Remove Customer Remove Demand Remove Resource
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Keep A Real Job Until Your New Venture Shows Traction

Startup Professionals Musings

Some of you are so committed to the new passion that you quit your day job early, and dedicate all your time and resources to the new venture. Even with all the help resources available to entrepreneurs, there is still no better way to learn than trying an experiment that doesn’t work. Which is right?

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Why Your Startup Needs a Sales Methodology

Both Sides of the Table

I did have the wherewithal to visit potential customers and try to understand the pain points that I thought could be solved with our solution. Steve Blank calls this “ customer development ” in which you built an initial product that is in search of “product / market fit.” This is a very important to do when you first start a company.

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Most Startups Should be Deer Hunters

Both Sides of the Table

When you start your company the very first question you need to ask yourself is which kind of customers do you want to serve. Many start-ups (and even growth firms) lack this discipline and they therefore serve customers off all sizes. These are really massive customers. We knew how to land huge corporate customers.

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Demand pull – cost push.

Berkonomics

Place your cash bets behind proven demand. The term, “demand pull – cost push” was created by the great economist, John Maynard Keynes, to describe the two primary drivers of economic inflation. All of our enterprises have limited resources, even the largest of the Fortune 500, and especially the smallest of competitors in a market.

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Good, cheap, fast. Pick any two.

Berkonomics

“Quality” products and services should not be positioned as “cheap,” or your potential customers will question your message from the start, and will be more critical of the delivered product than if offered as one or the other, but not both. It is an excellent variation on the theme – selecting from a limited menu of the use of resources.

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Are you or your business “time bankrupt?”

Berkonomics

Time bankruptcy results from the deliberate over-commitment of core resources. You’re fighting to put out the fires from customer complaints, or incomplete work, or are suffering from an inability to focus upon new development or new customers before cleaning up the mess inside your organization. Time bankruptcy.

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9 Women Can’t Make a Baby in a Month

Both Sides of the Table

In the initial phases of any new market you’re developing a product (hopefully with a minimal set of features), getting feedback from customers, refining your product based on user feedback and then re-launching your product. Facebook, Google) to a large market opportunity then you had better have enough resources to compete.