Startup Professionals Musings

SEPTEMBER 25, 2023

Many first-time entrepreneurs find themselves unable to bootstrap their startups, and also unable to find early funding at the venture capital level or even with angel investors. Show them that you have done your homework with industry experts and potential customers, and convince them you are not asking for charity or a donation.

Startup 109

Startup Funding Equity Invest 109

Startup Professionals Musings

AUGUST 19, 2022

Even after many years mentoring entrepreneurs and advising businesses, I continue to be surprised by the primary focus on products and processes, and the often incidental attention to hiring and nurturing the right people. Data, however, removes guesswork, biases, and anecdotal reasoning that can throw decision efforts off course.

Tool 121

Tool Statistics Entrepreneur Metrics 121

Startup Professionals Musings

AUGUST 23, 2023

Every business owner and entrepreneur like you I work with wishes they could better predict product demand and sales, for managing inventory and long-term business planning. Gather feedback regularly from your team and customers to check for market and perception changes. Use statistical tools often to validate your assumptions.

Metrics 81

Metrics Demand Statistics Sample 81

Startup Professionals Musings

SEPTEMBER 26, 2018

One of the big decisions every aspiring entrepreneur has to make is when to quit your current job to devote yourself fulltime to your new startup. Of course, you might be able to pay yourself a salary from the investment, but this will be minimal and critically watched. And investors are hard to find in these years.

Startup 153

Startup Entrepreneur Ideas Statistics 153

Startup Professionals Musings

AUGUST 25, 2023

In the aftermath of the recent pandemic, which caused many businesses to close, a new raft of business workers and entrepreneurs are deciding to pursue their own dreams of being a new business owner, and controlling your own destiny. These are necessary to attract customers, investors, and give you a line of defense with competitors.

Social Media 98

Social Media Metrics Media Tool 98

Startup Professionals Musings

JUNE 1, 2015

Image via Flickr by Jupiter Labs Many first-time entrepreneurs find themselves unable to bootstrap their startups, and also unable to find early funding at the venture capital level or even with angel investors. Every good entrepreneur needs to invest skin in the game, to show credibility and leadership to others.

Entrepreneur 106

Entrepreneur Startup Equity Invest 106

Startup Professionals Musings

MAY 6, 2020

For example, Lyft and Uber were able to capitalize on the current ride-sharing trend worldwide by tracking statistics that indicated reduced interest in car ownership by millennials, lack of parking spaces, and auto ownership costs moving up rapidly. Spend more time outside the business, looking for trends.

Startup 124

Startup Customer Custom Statistics 124

Startup Professionals Musings

JANUARY 11, 2021

Many first-time entrepreneurs find themselves unable to bootstrap their startups, and also unable to find early funding at the venture capital level or even with angel investors. Show them that you have done your homework with industry experts and potential customers, and convince them you are not asking for charity or a donation.

Funding 138

Funding Startup Equity Invest 138

Startup Professionals Musings

JANUARY 9, 2022

Start by reviewing current statistics, like the recent Social Media Marketing Benchmark Report 2022 , to learn which social media sites are most popular, which features drive the most impact today, and how other social media marketers have maximized their efforts and seen the greatest ROI. Pick the ones that fit your desired outcome.

Social Media 135

Social Media Framework Media Metrics 135

Startup Professionals Musings

MARCH 6, 2020

In my work with you as an entrepreneur or small business owner, I find that most understand the need try out new business models and product innovations, but trust their intuition rather than running a disciplined business experiment first. In addition, even a small sample size shows statistically valid results for large changes.

Sample 124

Sample Customer Custom Tool 124

Startup Professionals Musings

OCTOBER 1, 2012

Based on my experience as a mentor and an entrepreneur, if you fail on your first startup, you are about average. Every young entrepreneur knows implicitly that startup success is a long hard road. Statistics show that the failure rate for new startups within the first 5 years is as high as 50 percent. Execution skills are weak.

Entrepreneur 109

Entrepreneur Ideas Resource Statistics 109

Startup Professionals Musings

NOVEMBER 15, 2019

Even after many years mentoring entrepreneurs and advising businesses, I continue to be surprised by the primary focus on products and processes, and the often incidental attention to hiring and nurturing the right people. Data, however, removes guesswork, biases, and anecdotal reasoning that can throw decision efforts off course.

Metrics 98

Metrics Tool Statistics Entrepreneur 98

Both Sides of the Table

OCTOBER 17, 2019

But like the company Kyriba, where we recently sold our position at above $1 billion, it took time until the revenue exceeded $100 million recurring and then the industry really competed to back this amazing company since it had scale, defensible technology and long-term, committed customers. VCs have different views and strategies on this.

Venture Capital 223

Venture Capital IP Startup Google 223

Startup Professionals Musings

MAY 10, 2014

When I heard a friend and business mentor say, “Your startup won’t fail if you don’t quit,” I realized that every entrepreneur should adopt “never give up” as their mantra. Either could improve the statistic that most startups fail within the first five years. Many experts say that running out of money is not the primary reason.

Startup 110

Startup Entrepreneur Statistics Course 110

Startup Professionals Musings

AUGUST 31, 2015

It seems that everyone I know who works in a corporate environment dreams of escaping to become an entrepreneur, and every entrepreneur wishes he or she had the security of a regular paycheck. As someone who has experience on both sides of this fence, I’m convinced that the move from employee to entrepreneur is far more risky.

Entrepreneur 104

Entrepreneur Statistics Startup Class 104

Steve Reich

MARCH 30, 2012

Let me give you a few examples: SwingbySwing Golf created an iPhone/Android app that lets golfers use the GPS in their phone to measure distance to the hole and track statistics. Oh, and did I mention that their users have mapped 35,000 courses in 127 countries? Of course not. Three full time developers and no marketing spend.

Incubator 91

Incubator Web Entrepreneur Santa Barbara 91

Startup Professionals Musings

AUGUST 15, 2018

When I heard a friend and business mentor say, “Your startup won’t fail if you don’t quit,” I realized that every entrepreneur should adopt “never give up” as their mantra. Either could improve the statistic that half of startups fail within the first five years. Many experts say that running out of money is not the primary reason.

Startup 56

Startup Entrepreneur Statistics Course 56

Startup Professionals Musings

FEBRUARY 19, 2018

As an advisor to young entrepreneurs, I find that many are a bit naïve about how the investment process really works. In my first working session with this entrepreneur, I suggested ways to break this request into stages or tranches, based on showing traction, with the first amount in a more affordable range of $50 thousand or less.

Tips 86

Tips Funding Startup Entrepreneur 86

Startup Professionals Musings

AUGUST 3, 2016

When I heard a friend and business mentor say, “Your startup won’t fail if you don’t quit,” I realized that every entrepreneur should adopt “never give up” as their mantra. Either could improve the statistic that most startups fail within the first five years. Many experts say that running out of money is not the primary reason.

Startup 58

Startup Entrepreneur Statistics Course 58

Both Sides of the Table

MAY 21, 2017

I was influenced heavily before my career even began because in my undergraduate work I took a ton of statistics classes that showed how easily we human brains fall prey to easy biases and slights of data and try to draw conclusions that don’t exist. Coming back with an empty chamber for the third battle is much worse than not coming back.

Venture Capital 182

Venture Capital Statistics Writing Report 182

Startup Professionals Musings

MARCH 18, 2019

As an advisor to entrepreneurs for many years, I strongly disagree, and still see the value of at least combining intuition with logical analysis, as we face customers and markets driven by relationships, emotions, and unpredictable social trends. The venerable Steve Jobs was reportedly in the same category.

Examples 81

Examples Tool Statistics Tips 81

Startup Professionals Musings

MAY 13, 2016

One of the biggest myths I have found in the entrepreneur community is that every startup needs one or more outside investors for credibility and success, and perhaps is even entitled to at least one. Searching LinkedIn, for example, is a must for contemporary entrepreneurs. Identify customer executives who need your solution.

Startup 61

Startup Entrepreneur Statistics Funding 61

Startup Professionals Musings

JUNE 8, 2016

One of the myths I often hear as an advisor to many entrepreneurs is that their lifestyle would somehow be better if they could more easily find other people’s money to build their startup. Most entrepreneurs never forget for a moment that having investors means owing money, even if they can legally argue that equity is not debt.

Funding 57

Funding Startup Satisfaction Entrepreneur 57

Startup Professionals Musings

JANUARY 11, 2016

I meet many entrepreneurs with a real passion for their new idea, but unfortunately they don’t all realize that passion is necessary but not sufficient fuel to turn their idea into a successful business. Interact with real customers to validate passion in their feedback. Reality check your potential for building a business.

Startup 62

Startup Ideas Entrepreneur Statistics 62

Startup Professionals Musings

DECEMBER 10, 2017

Even after many years mentoring entrepreneurs and advising businesses, I continue to be surprised by the primary focus on products and processes, and the often incidental attention to hiring and nurturing the right people. Data, however, removes guesswork, biases, and anecdotal reasoning that can throw decision efforts off course.

Tool 53

Tool Entrepreneur Statistics Metrics 53

Startup Professionals Musings

JANUARY 16, 2017

Of course, a company still needs to make a profit to survive, but supporting a worthy cause can be the most profitable brand building you can do. As an advisor to many new businesses, I see a host of advantages for every new business by being socially responsible today: Expands the potential customer target market size.

Customer 64

Customer Custom Statistics Pricing 64

Startup Professionals Musings

NOVEMBER 11, 2013

Based on my experience as a mentor and an entrepreneur, if you fail on your first startup, you are about average. Every young entrepreneur knows implicitly that startup success is a long hard road. Statistics show that the failure rate for new startups within the first 5 years is higher than 50 percent.

Startup 100

Startup Ideas Entrepreneur Resource 100

Startup Professionals Musings

OCTOBER 14, 2016

What every entrepreneur is asking me these days, is “How do I get to be a unicorn?” Based on some good estimates of how many new ventures have been started in the last five years, the statistical odds of any individual startup making it to this level are less than one in a million. But, of course, that doesn’t mean you shouldn’t try.

Company 100

Company Companies Startup Statistics 100

Startup Professionals Musings

JANUARY 29, 2013

When I heard a friend make the statement “Your startup can’t fail if you don’t quit,” I realized that every entrepreneur should adopt it as their mantra. If we all repeat this mantra, perhaps we can improve the statistic that over half of new startups fail within five years. Pivoting or dealing a new hand is not quitting.

Startup 100

Startup Entrepreneur Statistics Marketing 100

Startup Professionals Musings

MAY 30, 2012

If you are an entrepreneur starting a business for the first time, I recommend that you find a product concept that is already accepted and improve on it, rather than tackling that ultimate disruptive technology. Of course, the first one gets the patent. Of course, you still have to do your homework and market research.

Patents 84

Patents Startup Statistics Course 84

Startup Professionals Musings

DECEMBER 17, 2013

Entrepreneurs have no trouble focusing on how to build a product, and the good ones know how to find and nurture those first critical customers. Sales is simply defined as income from customer purchases of goods and services, minus the cost associated with things like returned or undeliverable merchandise.

Metrics 100

Metrics Technical Review Sales Customer 100

Startup Professionals Musings

FEBRUARY 26, 2011

If you are an entrepreneur starting a business for the first time, I recommend that you find a product concept that is already accepted and improve on it, rather than tackling that ultimate disruptive technology. Of course, the first one gets the patent. Of course, you still have to do your homework and market research.

Startup 91

Startup Patents Statistics Course 91

Startup Professionals Musings

NOVEMBER 14, 2012

Entrepreneurs have no trouble focusing on how to build a product, and the good ones know how to find and nurture those first critical customers. Sales is simply defined as income from customer purchases of goods and services, minus the cost associated with things like returned or undeliverable merchandise.

Metrics 106

Metrics Startup Sales Statistics 106

Startup Professionals Musings

AUGUST 19, 2010

When I heard a friend make this statement the other day, I realized that every entrepreneur should adopt it as their mantra. If we all do it, we can drastically improve the statistic that over half of new startups fail within five years. Nothing is more discouraging to future entrepreneurs than a failed startup. Marty Zwilling.

Startup 95

Startup Entrepreneur Statistics Marketing 95

Startup Professionals Musings

SEPTEMBER 10, 2011

When I heard a friend make the statement “Your startup can’t fail if you don’t quit,” I realized that every entrepreneur should adopt it as their mantra. If we all take this mantra, we can drastically improve the statistic that over half of new startups fail within five years. Pivoting or dealing a new hand is not quitting.

Startup 91

Startup Entrepreneur Statistics Marketing 91

Tech.Co

DECEMBER 12, 2017

So when we come across an entrepreneur who cannot resist using 20 words when 10 would suffice, it’s painful, really painful. Q: Tell us about your customers/users …. A: Huge problem causing lots of pain for customers. The entrepreneur has put a lot of time into crafting his deck and making it look pretty. The #LinkerFail.

Tips 70

Tips Startup Statistics Metrics 70

Both Sides of the Table

JANUARY 1, 2016

But of course all of these things are intertwined. We try to hire people who we believe will be upfront and respectful of entrepreneurs and know that it’s far easier to judge ones decisions on the outside than it actually is to have to make the tough decisions inside of a startup every day. Know what you believe is important.

Startup 150

Startup Coach Course Invest 150