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Should you be a Single Product or a Multi-Product company ?

Should you be a Single Product or a Multi-Product company ? | Startups and Entrepreneurship | Scoop.it
To get right to the point, it's extremely difficult to get to $100M and beyond very quickly without multiple products, but it's harder to get to $10M with multiple products than with a singular products.

 

In the $1M to $10M period of growth, companies with singular products, no matter their target ARPU, had a much easier time growing than their multi-product counterparts.

Traditional sentiment is that there's survivor bias when you come out with your second or third product, but if you do it after the $10M mark, you likely have figured out your growth vectors, your product approach, and your operational efficiency, leading you to have enough institutional memory to make a multi-product approach successful.
nrip's insight:
Ultimately, the single and multi-product choice really comes down to the DNA of your company, the market you're in, and the type of company you want. If you're going to scale beyond the startup stage though, the easiest thing you can do if you're in a smaller market is go multi-product. After all, if your customers love you, why wouldn't you try to take more of their pain away through more offerings?
 
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5 Essential Leadership Keys For Executives... And Life

5 Essential Leadership Keys For Executives... And Life | Startups and Entrepreneurship | Scoop.it

Damn, entrepreneuring is hard. And fun. And personally rewarding if you can handle the responsibility of being a leader.


For me, the most rewarding aspects of being an entrepreneur are the serious challenges that it presents and the no-safety-rope, feet-to-the-fire doing that's required. Leadership is one of those executive skills that are absolutely critical for success, but it isn't really taught in the schoolroom - most of us have to learn it through a variety of costly trials and errors, and very patient mentors. Despite little training, poor leadership is often the reason for failed businesses and stalled careers, the kind of thing we all try to avoid.


Leadership is difficult for everyone. That's why the world has so few good leaders. When you get right down to it, the difficulty with leadership is the people part of it. "People" are that magic and the complex society whose inner-workings will either make or break your machine. So that's a real place to focus on, right? Without a conscious effort and the ability to learn from your mistakes - and I've made mistakes! - it's difficult to develop the ability to effectively lead any group of people, much less a diverse group.


1. Take the First Step.


What is leadership without action? When hiking, the First Step might be literally the first step down the path. In a boardroom, the First Step might be taking responsibility when others pass, or making a difficult decision and letting others know how it affects them. Strive for action when others stall. Don't be afraid to make those difficult decisions and move forward. Use your inertia to show your team how and when to take action.



2. Come From a Positive Place.


People know... They can smell it. Bad intentions are poisonous, so be double extra sure to come from a place of good intentions, no mater what the circumstance. Pause, think and make sure that what you are saying and doing comes from that positive place, and make it obvious before you take any actions that affect people.


This doesn't mean avoiding difficult situations (welcome those) or being disagreeable (that's necessary sometimes). It means that the actions that you do take should obviously support your goals and your team's goals. Success comes easier this way.

Who wants to follow a bad apple?



3. Be Consistent.


Consistency develops organizational trust. When actions are, or even seem inconsistent, those around can become confused, losing sight of what to do or how to provide support. Confusion is not a good team building emotion, it damages workflow, and creates an uncertain atmosphere. Take note of your own personal patterns because those around you already do.



4. What Are You Being?


I resolved myself to become the kind of leader that attracts other leaders. This requires me to take actions that build trust, respect, and kinship. It also requires me to specifically think about each and every interaction that I have with recruits, my team, clients, vendors, and, well, everyone. "What are you being?" is the question that I ask myself to test whether I'm behaving in the way that supports my leadership goals. It's one of those questions that can stop you in your tracks, if you're honest about the answer.



5. Take a Step to the Side. (And Listen)


Great leaders are also great followers. How else could you know what leadership is? Be a great follower, continuously strive for improvement, and by your actions, teach everyone what that means.

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The Aha Moment - How Entrepreneurs Realized What To Do In Life

The Aha Moment - How Entrepreneurs Realized What To Do In Life | Startups and Entrepreneurship | Scoop.it

Before any entrepreneur became successful there was a time they did not know what to do. And then the aha moment happened. How?


About 2200 years ago Archimedes stepped into his bath and exclaimed, “Eureka!”

 

It was a moment of sudden discovery. The eureka effect. A moment of deep insight. It’s an epiphany which translates as “striking appearance.” In that moment a previously unsolvable problem becomes suddenly clear and obvious.


Before The Aha Moment

Life can be divided into two periods. Before you know why you are alive and after. In between there is just a single moment – the Aha! moment. One brainwave that turns a person into a person on a mission.

Here we show the moments that turned famous people onto their missions. Even though for them it was a process to get to that moment, there was a catalyst that one day made them say, “Aha!”

What Makes Us Aha

What brings the Aha moment?

Inconvenience. GoPro founder who struggled to take a picture of himself while surfing.

Limited resources. Ikea founder could not fit a table in his small car, so he thought to take off the legs.

Pain and tragedy. Samuel Morse received a letter about his wife’s illness after she was already buried. Letters took a long time back then. He raced to see her, but it was too late. Grief-stricken, he decided to forever change how people talk to each other and invented the telegraph.

The aha moment comes at different ages. Here are a few examples. Is it ever too late to have the aha moment? Some entrepreneurs had them well into their fifties. Were they thinking it was never too late?




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



Via Justin Jones, Marc Kneepkens, malek
Barbara Alevras, PMP's curator insight, August 1, 2014 9:40 AM

I think this is kinda fascinating. Have you had your "Eureka Moment" or are you still waiting? 

Bruno A Levy's curator insight, December 31, 2014 4:48 AM

the infographic is fun and informative

Nancy Barnett's curator insight, March 12, 2015 10:49 AM

Seeing a problem and solving it is the "root" of true entrepreneurship.