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Scooped by
nrip
August 20, 2013 12:41 AM
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Sales are the bloodstream for most businesses, and tech startups are no exception. It’s always better to be earn money, not just raise it, as money you earn doesn’t dilute your ownership and reassures your investors.
However, figuring out the way your startup should make money could be challenging, especially for us left-brained founders.
This post is about choosing the right sales strategy and channels for your startup from the start. It may sound overwhelming, but, don’t worry, it’s written for dummies, just like I was a couple of years ago… Step 1: Figure out the LTV (customer lifetime value) Step 2: Choose your sales channels Step 3: Test your channels
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Scooped by
nrip
July 26, 2013 2:07 AM
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We talk a lot about venture capital around here, but the truth is that most companies will never take VC money. Data from the Small Business Administration suggests that 99 percent of new businesses started each year will not get venture capital at startup. Thanks to lower costs associated with starting a web-based company, many health IT companies have gotten off the ground – and some even to profitability - without taking any outside investment money. But it’s not an easy undertaking. Here are some words of wisdom I rounded up on bootstrapping a startup, from those who have done it themselves. Its not right for everyone: Having a well-defined product or service, a small founding team, limited capital needs and a short sales cycle may be indications that bootstrapping is a good option, according to this piece by Les McKeown, a serial entrepreneur-turned-author.
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Scooped by
nrip
July 21, 2013 5:44 AM
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Wondering why your startup is being ignored by the press? It may be a for a good reason. In an effort to help you get the most out of your communication efforts, I’ve outlined five common PR mistakes that startups often make. Keep this list of don’ts in mind, and make sure your company avoids them as you make your journey into the wilds of PR.
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Scooped by
nrip
April 29, 2013 4:21 PM
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There’s something that sets CIA agents apart from the rest of us. They are tough, smart, and can improvise during difficult situations. In some ways, they are a lot like entrepreneurs. This means that if you want to become an entrepreneur, it might be useful to start thinking like a CIA agent. Here are some things you can learn from the CIA and their agents. #1 – Be realistic about what the job requires When people think about the CIA, what comes to mind is what they see on TV: excitement, travel, and glamor. But if that were true, everyone would want to be a CIA agent. The truth is that becoming a CIA agent takes years of hard work, dedication, and focus. In the same way, it’s easy to think that entrepreneurship is all about having “The Perfect Idea” and raking in millions as a result. But, successful entrepreneurship requires a lot of diligence and work. Watch or read biographies of successful entrepreneurs and see for yourself that sacrifices were made in order for them to reach that level of success. #2 – People skills are just as important as technical skills CIA agents are great at reading people. They can sense their strengths, weaknesses, and quickly judge if they’ll be an asset or a threat. As an entrepreneur, you’ll need the same skills during hiring, negotiations, and day to day operations. It doesn’t matter if you’re the smartest person in the room – without people skills, you will never gain the trust and respect of those around you. #3 – Be reliable Unlike what the Hollywood movies would have you believe, good agents are reliable. They don’t miss appointments, forget equipment, or give in to distractions. Doing these things could lead to death. Or worse, war. While entrepreneurship may not nearly be as dramatic, you still need to be reliable – especially when dealing with customers. This means meeting or exceeding their expectations so that they can trust you when the next transaction comes around. #4 – Have integrity Both businessmen and CIA agents need to make the hard decisions that most don’t really want to make. Are you going to compromise what’s best for the long term just to get some short term gains? Will you work with employees who are affordable or with employees whom you know will get the job done? Just as a CIA agent is loyal to his or her country, so should you be loyal to your business’ goals and those whom you conduct business with. #5 – Surround yourself with satisfied and competent people Nothing ruins a good mission like someone who’s negative, unhappy, or downright incompetent. This is true whether it’s an intelligence mission or a business mission. When the people around you are smart, confident, and happy about their choices, their enthusiasm is infectious and will only feed your company’s energy. #6 – Learn other languages The best CIA agents can switch from English to French to Farsi in a few seconds. This helps them understand background conversation and blend in when they are in a foreign country. As an entrepreneur, you’re going to need to learn how to do this if you want your business to operate worldwide. In fact, odds are you won’t have a choice but to work with contractors, customers, and employees from all over the globe – that’s what it’s like to do business today. And, if you’re going to do it successfully, you need to learn how to communicate well with the various people you’ll be in business with in your own country and in the international markets. #7 – Foster connections in your community The CIA and other intelligence agencies are one big community. This helps them share information and consult each others’ expertise whenever needed. Entrepreneurs have to do the same. For example, you might be a great leader, but what if you don’t have the accounting or legal skills to run a business? Or, you might be great at marketing, but what if you aren’t a good designer? You need to find smart, talented people to compensate for the skills and know-how that you lack. To do that, you’ll need to mingle with other entrepreneurs, seek referrals, and get tips on where to find the best people to work with. #8 – Be financially secure and responsible Preserving your integrity isn’t all about willpower, it’s also about preventing any issues that may make you weak. A financially troubled CIA agent is a liability. It’s easy for malicious organizations to trap, blackmail, or lure a good agent who has money problems. The same goes for entrepreneurs. If you’re strapped for funds, you might get tempted to take from the till or you might make the wrong calls just to keep your cash flow going. #9 – Keep your track record clean The CIA usually performs thorough background checks on people who want to become agents. They look for signs of a criminal history, drug charges, and other negative activities. This is because the CIA needs to be 100% sure that their agents are accountable, honest, and loyal. It pays for Entrepreneurs to be vigilant in this area. Business is such a public activity that people are going to unearth negative things about you. The more successful your business is, the more likely this is to happen. To protect yourself and your business, you need a clean record or the cleanest it can be. #10 – Never stop learning If a CIA agent stopped keeping up with the latest international intelligence gossip, fighting methods, and equipment, he or she could die in the field. The same is true for entrepreneurs who get complacent and think that once their business takes off, they no longer have to learn anything new. But with technology constantly changing and with a newer batch of entrepreneurs launching startups every year, you’ll get left behind if you don’t put in the effort to keep up with trends. #11 – Be physically fit and healthy When you’re running errands, working day and night, and obsessing about every detail of your business, it’s easy to forget about your physical fitness. You might think that you no longer have the time or energy to take care of your health. The truth is that your physical health is tied to your mental and emotional health – which you need to run your business. Just as an agent has to keep fit whether there’s a mission or not, you also need to keep working out. This ensures that when there’s a fight, you’re ready in a heartbeat.
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Scooped by
nrip
April 29, 2013 3:30 PM
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An MVP or minimum viable product is a product that has only the features and functionality that allow a product to be deployed. When you are launching a new product, you and your team might have numerous brainstorming sessions to come up with different features and functionality to add on to your product instead of launching the main solution to the problem your team is aiming to solve. Ideas from the brainstorming sessions may seem like great ideas to you and your team, but what matters is whether or not they are important to your consumers. 1. Identify the Audience and the Problem You are Trying to Solve
It is important to first identify who your target audience is, and in what way your product will make their lives easier. This is especially important when you begin planning the ways in which to test the MVP concept, in terms of how to get in front of that target audience. 2. Essential for MVP vs. Nice to Have
In identifying what features and functionality to include in the MVP, it is important to create separate lists of what are essential features for the MVP and which features would be nice to have. Next, set up interviews with people who would be your ideal consumer. Review these lists with them for valuable feedback. 3. An Iterative Development Strategy
Put together a development plan where you can efficiently launch your MVP to a small group that can begin using the product and provide meaningful feedback. From there, develop a process of iterating changes to the product based on feedback and gather more learning. These tips will help your business take a product with all of its’ potential wonderful features, and mold it into something your ideal audience will love.
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Scooped by
nrip
April 29, 2013 3:26 PM
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Productivity Tricks from George Washington - Lifehacker
Lifehacker
In order to become a famous inventor, president, scientist, or just about anything else with a semblance of importance, you have to know how to get things done.
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Scooped by
nrip
October 19, 2012 5:07 AM
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So you want to raise money from outside investors? Remember that old adage: “No free lunch”? Well, in outside funding the rule applies more than anywhere else. Best to ask yourself, “Have you considered what strings are attached?” External equity, debt or some combination are viable means of financing your growing business and taking the venture to new levels. That’s what Venture Capitalists (VCs) can help you achieve. But never forget that VCs have financial goals of their own. Before you sign the term sheet, you had better understand the fine print. This article is intended as a primer to term sheet basics. Outside funding offers many advantages to growing businesses, such as working capital to fuel faster growth and stronger capitalization to lower future lending costs. However, taking outside money changes the way you manage your company in ways that as an entrepreneur you may not like. You probably won’t work for yourself any more; there will be a Board to report to. You’ll have fiduciary responsibilities to your shareholders, and, depending on how your financing is structured, potentially wider reporting requirements which could include audited financial statements for compliance with financing covenants or SEC requirements. Before you seek capital, it is important to understand the ins and outs of a term sheet, so you can make informed decisions about your future operations. This knowledge will not only enhance your stature and credibility with funding sources, but will help you safeguard your business vision.
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Scooped by
nrip
October 19, 2012 5:06 AM
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Here's how great leadership is created: Really getting to know your people. You have to be willing to put in the time to really get to know your people so that you can work with them to build on their strengths. Put down your smartphone, walk around your desk, and invite one of your people to lunch. While dining, sit there and really listen to what your employee is saying. Ask them to describe their dreams and aspirations. Then go back to your office and come up with a plan to help this person and others achieve what is important to them. This is what great leaders do. They are always thinking what they can do to support those who work for them. In turn, these leaders have loyal employees who know that they'd be hard pressed to find a leader who has that much of a personal interest in them as the one they have. Spending the money required to get the results you hope to achieve. I asked one of the executives that I interviewed what was the biggest myth surrounding the attraction and retention of top talent. He replied by saying that executives think they can do this without spending a lot of money or in some cases, any money. This simply isn't true. The organization that this executive works for is constantly spending money to boost the performance of their people and it shows. They are leaders in their field. You wouldn't expect the top baseball team in the nation to be at the top of their game without the help of outside experts would you? Coaches are provided for these players who are already the best in the nation. And you know what? Most get better. Spend the money and help your people achieve their full potential. Or if you prefer, spend nothing and use this money on returning products to unhappy customers or hiring new people to replace the ones who keep leaving. Don't tell outside experts how to do their jobs. You wouldn't go into your car dealer and tell him to change out the engine because you heard rumblings under the hood, would you? No, you'd ask the mechanic to take a look under the hood and diagnose the problem. You'd then ask what your options were. I get calls weekly from companies asking me to come in and do training. I always ask why. Sometimes the person calling really doesn't know why this is necessary and other times the solution they are provided me as the expert isn't the best or least expensive way to resolve their challenge. An outside adviser can usually see things more clearly than those who are immersed in the organization. However, they can't do so if you insist on telling them how to do their job. Creating great leadership in your organization requires a commitment from top to bottom. There is no pill for great leadership. If someone tries to sell you one as a prescription for what ails your organization, get a second opinion.
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Scooped by
nrip
October 19, 2012 4:50 AM
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Inside many of us who aspire to lead is a burning desire to make a difference. We’re not satisfied with sitting on the sidelines or waiting for someone to tell us what to do. We may not get it right but we’ll be damned if we’re going to go down without a fight. In the immortal words of Def Leppard we’d rather “burn out than fade away”. If you don’t know what I’m talking about this might be a good place to stop reading this post. If you do, then you can already feel the emotion building in your chest. We enter this profession, sometimes as a calling, often unexpectedly. Once we’re in we’re hooked. Then the real work begins. We begin to understand the values that will define our leadership. We learn hard lessons and fight through failures. Each experience shapes our character; bending us toward our destiny. If we endure, we may experience brief passages of external success or reward but for most of us the real treasure is in the belief that we have done some good in the world that will carry on when we are gone. The hope that somehow we’ve left an impression in the lives of others. That our influence made a difference. Every story will come to an end. Sometimes in our timing and sometimes before we expected and beyond our control. When the story ends what do you want people to remember? What are the words, experiences and images you will have impressed in the minds of those you have been gifted to serve? The human impact of your leadership is your leadership ROI, (Return on Influence).
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Scooped by
nrip
October 19, 2012 3:39 AM
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News on Main (03/26/12): Marlo Scott had no idea how big her cupcake and wine bar would become. Now, she's racing to broadly protect the name behind her success.
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Scooped by
nrip
October 15, 2012 7:31 PM
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From history to fiction, a reading list to guide your career. Recently, I wrote that leaders should be readers. Reading has a host of benefits for those who wish to occupy positions of leadership and develop into more relaxed, empathetic, and well-rounded people. One of the most common follow-up questions was, "Ok, so what should I read?" That's a tough question. There are a number of wonderful reading lists out there. For those interested in engaging classic literature, Wikipedia has a list of "The 100 Best Books of All Time," and Modern Library has picks for novels and nonfiction. Those interested in leadership might consult the syllabus for David Gergen's leadership course (PDF) at Harvard's Kennedy School of Government or the syllabus his colleague Ron Heifetz uses for his course on adaptive leadership (PDF). But if I had to focus on a short list for young business leaders, I'd choose the 11 below. I've only included books I've actually read, and I tried to compile a list that includes history, literature, psychology, and how-to. Variety is important — novels can enhance empathy; social science and history can illuminate lessons from other times and fields that might be relevant to your own; and at the very least, reading broadly can make you a more interesting conversationalist. But I have tried to make all the choices directly relevant to young businesspeople interested in leadership. Invariably, many people will think some of the choices are poor or that the list is incomplete, but I hope it can serve as a start for young business leaders looking for literature to help them chart their careers.
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Scooped by
nrip
October 15, 2012 7:29 PM
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What does it take to be an extraordinary entrepreneur? You know, an entrepreneur who has a vision for a business, rallies support to build it and then grows it into one of the most innovative companies in the world….what does it take to be an entrepreneur like that? Belief #1: Make a decision and go! Belief #2: Show passion, not perfection Belief #3: Avoid the ugly baby syndrome Belief #4: Find the sweet spot, then scale it Belief #5: Don’t think about taking a leap, just take it Belief #6: Entrepreneurship isn’t a war, it’s about solving problems and turning a profit Belief #7: Hire slow, fire fast Belief #8: Learn from your first, earn from your second, give back with your third
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Scooped by
nrip
October 15, 2012 7:30 PM
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Take these steps to increase productivity and make the best use of your time throughout the day. Here are ten simple ways to get started: 1. Act immediately on phone messages and emails. If you can accomplish a task in just a few minutes, do it. It is one less thing on your to do list and you will have that immediate sense of accomplishment. If you let too many small activities pile up, you will be “playing catch” up the rest of the day. 2. Get a head-start on tomorrow by preparing before you leave the office today. The simple task of writing a to-do list is one of the most efficient ways of keeping track of your daily work requirements. By writing out a list for tomorrow before you leave the office at night, you will have an immediate head-start on your next day and be ready for your new priorities. 3. Don’t sit at your desk all day. It is important to get up, walk around the office and take a few minutes for a “mental break.” These short breaks will reinvigorate you and help you be more productive in the long term. 4. Organize your tasks. By arranging your workday so that you tackle your most important priorities together, you will save time, be more efficient and ultimately produce higher quality work. In addition, by starting your day with the most important task, you will increase your productivity and get your day off to a good start. 5. Stand up for your phone calls. It is amazing that the simple act of standing during a phone call will actually help shorten the call, thus saving you time. If you are standing you are less likely to be involved in idle chatting and you will get to the point of the conversation faster. 6. Stick to a schedule. If a meeting is scheduled for an hour, do everything possible to keep it to an hour. Once meetings start running long, it directly impacts the rest of your schedule for the day, while also impacting your co-workers. A series of meetings that run long will have a snowball effect throughout the day. Also, if you are not required to be at a meeting and you have a more pressing deadline, do not feel guilty about missing the meeting.
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Suggested by
Ivan Mazour
August 19, 2013 6:38 PM
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For a few years now, I’ve been investing in technology startups for a very specific reason. I’ve built a number of businesses, but when I turned my attention to the online software space, I quickly discovered that it required a completely different approach to anything I had done before. Creating a property development business or an education consultancy required a certain level of professionalism and dedication, but the bar for making an online startup work turned out to be much much higher.
Alongside reading, researching and studying, and actually setting up my own first software company – 42 Tasks – I realised that the fastest way to acquire the knowledge and skillset that I needed to succeed was to learn from people who had already done so. I know many entrepreneurs, and spend a lot of time with them – mainly because when you’re involved in fast-growth businesses, it is difficult to find the usual topics of conversation interesting.
You get acclimatised to big ups and huge downs – to amazing breakthroughs one day and to huge failures the next. I remember Reid Hoffman, the founder of LinkedIn, saying that he flatly refused to go to parties and talk about what a great discount someone got on their new garden furniture. I completely agree, and so choose to spend time with people who enjoy talking about grand visions and great opportunities.
I knew that I needed to grow this network and surround myself by ever more experienced and successful entrepreneurs. Initially, I approached some of the people I most respected, and asked for their time to mentor me. But I quickly realised that the power balance in a relationship of this nature was always severely skewed, and I would always be asking for favours and waiting for them to find time for me.
This wasn’t going to work. I had a lot of respect for their achievements, but nonetheless saw them as peers and expected the same respect for my own achievements as well. The mentor relationship didn’t lead to this. It became clear that I needed to find another way.
After a lot of thinking, I noticed that even the most experienced, and wealthy, technology entrepreneurs didn’t fund their companies entirely on their own. They liked to optimise the risk profile of their capital, and to get other people involved in their business in order to leverage their intellect and turn them into brand ambassadors. They would raise money to validate their business, and its market valuation. By becoming an angel investor, I would be able to achieve the exact goal which I initially set for myself.
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Scooped by
nrip
July 26, 2013 1:58 AM
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We’ve seen a rise of e-commerce companies recently that have tackled the dual problems of discovery and boredom: They’ve made shopping a fun, emotional experience. But can they translate that to sales? There is no doubt that Pinterest has inspired a population of people to look for beautiful images on the web, and these companies like Fab and The Fancy have risen to the challenge of producing beautiful items to browse. But in working to solve the problems of discovery and boredom in online shopping, can these companies translate consumer interest and engagement into actually making a purchase?
recently we’ve seen an explosion of these design-focused e-commerce companies that are drawing consumers through a totally different approach. From Warby Parker mailing you a box of glasses to try on and model in your own home, toTrue & Co charming customers with a Q&A about how your bra fits, to Fab giving you endless entertainment with wacky and clever home items, there’s no doubt that these companies want to make your shopping experience fun. They create pleasurable, cool experiences. But the question remains: does this consumer experience get people to buy?
The difference is about intent — Warby Parker and Fab have made browsing a fun experience, but when you’re going to Amazon, it’s much more likely that you’re going there to buy something. So could the former capture the behavior so common on the latter? Fab has planned a major expansion to move beyond flash sales to carrying more regular merchandise, so this could be a successful tactic.
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Scooped by
nrip
May 1, 2013 4:41 AM
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Is there a corporate leader who doesn't extol the virtues of innovation these days? Yet if innovation is so important, why do so many companies have so much trouble with it? The reflexive response is that it is a human capital problem — that is, that most people just don't have what it takes to successfully innovate. I reject that view. Academic research in fact shows that almost anyone can become a competent innovator (with sufficient practice). I've seen countless examples of ordinary individuals displaying the creativity, ingenuity, and perseverance of the world's great innovators. Those people can only be effective in the right context, but, ironically, many of the things leaders do to encourage innovation actually kill it. Look carefully at your company and you might spot one of four types of unintentional innovation assassins.
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Scooped by
nrip
April 29, 2013 4:08 PM
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Adaptability is nature’s genius. Species that can adapt, evolve and survive.
There are those who think adaptability is genius in nature but not in people. They see people skills adaptability as weakness and lack of authenticity. To them, an adaptable person is a chameleon. Yet this is not true. Adaptability doesn’t make you a chameleon; what’s in your heart does. With a generous heart, adaptability is genius. It is the brilliance in leadership, teamwork, customer service, innovation, career, people skills, personal relationships and much much more.
Adaptability is the capacity to see differences and changes and the willingness and skill to respond for a positive result. Adaptability is not submission and surrender. Adaptability and authenticity are not opposites nor mutually exclusive. In Leadership. Adaptability is the keen sense of what changes will impact the organization and the skill to change appropriately. A changing workforce, competitive products, global markets, educational strengths and shortfalls, laws and regulations, political shifts, human tragedies all create the need to adapt. Adaptability is the organization’s genius to survive.
In Innovation. Innovation is adaptability in action. It requires leaders and teams to overcome comfort and love of what they previously created. Adaptability is the generosity to overcome habit and the genius to focus on what is needed going forward.
In Teamwork. Teamwork is the practice of growth and change to achieve a shared success. Without adaptability, it doesn’t happen. Several things can derail team success: personality type differences, various learning styles, conative approaches, communication preferences, goal orientations, etc… Adaptability bridges these differences into collective success. It requires both the genius of how to adapt and the generosity to put the team ahead of personal preference.
In Career. No matter how great our plans, our schooling, or our intelligence, achieving career success is rarely a straight line up. Adaptability facilitates career success.Shifting gears when our dream job doesn’t materialize keeps us moving forward. Being open and adaptable to coaching and mentoring creates career fit. Social networking done with mutual give and take is the generosity of adaptability in action. It is the genius of tapping shared human needs for mutual success.
In Customer Service. If we don’t adapt to customers, they become another company’s customers. Sometimes when their needs are outside of our company’s mission, this is acceptable. Companies do fail when they try to become everything to everybody. Yet adaptability to customers within our mission is essential for success. Adapting to customers shows our generous hearts that touch theirs. Adaptability creates memorable customer experiences that keep them coming back for more. This is the genius of shared success.
In People Skills. People skills are the outward expression of both our identity and adaptability. People skills adaptability doesn’t undermine our authenticity. It truly shows whether we are flexible and open-minded vs. rigid and closed-minded. It shows our genius in spotting others’ styles and needs. It communicates our generosity to interact (not just act). Mutual give and take — adaptability — is the essence of forming positive relationships with others. Those who won’t and don’t may dominate for awhile yet lose in the end. Our street smarts are a form of adaptability that protect us from those with evil intent!
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Scooped by
nrip
April 29, 2013 3:30 PM
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Looking to get your startup or small business on the path to success? There are lots of resources that can help you know how to approach your marketing, partners, suppliers, design, and legal matters, which are all crucial to the success of your business. Here are 10 killer resources that will help you take your business from idea to successful execution.
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Scooped by
nrip
October 19, 2012 4:04 AM
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1. “Do not let what you cannot do interfere with what you can do.” 2. “If you’re not making mistakes, then you’re not doing anything. I’m positive that a doer makes mistakes.” 3. “It’s the little details that are vital. Little things make big things happen.” 4. “Failure is not fatal, but failure to change might be.” 5. “You can’t let praise or criticism get to you. It’s a weakness to get caught up in either one.” 6. “The worst thing about new books is that they keep us from reading the old ones.” 7. “Whatever you do in life, surround yourself with smart people who’ll argue with you.” 8. “If I am through learning, I am through.” 9. “I don’t believe in praying to win.” 10. “Defense is a definite part of the game, and a great part of defense is learning to play it without fouling.”
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Scooped by
nrip
October 19, 2012 5:07 AM
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I am a firm believer that great leaders do not come out of any particular personality mould. In executive coaching I have worked with, outstanding leaders all of whom had different personalities. Contrary to what some believe about leadership they were not all lively extroverts who had magnetic and charismatic personalities. The mark of great leaders is that they do certain things very well and consistently. It doesn’t matter whether this is in the sales or the finance function – the same things are required in both. In executive coaching I find that sometimes people panic when they are given their first real leadership role. This is often because they have a model leader in their mind and they worry that they will not be able to live up to that image. As we go through our executive coaching they realise they too can be a great leader if they can, in their own way, do the things described in here.
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Scooped by
nrip
October 19, 2012 5:06 AM
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We all want our products to be perfect, but the market doesn't reward us for that. Long development cycles with an emphasis on perfection bring a lot of risk. Long ago, I was a product manager at a major enterprise software company, and we had 18 month development cycles to ship new products. We wrote detailed technical specifications, talked to customers, collaborated with developers, and endlessly tweaked things before we were comfortable with shipping the product. In today's environment, and particularly at a consumer web company, that kind of lag gives competitors all the time they need to blow you out of the water.
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Scooped by
nrip
October 19, 2012 4:05 AM
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If you visited Silicon Valley in the ’50s and ’60s, the only Indians you would meet would be a few low-level engineers who came to the U.S. to study and ended up staying. Indians were stereotyped as beggars and snake charmers, and finding them in leadership positions in the technology industry was unimaginable.
Then in the ’70s and ’80s, waves of IIT graduates migrated to the Valley. (IIT’s are India’s top engineering colleges.) It was a time in India, under a socialist government, that people with capitalist ambitions felt stifled. One by one they mastered the Valley’s unwritten rules of engagement and shattered its glass ceiling. Engineers such as Vinod Dham started creating breakthrough technologies such as the Pentium chip, and entrepreneurs such as Kanwal Rekhi and Vinod Khosla co-founded companies like Excelan and Sun Microsystems. They also started helping each other and formed their own entrepreneurial networks.
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Scooped by
nrip
October 15, 2012 7:29 PM
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My life revolves around startups. I read about startup news and trends over my morning coffee. I spend my days advising my portfolio companies and interacting with members of the startup community. I travel to conferences regularly, where I meet startup founders outside of my city. Because of my immersion in the startup world, I’ve witnessed a lot of trip-ups. Here are six common misperceptions about launching a venture – and what you should know: “I need venture capital.” Despite how some startup news outlets treat it, raising funds is the means, not the end. There are plenty of companies that have raised large amounts, only to fail spectacularly. Conversely, there are highly successful companies that bootstrapped the entire way. High-growth companies that require long periods of unprofitable user acquisition are great candidates for venture capital. But, in reality, they are a tiny minority of startups. Look to get your company what it needs – and not a penny more. “If I build it, sales will come.” As Steve Blank is famous for saying, no startup has failed for a lack of code. Of course, product matters, but sales will likely be your biggest challenge. People are busy and distracted. Outside of your friends and family, no one really cares that you have an amazing solution. From day one, be sales-focused. Look at your company first as a sales company, and you’ll put yourself in the best possible position. “People are a commodity.” Uh, no. Based on my experience, “A” talent is worth approximately five times more than “B” talent. People can be your biggest asset or your biggest pain in the ass. Focus on recruiting top talent, and then let them do their thing. Treat your talent well, and you’ll be in great shape to grow and establish a strong company culture. Neglect your people, and it will be disastrous. “We’ll worry about an operating agreement later.” As they say, people are funny about money. Entrepreneurship is messy, but your agreements should be organized. Keep things clean, crisp, and clear from the beginning, or risk years of heartache, misunderstandings, and hurt feelings. If you don’t have documents in place now, do it this week. If you’re thinking about starting something, start here. “I’ve got a couple startups.” As soon as someone says this to you, run. One startup is ridiculously challenging. Two is suicide. Jack Dorsey is well-known for running both Twitter and Square. Besides being a wildly intelligent freak of nature, this stint has recently and publicly taken its toll. In fact, I’ve never seen any startup succeed without it being the singular focus. Pick your best horse and ride it. If it doesn’t work, kill it and pick another horse to ride. “We’re growing like crazy.” That’s fantastic, but massive growth can be extremely dangerous. It usually interferes with cash flow, magnifies communication challenges, and forces logistical errors. I’ve seen more than a few companies look up one day and realize that they need to either slow things down or risk growing to death. Ultimately, profits matter. Aim to grow at a sustainable, profitable pace. No one wants to launch a startup that fails, but it’s easier to trip over your own feet than you’d guess. Make sure you realign your expectations and cut these six phrases from your vocabulary. The fastest way to avoid failure is by getting out of your own way.
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Scooped by
nrip
October 15, 2012 7:31 PM
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Let’s look at what it takes to have optimum brain functionality: Adequate rest. (How many hours did you sleep last night?) A clear head. (How fast did you reach for your phone to check email, texts, social networks?) A decent breakfast. (The number of people who don’t eat within the first hour of waking up is staggering.) A clear set of operating instructions. (Do you have any kind of template for how you’ll arrange your months, weeks, days?)
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Scooped by
nrip
October 15, 2012 7:31 PM
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Figuring out how to get more done in less time and with fewer resources is a big concern for many in the working world today. Being productive, however, isn’t just a concern of the average worker. Business moguls, Hollywood hotshots, renowned artists, political leaders, and best-selling authors all have their own ways of getting things done. While some methods might involve serious help from support staff, others are easy to emulate for anyone who wants to get a high-profile take on how to be more productive. Read on to learn the methods that help the rich and famous make more money, define their businesses, produce better art, and simply accomplish more in a day.
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