Building a successful business is every entrepreneur's goal - but only 1 in 12 succeed. Why do startups fail? The Startup Genome project analyzed data from 3,200 companies and came up with some answers. At the core of any successful business are two things: a good product and a large market for that product. In other words, a startup should be able to scale. And to scale properly, it must balance the growth of five core dimensions: customers, product, team, business model, and funding. The dominant reason for failure: premature scaling of one or more of those dimensions.
One of the more surprising things I've noticed while working on Y Combinator is how frightening the most ambitious startup ideas are. In this essay I'm going to demonstrate this phenomenon by describing some. Any one of them could make you a billionaire. That might sound like an attractive prospect, and yet when I describe these ideas you may notice you find yourself shrinking away from them.
Clarify your objectives and discover your route to social media success. This step-by-step guide will take you from tentative novice to intrepid explorer, and help you make the right decisions unique to your business.
If I could convince you of one thing, it would be this: Crowdfunding is not Nyan Cat. Nyan Cat will be the answer to a Trivial Pursuit question in 10 years or so. If it's lucky. Crowdfunding is radically changing the way things are made.
For a special issue, we invited readers to share an innovation that they have made in their daily lives. We posted selected entries on nytimes.com, along with feedback from Ben Kaufman and sketches by Oliver Jeffers. Browse the entries below, and click "recommend" for your favorites.
"One of last year’s participating startups was Austria’s Garmz, a fashion-focused service founded by Andreas Klinger, Tamas Locher and Gilbert Wedam. We spoke to Andreas, who is also the company’s COO, to find out what Garmz got out of the week and how the year since has treated them, leading up to this week, when it relaunched itself under new name Lookk.
Lookk is a service that provides a way for fashion designers to bypass the traditional retail market and connect directly with consumers, manufacturing and selling their clothing without having to deal with retailers, the traditional gatekeepers to success in the market. Meanwhile, consumers get a chance to discover new design talent and wear clothes that they won’t find on the high street."
Testing your idea is important because you don’t have much time to build startup, unless you find out if it’s gonna work fast, you may never have a chance to build it again. We asked successful startup founders how they would test a startup idea spending only $50. Finding out fast is the idea behind lean startup.
You’ve got your vision of what you want to build. You’ve also got a ton of unknowns and uncertainty. You know you can’t just go build it and hope they will come. You have to do it iteratively. Put a little bit out there, see how people react, figure out what to do next.
But where do you start? How much is enough to start getting feedback?
As a first time entrepreneur you probably have tons of questions. And every time you do a Google search for an answer you are bombarded with too much information and in some cases that information contradicts other things you have heard. Due to this, I have created a list of 54 resources that should help you out.
As the morning fog burns off the California coast, I am working with Steve Blank, preparing for the Lean LaunchPad Faculty Development Program we are running this August at U.C. Berkeley. This is a 3-day program for entrepreneurship faculty from around the world how to teach entrepreneurship via the Lean LaunchPad approach (business model canvas + customer development) and bring their entrepreneurship curriculums into the 21st century.
“Entrepreneurship is the future of how we do work,” Ries says. No longer is this approach reserved for the innovative and lucky techies down in Silicon Valley. With less conventional jobs available, an increasing number of people from various industries are taking their careers into their own hands. It’s bled into the arts, digital media and fashion.
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Integrating your curated content to your website or blog will allow you to increase your website visitors’ engagement, boost SEO and acquire new visitors. By redirecting your social media traffic to your website, Scoop.it will also help you generate more qualified traffic and leads from your curation work.
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Creating engaging newsletters with your curated content is really easy.