This Fortune post is encouraging and informative. Encouraging because fewer startups fail than urban myth predicts and informative because insights shared about learning the rules of the road are accurate to our startups experience.
If you think creating a startup is unstructured and free you'd be wrong, very wrong. Startups have an intricate ballet of rules, gatekeepers, and customs. Ignore any of those things at your startup's absolute peril.
I don't think my startup failed due to impolite attention to rules and regulations. We failed because we didn't have the right people sitting in the right seats on the bus. Friends and business partners can be one and the same, but hiring friends creates more work not less.
When hiring friends you need to guard against your assumptions and playing rough can be harder with friends. Playing rough is needed because every startup is a life or death struggle against time, competition and the evolution of markets. This post shares all of that and more. A good read for any wannabe startup entrepreneur.
Startups Must Read Remember building forts when you where a kid? We all do and thus the power of the universal metaphor my friend and Startup Factory founder Chris Heivly's new book. Chris organize the book around 5 things startup entrepreneurs must do to be successful:
1. Socialize their idea
2. Partner with good and trustworthy people
3. Gather assets close to you
4. Create a collective purpose
5. Build the fort
To say Chris' book is a must read is to be grossly inaccurate. If you are a startup or ever want to become an entrepreneur you must read Build The Fort.
Two of my 3 #mustfollow content curators will be familiar to many Scoopiteers:
@Guillaume Decugisand @Marc Rougierare visionary startup entrepreneurs and content curators. I'm learning how to use their latest tool - Content Director - tomorrow and can't wait. If you don't follow both Guillaume and Marc on multiple platforms you should.
Denis Labelle is a great G+ curator (https://plus.google.com/u/0/+DenisLabelle/posts ) and a March #mustfollow too. Denis has a great eye, understands what is happening online and his growing G+ community is proof of his skills.
MS&E 71SI: Entrepreneurship through the Lens of Venture Capital: Disruption in Venture Capital The course explores disruption in venture capital and how successful startups navigate funding,...
Martin (Marty) Smith's insight:
This is a class at Stanford so it takes a bit for this video to get going, but stick with it as late stage investor Jules' thoughts on customer retention and his 5 Things are worth listening to. Great thoughts on "creating retention".
Every Startup Is An Elephant High Jumper Every startup entrepreneur reading this knows what I'm talking about. Everyday team Curagami (http://www.curagami.com) tries to make the graceful dancing and jumping elephants we see so well in our mind, dreams and brainstorms.
We rub the bottle hoping for I Dream of Jeanie.
We know ODDS and OBSTRUCTION are against us. In the boring world of limited possibilities elephants don't dance. In our world elephants sit at the table and worry about their hair before a night of Disco Inferno.
It is not that our dreams are unrealistic. All dreams are unrealistic. No, the real challenge is in turning the crank ONE MORE TIME. When we rode bicycles from Durham to Santa Monica there were days when that single thought was all we (really me since the rest of the team was 20 years younger lol) could think about.
Turn the crank one more time.
Don't give up. Never give up because you can ONLY discover what it looks like to see NO MORE ROAD by continuing to turn the crank. And on that day, the day when you see nothing but ocean, you will have achieved something NO ONE can take from you ever - the knowledge that YES Elephants can jump of the moon as every startup knows.
Here's hoping YOUR startup elephant is a jumper :).
Marty & Team Curagami, American Tobacco Campus, Durham, NC
Prepare For Presumption & The No Asshole Rule I'm guilty. I've given advice this way before, "Why don't you try to combine x and y". I don't mean to be an ASSHOLE but sometimes it happens. You will never be more assaulted than creating a startup.
Something about "startup" brings out the BATTLING BICKERSONS in people. I'm waiting for the first discussion that begins like this, "WOW, what a cool idea, wish I'd thought of that". Suspect I will be waiting a long time.
My LEARNING (from Adzerk CEO James Avery) is to easily share my EXPERIENCE and THINKING but say away from going the extra mile to presumption. Everything we do online is immediately TESTABLE so one person's philosophy is just as good as another anyway. Customers decide.
SO, if you are a startup or thinking about creating a startup time to thicken your skin is NOW. The rub is knowing when to stick to your guns and when to change based on good advice. Good rule of thumb we've discovered is someone who presumes to tell you how your idea should function better is an unlikely source for good advice.
Adzerk's CEO James Avery got it right. He realized he was being an ASSHOLE and he stopped. He decided he would share his experience and thinking but NOT JUDGE so much. James Avery is a MENSCH and the kind of MENSCH you want to have lunch with, listen to and learn from.
James isn't going to presume he is smarter than you. He is there to help. Today I had an experience where someone LOOKING at an ecommerce website TOLD ME what the person managing that site would do. When I mentioned I managed and ecommerce site with a great team that made more than $35M over 7 years it didn't slow the presumption down even a little.
The KEY learning for startup entrepreneurs is FIND a handful of people like James Avery and hold on to them TIGHTLY. I'm guilty of being too presumptive and am working on that. To those I've dis-respected by my presumptions I apologize and appreciate that you were more graceful and kind with me than I would probably be if roles were reversed.
My CrowdFunde co-founder Phil put today's experience into proper perspective. We need to explain what we are doing better, Phil Said. He is right and we are working on that too. So we are adjusting to the feedback that is valuable such as the name is confusing and trying to do as I say and not as I AM with absurd feedback from goofystupid presumptive people.
When I mess up and am presumptive give me a smack (lol). Marty
A look at the financing landscape for business owners, plus some tips for finding alternative funding opportunities.
Martin (Marty) Smith's insight:
Great infographic showing some capital easing. Capital is the oil that keeps our economic engine running. Have always loved the irony of locking out SMBs and entrepreneurs (and you and me) from capital assets after they were put at risk by others, but that is just the way the game is played in the "too big to fail" era.
Great infographic showing some capital easing. Capital is the oil that keeps our economic engine running. Have always loved the irony of locking out SMBs and entrepreneurs (and you and me) from capital assets after they were put at risk by others, but that is just the way the game is played in the "too big to fail" era.
Over the past few years I have watched so many people in my entrepreneurial network walk away from their business and return to full time employment. Why? No doubt the economy is tough and in tough...
I loved this post and see myself some in it. I returned to full time work, something I will NEVER do again. I love creating companies. Why would I leave that then?
Fear.
Feat is a virus that infect an entrepreneur's ability to think, pivot and see patterns that must be seen. Fear isn't usually from where or what you would expect either.
Some of the fear is related being out of step with "normal". By leaving the mainstream you leave more than you can imagine. You leave the easily available support systems that create self definition.
An entrepreneur creates themselves. Support systems will never be there when needed since they won't kick in until success is assured and that is late. By the time "success" is well known enough that everyone knows the rough waters are past.
Cancer taught me how to create a support system from friends and family and THAT lesson is why I will never work for another company I didn't start. The missing piece was learning how to cobble together a support system to successfully pass through the rapids.
Now all five entrepreneurship dimensions are present:
1. SELF BELIEF 2. SOUND PEER GROUP 3. TENACITY/CAN DO ATTITUDE 4. PASSION/PURPOSE (creativity) 5. BE IN FLOW
Great post here about what it takes to be an entrepreneur. Interesting how MONEY never comes up :). M
I hope this post will minister to you the same way it has to me. Being an entrepreneur is tough. There are many times that you may want to throw in the towel but remember why you're doing what you are doing.
Terrific article that mentions the importance of being 'in flow' with whatever you're doing in your entrepreneurial venture. And provides a link to a test you can do to find out what that is.
Startups & Contests Most #startups don't wake up thinking about #contentmarketing. Most startup entrepreneurs are builders. They want to build. Sometimes it is better to let others build FOR YOU.
Better because our new Google marketing world is based on three things:
* What You Say & Do. * What others Think about what you said and did. * Being LOVED by an increasing number of "brand advocates".
Some startups may get all of those things from an APP store, but why risk putting all eggs in a single basket when content marketing isn't hard nor does it need to take much time.
Contests are a favorite of mine. When STUCK and there's no time to cold call or no money to support "outbound sales" create content to bring who you need into your orbit. Contests are great for that. Give away something of value, such as a "better website", and review your entries.
If a contest feels too random you may be right, so don't put all eggs in that basket either. Continue to work your personal network to find great partners and be sure to update your contest. Closer something gets to FULL the more people want it (lol).
Working on my 4th company (CrowdFunde) I agree creativity is more important than passion. I've created companies based on passion and they don't dance as well.
Passion can be limiting. The "blind side" of passion is bigger. When you develop a company that is the barest outlines of something you know will change 10x before launch it "dances" better.
It is important to be passionate about your belief in the movement you've joined. Successful entrepreneurs don't make any money until one magic day they do.
Money is an important scorecard, one tht builds confidence and the ability to do it again (why there are so many "serial startup entrepreneurs").
But money can't be the main motivation or you will never make it out past the breakers. Any startup will wobble, fall and drown a little before it learns to surf. If money is the only motivation or you are so passionate you can't see the wave about to hit you and your new company then you drown.
Drowning a little is also part of the game. So never give up. Come up for air, up your creativity and go again.
Marty's Startup Journal: 10 Days I thought it would be interesting to journal the last ten days before launch of the two biggest projects of my life: …
Martin (Marty) Smith's insight:
I decided to put this journal on GooglePlus since it is a great place for comments and supporting threads.
Marketing is one of the most important features in a business. A good marketing strategy makes a business look more appealing and gives it a larger exposure. It gives a jumpstart and makes the owner a better marketer.
Martin (Marty) Smith's insight:
"Basic" Startup Marketing The linked post provides a good overview of "basic marketing" strategies. Startups have some different needs. The nature of being a startup is some things that many businesses know startups do not.
Startups are organic, quickly evolving and strategies must keep pace. Here are 5 Startup Marketing Tips Not covered in the post:
Marketing For Startups
1. Uniqueness - What is your "Unique Selling Proposition" or USP?
2. Values - Who are you and what principles guide your actions.
3. FlexibleTactics by estimated ROI (how will you make money now?).
4. Brand Persona & Values - what UCA (Unique Customer Aspirations) does your brand promote (see Stengel's Brand Ideals here: http://sco.lt/8RPl7x ). 5. Save The World - how is your marketing related to saving the world in some meaningful and measurable way?
You can think of each of these five ideas as stories you need to tell, stories you must be able to tell in an elevator, at dinner or in passing. What and who you are must be automatic and confident. Know these 5 stories and your startup can create winning marketing, marketing that is aligned, concise and clear.
Amazing opportunity to work with serial entrepreneur and VC Peter Relan. Will be applying for this. Peter has already raised $2M for the project, so could be good.
Haunting, miserable and heartbreaking failure is nothing anyone every thinks will happen to them. Yet, failure is a necessary step says this Inc process post every startup should read.
Inc's focus is on how bad ideas impact design, but truths shared, far from self-evident, are good to learn. Bad things become good things by recognition and listening. Bad design becomes a good design by tweaking, testing, and more listening.
Martin (Marty) Smith's insight:
Haunting miserable failure is a necessary condition of good design. For every charmed life capable of creating winning design from the jump there are thousands that must fail first. The "Charmed" are clearly exceptions to the rule as this Inc post shares.
Ben Horowitz On Disruption & No Tech Bubble This Curagami post includes an insightful video of VC Ben Horowtiz's commencement address at Columbia.
Also includes an extensive slide deck from Andreessen & Horowitz proving there is NO Tech Bubble happening now (just looks that way). Great information from airbnb investor Horowitz and valley superstar Marc Andreessen.
For entrepreneurs, time is especially precious. Every wasted minute is a lost opportunity for networking, growing the business, and of course making money.
Why Do People LOVE & HATE Startups? Biggest startup haters? Answer: Other Startups. To be fair the VAST majority of fellow startups at the American Tobacco Campus and American Underground are AWESOME and HELPFUL.
Some have been abusive and mean. We got to thinking about what might be making some fellow #startups so snarky and angry. We think it may be the process.
This post shares the strange WALK THIS WAY undercurrent inside the startup ecosysem and wonders if David Amerland's New Value System might "beat the dogs" less and accomplish more.
We've been down this road so many times in life. Going to football camp as a kid first thing everyone had to know was if you could get hit. The next thing everyone wanted to know was could YOU hit. So much testosterone so little time (lol).
Why do you think people love or hate startups? Share your experiences and I will curate into the post. Thanks and have a great weekend. Marty
Technology has always been the bastion of the young, and to celebrate our teen birthday, here are some impressive teens
Martin (Marty) Smith's insight:
Don't know if I agree "technology has always been the bastion of the young" at least not exclusively, but I love these 13 teen entrepreneurs setting the hard course to change the world.
SOAR is an important project. Glad we have a chapter in the Triangle ares of North Carolina (Raleigh, Durham, Chapel Hill). We want to support SOAR anyway we can including putting our startup @CrowdFunde into the mix and writing some checks. This initiative is long overdue and we are all in.
I think our CrowdFunde startup is going to set up a fund, ask for matching donations of time and money and do whatever we can to help SOAR @Lori Wilk since its long overdue. Marty
Mapillary is a cool idea. Why run up and down city blocks taking pictures when your customers, advocates and contributors could do that for you. What it means to be a MAP is changing fast.
Maps used to be those things you couldn't fold back up. Now maps are evolving into evolving stage sets. You need one "map" when its six pm and time for dinner.
You need another map when you need groceries or toys for Christmas. As the line between virtual and real world collapse "map" is going to take on many new meanings.
With GPS "Map" means place, time and tribe. Why tribe? Because, as FourSquare proved our phones are smart enough to know when our friends' phones are around us.
Phones become living avatars walking a digital landscape by proxy, roads we wold walk if we could TRON-UP and jump into the machine. Since we can't become digital just yet MAP will take on many new meetings.
Extend our new "map thinking" a little further and maps become games, commerce and content. These new "digital maps" will be how we tell time, know and relate to our friends and understand PLACE.
Mapillary sees the future. They know maps are more than those things we used to not be able to fold back up :).
Marty Great Pinterest board from the Founder Institute. The Founder Institute has a very defined startup accelerator program in Silicon Valley. Great board and Founder Institute looks cool and helpful.
After @Hannah Kramershared a great post about Creativity being more important for startup entrepreneurs than passion I wanted to weigh in and share related experience growing up with the right side of the brain being my dominant hemisphere (lol).
I share 5 ideas from the daughter of Gatorade's inventor:
* Creativity Bigger Predictor Than Intelligence. * Creativity Can Be A Hard Row To Hoe. * Creativity & Structure. * Creativity can be learned and taught. * Creativity happens at intersection of disciplines.
Great post hope my hard won experience contributes something helpful.
Get The RIGHT Startup Education Twice a year my friends Chris Heivly and Dave Neal offer their "how to start a successful company" experience to another "class" of startups. What started as a Triangle (Raleigh, Durham, Chapel Hill, NC) idea is quickly gaining traction across America.
If you have "startup dreams" I highly recommend Chris and Dave. I'm applying for TSF's spring class. Even if CrowdFunde doesn't make it the business plan and I will be better for the experience! I can schedule some "open office' time and find out where I missed and what Chris and Dave would change too.
Chris and Dave take a position in companies they include in their "incubator", but they didn't create such an influential "school" for money. Money, once you get to their level, is a scorecard, another feedback loop. Like everyone they would like to have more, but they will spend what they have supporting entrepreneurs with dreams.
Supporting entrepreneurial dreams is what Chris and Dave love to do. They are all in and their joy, intelligence and insight are easy to see. Least someone think helping with TSF's content marketing means anything other than my admiration (lol).
I know Chris and Dave well enough to know if my idea doesn't have it they will tell me (by rejecting :). How valuable is that? I have ideas all the time, but figuring out THE idea to spend the next few years of my life and what is left of my poor 401k (after http://curecancerstarter.org), but have Chris and Dave's
But that's okay. Startups are the ultimate meritocracy. Your idea either scales or it doesn't :). Sure I have the best wishes of my "tribe" of supporters. As soon as I stop tweaking CrowdFunde I will share it for open comments before submitting to Chris and Dave.
Help is always appreciated and how can I fail with the amazing friends I'm lucky enough to know. Friend who, like Chris and Dave, look for way to help and are living their lives for love not money. Funny, my friends who have been rewarding with the most money are grounded, love what they do, believed in themselves and others and wouldn't be stopped come Hell or High Water.
Get your App into Chris, Dave and the team at TSF for Spring 2014 and maybe I will see you there :). Marty
The above video is a conversation between Tim Ferriss, several first-time entrepreneurs, and Noah Kagan, CEO of AppSumo.com. In this video, Noah — who was an early employee at Facebook and Mint.com — covers his risk-minimizing methodologies:
In the first 20 minutes: - His career path, including failures. - How he has used low-cost testing in his own ventures. - Why focusing on the small things (even trivial things) is a big thing. - Common mistakes and coping mechanisms of first-time founders (e.g. seeking multiple co-founders).
In the second 40 minutes:
- Live critiques (in some cases, constructive tear-downs) of real companies and entrepreneurs. - How entrepreneurs can make the jump from theory to revenue… in real-time. - How you can immediately stop “playing business” without customer contact."
Interesting I would have not thought "risk averse" and entrepreneurs could go together so well, but Noah Kagan shares how he leverages out risk in the second 40 minutes of this excellent video for #startups.
3D printing is a process of making a three-dimensional solid object of virtually any shape from a digital model.3D is achieved using an additive process.
Martin (Marty) Smith's insight:
3-D printing can't get any HOTTER. We had Tom Simon come show us the latest and greatest in 3D printing last week at Atlantic BT. I suspect there will be all kinds of "fast prototyping" and "mobile warehousing" offshoots from 3D printing for the wise #startup #entrepreneur.
Remember the people who made the real money in the gold rush wasn't the miners but Sears and Roebuck. First one to figure out a cool use case for 3D printing please share.
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