Entrepreneurs are known for being able to focus on one thing to the point of making it a reality. Entrepreneurs are also known for their ability to recognize business opportunities when they come. These two qualities can be at odds with each other: focusing on one thing while looking around for more opportunities contradicts itself.

For many new entrepreneurs there is a real dilemma here. Should you start a lot of companies, or should you focus your whole life on one, like Zuckerberg?

To read the full article, click on the infograph chart. Click on the chart again to read the article.



Get your Free Business Plan Template here: http://bit.ly/1aKy7km



Via Ivan Berlocher
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5 less-than-flattering traits that can make startup founders great

5 less-than-flattering traits that can make startup founders great | Competitive Edge | Scoop.it
The best startup founders may need patience, resilience, perspective, and zen to run their businesses. But they also need some less flattering characteristics they may not want to admit to.

It’s 2015. Have you founded your startup yet? If not, it may be time to join the club. With 50 technology startups launching each day in Beijing alone, it’s clear that it’s past time to jump on the bandwagon. Accelerators, incubators, and VC funds splash around so much cash that it’s no longer worth counting the number of tech startups with million-dollar valuations. Indeed, as of this writing, 100 unicorns have received billion-dollar valuations.

With all that capital floating around, you might be feeling confident about that bulletproof idea you had. You know, the one for an app that irons your dress shirts for you? You can name-check your all-star forefathers — Jobs, Musk, Armstrong — and you’ve flipped through Art Of The Start. You’re ready. Right?

Wrong. There’s a reason 90 percent of startups fail. So before you start mapping The Iron Fist’s path from beta to billions, let’s take a step back. Having spent nearly 20 years working for a variety of startup founders, interacting with many more in the community, and serving as one myself, I’m constantly disappointed with a lot of the startup founder advice out there. Of course, any successful founder needs to be a savvy leader, an able communicator, a nimble problem solver, and a really really smart person. To run any business, you need patience, resilience, perspective, zen — the list goes on.

But what about the less obvious — and to some, less flattering — traits that make up the remainder of the startup founder DNA? Startup founders tend to be culled from the outliers, the obsessives, the oddballs. Those who find success manage to take what would otherwise be a shortcoming — the inability to sit still, workaholism, pigheadedness — and with a strong vision, mold it into something constructive. Let’s take a look at five of the least-touted traits found in some of the best-performing startup founders. Read more: click image or title.





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Marc Kneepkens's insight:

Founders need a lot of qualities. They are tough and sometimes relentless characters. This article highlights some unusual traits.

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Coca-Cola Launches New Program To Recruit Startup Founders

Coca-Cola Launches New Program To Recruit Startup Founders | Competitive Edge | Scoop.it
Coca-Cola Founders is a new way to create startups, the company's vice president of innovation and entrepreneurship declared.

Coca-Cola announced the launch of a new entrepreneurship program at Fast Company’s Innovation By Design conference today, in conversation with Fast Company senior writer Linda Tischler. David Butler, Coca-Cola’s vice president of innovation and entrepreneurship, (who has written a book with Tischler) announced the Coca-Cola Founders program, a way for startups to gain access to Coca-Cola's tremendous reach and for Coca-Cola to tap the ideas of independent entrepreneurs. The company goes into startup communities around the world and hand-selects founders, giving them insider access to Coca-Cola--both the company’s assets and its challenges. The founders’ ideas are then shaped by what they see inside Coca-Cola.

“It allows us to move much faster than we could internally using the least amount of money,” Butler said. “What they struggle with is scale,” he said--something that Coca-Cola does better than almost any company around. According to Butler, Coca-Cola is local in 207 countries, and sells roughly two billion servings of its products a day. The ideas--all still in development--that have emerged from the initiative include a food startup in Berlin, a mobile convenience store, and even a company related to wearables.

“The normal model working with a startup, you’re trying to find your strategic partnerships,” Butler said. “Startups come to big companies and try to get in. On the big company side, they pitch their thing, but how do we connect that [to what Coca-Cola does]? It’s very difficult.”

With the Coca-Cola Founders program, he said, “We’ve designed a new way to create startups”--one that not only helps grow Coca-Cola as a company, but allows them to churn out new products and services faster and cheaper.


Get your Free Business Plan Template here: http://bit.ly/1aKy7km



Marc Kneepkens's insight:

Integration of startup founders with a big multinational company. It's a great idea since there will be a great exchange of innovation and experience.

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