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In my role as advisor and mentor to many new entrepreneurs, I often find myself suggesting that they think bigger. We all are excited to hear real innovation, and struggle daily to increase every potential entrepreneur’s scope of thinking. For example, smart entrepreneurs look for recognizable patterns in disconnected domains.
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. See some recent examples in the 10 of the Top Social Media Campaigns of 2021.
The recent pandemic was a strong signal for change, and I see most of you entrepreneurs and business owners responding to the business changes required and new opportunities presented. Establish and evaluate metrics at multiple levels. Marty Zwilling First published on Inc.com on 07/15/2021. We need your urgency and creativity.
The rate of new entrepreneurs increased between 2013 and 2021, from 280 to 360 out of 100,000 of the adult population. Of course, that’s both the good news and the bad news for aspiring entrepreneurs, since it means more competition, and the business landscape is changing faster than ever.
Based on my own years of experience in startups and big business, and more recently as an angel investor, I often cringe when I see one of you entrepreneurs missing a cue that I have seen work for many before you. A passionate entrepreneur I met a while back had found that a certain algae could be grown cheaply, and could end world hunger.
Yet as a business advisor I am convinced that making the jump from a startup to a the next unicorn takes a different mindset, and actions most entrepreneurs are reluctant to face. In my experience, less than half of founding entrepreneurs even aspire to stay and scale their company. Switch your focus from product development to sales.
Yet in my experience on both sides of this equation, I find that many aspiring entrepreneurs focus only on the best idea , assuming that it will attract the right investors. Investors love entrepreneurs who come across as constantly on the lookout for new ideas, and able to grasp the larger implications for market change.
Most of the entrepreneurs I meet as an investor and advisor have no shortage of right-brain thinking, showing vision and creativity, but often don’t realize that their potential is being limited by a balancing focus on results, metrics, and customer specifics. Marty Zwilling First published on Inc.com on 10/12/2021.
Thus I recommend to every business owner and entrepreneur that you focus constantly on building and maintaining personal trust through the following strategies: Use storytelling to highlight previous trustworthiness. For internal measurements, the metrics should always be written and clear. Avoid over-commitment and under-delivery.
As a long-time business consultant and investor, especially to entrepreneurs, I recognize your sparkle of vision , to build the ultimate world-changing product. I found these maladies summarized well in a new book, “ Radical Product Thinking ,” by entrepreneur Radhika Dutt. Hypermetricemia – metrics for everything.
Almost every entrepreneur and new business owner I mentor is certain that his/her idea has a very high probability of success, and all find it hard to believe that ninety percent of startups ultimately fail. I once met with an entrepreneur who had developed a new algae strain to cure world hunger and make him rich.
But the magic that makes one entrepreneur stand out over others is hard to quantify – yet we all recognize it when we see it. Define and use real metrics to measure progress. Marty Zwilling First published on Inc.com on 03/05/2021. In fact, these same attributes also bound your leadership skills. Don’t play the blame game.
Many entrepreneurs I know faithfully monitor social media to quickly respond to problems and react to customer feed back, both positive and negative. Build a marketing plan with deliverables and metrics. Marty Zwilling First published on Inc.com on 04/27/2021. Use social media for marketing, not just feedback.
And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. I was in it for the love of working with entrepreneurs on business problems and marveling at technology they had built.
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