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As a small business and startup advisor, I find that entrepreneurs often love to talk about their latest idea, but not their execution. For example, Elon Musk is recognized as a visionary entrepreneur, but his fortune and his impact has come from the great companies he has built, including SpaceX, Tesla Motors, and PayPal.
Almost every entrepreneur looking for outside investors has heard the annoying rejection, “You are just too early – come back when you have more traction.” That should make you wonder - how do you measure traction in a metric? A useful traction metric is how many constraints have been removed, with resolution times.
In the same way, great entrepreneurs and company leaders should no longer rely on faceless and nameless processes to drive business strategy and innovation to stay competitive. Here is my adaptation of his engagement principles for all the aspiring entrepreneurs I advise: Learn to adopt an outsider’s perspective.
As a startup advisor and investor, I find that more and more entrepreneurs avoid using the term “profit” in pitching their new venture. Thus I was pleased and a bit surprised to see a new book, “ The Purpose Is Profit ,” by Ed “Skip” McLaughlin, an entrepreneur who has both succeeded and failed in starting multiple businesses.
As a business advisor, I have too often seen technical entrepreneurs get a product or service off the ground with ease, but then struggle mightily when their business reaches a couple of million in annual sales, or the employee count grows beyond a handful. True entrepreneurs love the tactical and problem solving challenges.
The many ways that great firms can slip away from entrepreneurial thinking were highlighted in a new book, “ Achieving Longevity ,” by Jim Dewald, based on his own experiences as a corporate executive, entrepreneur, and Dean of the Haskayne School of Business. Marty Zwilling First published on Forbes on 07/06/2016.
Every entrepreneur I know feels the pressure of the thousands of things that need to get done, all seemingly at the same time. I recommend that entrepreneurs test the market with a minimum viable product (MVP), before burning resources on the ultimate solution, only to find the market has changed. There is just not enough time!
Why is it that only the most successful entrepreneurs , including Mark Zuckerberg, Bill Gates, and Richard Branson, admit to having a mentor and actually use them? Yet many entrepreneurs I know are too proud or too shy to even ask for advice. Marty Zwilling First published on Inc.com on 11/24/2016.
They randomly churn for hours a day on a couple of their favorite social media platforms, with little thought given to goals, objectives, or metrics; and ultimately give up and fall back to traditional marketing approaches. Create an action plan with metrics. You spend the months influencing the influencers.
In reality, that’s the definition of a successful startup these days, so every aspiring entrepreneur should take note, as well as every existing corporate executive. I like their seven step approach, which I have paraphrased here for entrepreneurs as follows: Pull together a great multi-functional team. A dream is not enough.
Too many entrepreneurs don’t know what to do at this point, largely accounting for that disappointing 50 percent of startups that fail in the first five years, according to Gallup. There is no magic lever for growth, so several initiatives are required, with metrics to assess value returned. Ask every employee to focus on sales.
It’s easy to declare yourself an entrepreneur, but it’s not so easy to convince investors, your team and customers that you are that special one to fund and follow. If you don’t consistently display the right entrepreneur mindset traits, people won’t follow and business success will likely elude you.
People who are good at solving problems for other people make great entrepreneurs. Entrepreneurs are often too passionate and impatient. The best entrepreneurs drive responsibility down to the relevant person, rather than trying to orchestrate all activities and tracking personally. That’s what a business gets paid to do.
Good entrepreneurs are all about managing change, but too many forget that they have to change themselves as their dream evolves from a startup to a scalable business. Many entrepreneurs gave grown to prefer the relative quiet and isolation of their garage, and their ability to set their own schedule.
Entrepreneurs don’t realize that Facebook spent over $100 million, before revenues from advertising turned cash positive. You need metrics to show dominant penetration of the relevant customer demographic, added value over existing media, and real customer testimonials of value. Business founders need deep pockets for this model.
Unfortunately, many passionate entrepreneurs read this initial surge as success, and charge ahead with more of the same passion, leading to a series of potential pitfalls that can quickly jeopardize the health of the entire business. Marty Zwilling First published on Forbes on 08/13/2016. That’s a win-win combination for everyone.
Investors have also learned not to invest in ideas but only in entrepreneurs and teams who can deliver solutions. Smart entrepreneurs architect a value chain that includes customers, partners and vendors, based on market dynamics. Set business goals and milestones, and use metrics to track performance.
Too many entrepreneurs still believe that “if we build it, they will come.” Every entrepreneur needs a strategy, and some metrics to measure what’s working and how much it costs. Every entrepreneur needs to market a brand with something to say, something that stands out and ignites everything the brand does.
The bar is being raised, so every entrepreneur needs new initiatives just to stay in the ballgame. Some entrepreneurs are so focused on their technology, they assume their customers think the same way. It must be written down, with measurable team objectives, validated by metrics and compared against competition.
Many entrepreneurs assume that everyone will love their solution as much as they do, so they tune their marketing focus based on their own needs and wants. Marty Zwilling First published on Entrepreneur.com on 03/16/2016. That’s the right place to start, but real growth and scale requires attracting customers who are not like you.
Jay Goss: I got involved around April of 2016, as the company was putting the final pieces together on the app. As a serial entrepreneur, what has been the biggest lesson you have learned from your experience with startups, that you are applying here? Our tagline, is where strangers become friends.
zettabytes by the year 2016. As an entrepreneur, what steps can you take to help your business not only survive the data hurricane, but to thrive under these new and challenging conditions? Data enable: use metrics and measurements. Big Data Christopher Surdak entrepreneur information wave startup' Marty Zwilling.
Things change so fast these days in business that your first priority as an entrepreneur is to stay current, by talking to customers, peers, and experts. Smart entrepreneurs overtly plan every month to re-sync their vision and objectives with newly-learned market realities. Define and use market metrics to tune your plan.
In our industry we applaud the efforts for entrepreneurs to have tried and we know that today’s failure can bring the experience for tomorrow’s success. The metrics were good but we wondered how much better they would be when we expanded our product. But that’s harder to build in 2016 than it was in say 2005.
exabytes per month at the end of 2016, of which half was video. As an entrepreneur, what steps can you take to help your business not only survive the data hurricane, but to thrive under these new and challenging conditions? Data enable: use metrics and measurements. Accelerate: speed is life in this new world.
As an entrepreneur looking for an idea, it makes sense to explore problem areas within your knowledge comfort zone, but when you are building a business with the solution, you have to stretch your comfort zone to keep up with the market and stay ahead of competitors. Define and use metrics to measure your progress.
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