Berkonomics

APRIL 27, 2023

Everyone who manages a company, a workgroup or a sales force wants to write as many new deals as possible and is usually wary about doing anything that might threaten the positive outcome of a pending sale. Reasons your customer might hesitate. We hesitate to enforce our own rules.

Sales 156

Sales Tool Customer Custom 156

Both Sides of the Table

SEPTEMBER 15, 2022

<== Our conclusion was that this isn’t a temporary blip that will swiftly trend-back up in a V-shaped recovery of valuations but rather represented a new normal on how the market will price these companies somewhat permanently. First in late-stage tech companies and then it will filter back to Growth and then A and ultimately Seed Rounds.

Venture Capital 416

Venture Capital Marketing Technical Review Seed Funding 416

Startup Professionals Musings

APRIL 29, 2023

For example, both need to provide exemplary customer service, build customer loyalty, and provide real value for a competitive price. Even artisan-based services, like graphic design and writing good ad copy, have innovative processes and principles. Customers can touch and see a great product, but services are a bit ethereal.

Startup 111

Startup Training Services Writing 111

Berkonomics

MAY 8, 2014

I am chairman of a company that, as I write this, is twelve years old and has not yet taken a dollar of outside investment. The company has been funded entirely by grants from the National Institute of Health, amounting to millions of non-dilutive dollars in all. Grant writing takes skill and immense amounts of time.

Company 166

Company Companies Writing Education 166

Startup Professionals Musings

OCTOBER 1, 2022

As a mentor to many business professionals and owners, and aspiring entrepreneurs, I find a wealth of innovative ideas, but often less insight on what it really takes to transform ideas into an income stream that can excite new customers into long-term business success. Test your innovation with at least a hundred customers.

Ideas 145

Ideas Startup Case Study Writing 145

Berkonomics

MARCH 25, 2021

We know that one of the ways we hold onto our customers is if there are high switching costs to move away to a competitor. Do you have an estimate of the cost for a potential customer to switch to your side? Offer incentives to existing customers to stay, and for competitor’s customers to switch. What to do?

Competition 156

Competition Customer Custom Email 156

Both Sides of the Table

SEPTEMBER 17, 2013

In my last post I pointed out that many of the media commentators who have criticized the YouTube video network companies as not having strong businesses were mistaken. The next part of the margin mix online video companies must get control of is talent margins. The best companies look at data to know what time to post.

Company 339

Company Companies Technical Review Content 339

Startup Professionals Musings

AUGUST 3, 2020

For example, both need to provide exemplary customer service, build customer loyalty, and provide real value for a competitive price. Even artisan-based services, like graphic design and writing good ad copy, have innovative processes and principles. Customers can touch and see a great product, but services are a bit ethereal.

Startup 174

Startup Training Services Writing 174

InfoChachkie

DECEMBER 2, 2009

As noted in Pour and Stir Part I , the key to the successful execution of this strategy is managing the following equation: The cost to acquire a customer < lifetime value of a customer. Decreasing Your Customer Acquisition Costs. This is equivalent to being handed a free customer for every ten customers you acquire.

Customer 164

Customer Custom Advertising SEM 164

Both Sides of the Table

DECEMBER 11, 2022

I started my first company in 1999 and was admittedly swept up in all of this: Magazine covers, fancy conferences, artificial valuations and easy money. In those years I learned to properly build product, price products, sell products and serve customers. Between 2006–2008 I sold both companies that I had started and became a VC.

Venture Capital 466

Venture Capital Startup Marketing Pricing 466

Both Sides of the Table

SEPTEMBER 28, 2014

But what IS the right amount of burn for a company? Burn rate in case you don’t know is the amount of money a company is either spending (gross) or losing (net) per month. (it Conversely if you’re burning $600,000 per month (yes, some companies do) then you only have 5 months of cash left. Gross Burn vs. Net Burn.

Startup 383

Startup Company Companies .Net 383

Both Sides of the Table

SEPTEMBER 10, 2021

I’m over-paying for every check I write into the VC ecosystem and valuations are being pushed up to absurd levels and many of these valuations and companies won’t hold in the long term. I often answer the same way … * “First, yes, nearly every corner of our market is over-valued. By definition?—?I’m dot-com bonanza.

Venture Capital 471

Venture Capital Writing Invest Pricing 471

Berkonomics

DECEMBER 31, 2020

I was chairman of a company that, for twelve years never took a dollar of outside investment. The company was funded entirely by grants from the National Institute of Health, amounting to millions of non-dilutive dollars in all. The effort to write a grant request is not trivial. No dilution to shareholders or the founders.

Equity 156

Equity Writing Education Research 156

Startup Professionals Musings

AUGUST 14, 2023

Patagonia , a successful outdoor products company, combines building safe high-quality products with philanthropic efforts to help the environment. In the name of this cause, the company donates time, services, and at least one percent of their sales to hundreds of grassroots environmental groups around the world.

Framework 95

Framework Customer Custom Tips 95

Startup Professionals Musings

JANUARY 29, 2012

The stakes are high – you are asking an investor for money, a customer for an order, or another executive for a partnership. No one is born with business writing skills, and everyone can learn them. Before you start writing, it’s important to ask yourself what you intend the document to accomplish. Make it look good.

Writing 89

Writing Email Tips Startup 89

Berkonomics

MARCH 5, 2020

In the creation of a young company, there are five principal risks to be addressed by the entrepreneur. One way to mitigate this is by using early money to create a prototype, to perform market research, to complete the first generation of the product, or to deliver the service to a satisfied customer. Why five risks?

Outsource Development 156

Outsource Development Ideas Resource Patents 156

TechCrunch LA

JUNE 9, 2021

The company has been building a title called Blankos Block Party that seems to be Fall Guys meets Roblox meets Funko Pop. Users don’t need to walk through the mechanics of setting up a wallet or writing down a seed phrase either. The round was led by WestCap. The startup has raised a whopping $120 million to date.

Platform 308

Platform Framework Los Angeles Design 308

Startup Professionals Musings

AUGUST 11, 2023

As a business advisor and advocate for entrepreneurs, I find myself almost always talking and writing about change. With a bit of humor, he provides some serious guidelines for struggling career professionals looking to move up, and new entrepreneurs looking to build a company. Peers and customers alike still expect responsiveness.

Startup 106

Startup Writing Entrepreneur Screening 106

Berkonomics

NOVEMBER 21, 2018

Especially when starting a company with personal savings or money from relatives and friends, early signs of success are intoxicating. Each new customer, each mention in the press or online adds to the feeling of early accomplishment. Write your own Hollywood script. The intoxication of a new beginning.

Hollywood 120

Hollywood Writing Press Startup 120

Startup Professionals Musings

NOVEMBER 21, 2020

Patagonia , a successful outdoor products company, combines building safe high-quality products with philanthropic efforts to help the environment. In the name of this cause, the company donates time, services, and at least one percent of their sales to hundreds of grassroots environmental groups around the world.

Tips 174

Tips Framework Customer Custom 174

Startup Professionals Musings

JANUARY 8, 2023

Outsourcing is defined as contracting the work to another company, usually located in a developing country, like India, China, or Eastern Europe. It’s easy to find companies in certain countries that will quote cost reductions up to 75 percent. Customer-facing services, like call centers, should rarely be outsourced.

Software Review 114

Software Review Technical Review Outsource Development Outsource 114

Tech Zulu Event

NOVEMBER 18, 2011

Having paying “Customers” is what makes the cash register roar. An entrepreneur having low self worth is the number one deterrent for a potential customer not buying into what you are selling. Using your service or owning your product isn’t why a person buys, it’s the experience your customer will have. Second, how to get leads.

Customer 85

Customer Custom Marketing SEO 85

Startup Professionals Musings

APRIL 26, 2017

Beyond the fear, many really don’t get the value of being willing and able to communicate effectively with team members, investors, customers, and a myriad of other support people, both one-on-one and one-to-many. The implications to you and your company are also large, so be prepared.

Company 97

Company Companies Entrepreneur Customer 97

Startup Professionals Musings

NOVEMBER 12, 2021

Even with product businesses, it’s the ultimate way to build your brand credibility, bring in customer leads, and get feedback from your target market. An informal writing style is generally recommended. Don’t be shy, I don’t know many CEOs today that write their own speeches and marketing materials. Add outgoing links.

Blogging 135

Blogging Services Search Engine Optimization Web 135

Both Sides of the Table

OCTOBER 25, 2014

I’ve been having this PR discussion with three separate portfolio companies at once so I thought I’d just publish my thoughts more broadly. PR is an insanely valuable activity in early-stage companies. It’s much hard to get funded as a company nobody has heard of. Business Development - Biz Dev is hard.

Press 415

Press Google Course Writing 415

Startup Professionals Musings

FEBRUARY 19, 2021

Another mistake many consultants make is to charge by the hour, and customers lose track and lose confidence as things change. Dress to fit into the company culture, no more, no less. Speak to people, rather than write a document every time you want a change. Have "customers", not "clients." Charge by task or fixed-rate.

Startup 150

Startup Slides Email Customer 150

Both Sides of the Table

OCTOBER 17, 2019

The first check I wrote was just over 10 years ago into a company called Invoca who just announced a new $56 million in funding led by Scott Hilleboe at HIG Growth Partners. Ownership Matters At Upfront we focus our energy on fewer companies where we take meaningful ownership and we continue to invest throughout the lifecycle of the company.

Venture Capital 223

Venture Capital IP Startup Google 223

Both Sides of the Table

APRIL 17, 2010

Thursday night was the unveiling of the newest batch of Launchpad LA companies. The VC’s & executives were then asked to make “commitments&# (in writing) to 3-5 of the companies that they felt they could make some sort of contribution to. Have a look at the companies below. Watch this space.

Company 276

Company Companies Startup Southern California 276

Both Sides of the Table

JUNE 17, 2013

In my first enterprise software company we developed a methodology for sales that we called PUCCKA. Customers sometimes buy things spontaneously without thinking through what their actual need is. ” In truth many companies had no idea why they actually needed Facebook Likes but there was still a pain point.

Sales 367

Sales Slides Startup Customer 367

Both Sides of the Table

JANUARY 26, 2013

I will add to this as I write more in the coming weeks on the topic. But succinctly this press places a marker in the ground for your company. Yes, you could tell them in a private internal meeting but nothing builds confidence more than their buddies all telling them, “wow, you work for a great company.

Startup 355

Startup Funding News Press 355

Startup Professionals Musings

NOVEMBER 28, 2022

Hiring requirements must be anticipated and implemented with the same precision and tracking as manufacturing volumes, sales leads, and customer service. The best candidates quickly figure out that companies that don’t respond, demonstrate chaos during interviews, or keep delaying a decision are not a good opportunity.

Organization 104

Organization Satisfaction Entrepreneur Screening 104

Both Sides of the Table

JUNE 23, 2013

I’ve been writing a series on a simple methodology that we used at my first enterprise software company. Simply, this is identifying a customer need that has economic value to them if they can solve it. This solves the customer question, “Why Buy Anything?”. The first post covered the topic of “P” or pain.

Sales 328

Sales Customer Custom Examples 328

Startup Professionals Musings

NOVEMBER 16, 2020

As a business advisor and advocate for entrepreneurs, I find myself almost always talking and writing about change. With a bit of humor, he provides some serious guidelines for struggling career professionals looking to move up, and new entrepreneurs looking to build a company. Peers and customers alike still expect responsiveness.

Startup 153

Startup Writing Entrepreneur Screening 153

Startup Professionals Musings

JUNE 26, 2020

What you don’t realize is these famous investors only deal with entrepreneurs who sold their last company for a $100M dollars or more. A business plan is the outward facing definition of the business you hope to drive with your hardware solution, with a hardware overview in the intro to highlight customer value and competitiveness.

Product 169

Product Summary Startup Examples 169

Berkonomics

MARCH 14, 2019

Of course, we are speaking of increased valuation of your company when we speak of “wealth.” One way to mitigate this is by using early money to create a prototype, to perform market research, to complete the first generation of the product, or to deliver the service to a satisfied customer. So, let’s examine them and mitigate them.

Outsource Development 120

Outsource Development Ideas Resource Patents 120

Inverted Software

AUGUST 9, 2021

“I hired a software development company from India. They outbide all the US based companies I contacted and offered developers at a cheap price. The above quote is a real customer that ended up at our office. The is done by writing modular code. Two years later they are still working on my systems. Scalability.

Software 105

Software Writing Framework Screening 105

Startup Professionals Musings

AUGUST 26, 2022

Most business advisors I know will say that writing a business plan is the first step to starting your own business, but I believe that a better first step is to do a self-analysis of your real drivers, strengths, and assumptions before committing to this lifestyle. You can’t really succeed in life if you are not happy.

Social Media 105

Social Media Writing Ideas Resource 105