Berkonomics

FEBRUARY 25, 2021

How should you become the best marketer you can be, even if you are a first-time entrepreneur or a seasoned CEO? The title of this insight helps us find a formula: LALA. Interview potential customers, hold focus groups, meet with existing customers. There’s an answer for that. Memorize your use of “LALA”. Adapt (again)!

Marketing 156

Marketing Metrics Education Resource 156

Startup Professionals Musings

NOVEMBER 29, 2019

As a mentor to many aspiring entrepreneurs, I challenge them to think beyond what I call linear extensions to a current trend, such as another “easier-to-use” app for smartphones, a new dating site for pets, or another niche social network. Examples I have seen include atomic battery technology, or how marine algae could help feed the world.

Entrepreneur 126

Entrepreneur Ideas Resource Examples 126

Startup Professionals Musings

DECEMBER 12, 2021

If you are an entrepreneur these days, or trying to grow an existing business, everyone is telling you that you need to use social media. But very few are talking about how to measure your results and return on investment (ROI), and the right metrics for optimizing your marketing environment. Measure customer response and action.

Social Media 127

Social Media Media Metrics Satisfaction 127

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. What I’m talking about here is a level of discipline and skill necessary to collect and analyze the relevant business data, known as metrics. Customer loyalty and retention.

Metrics 100

Metrics Technical Review Sales Customer 100

Startup Professionals Musings

OCTOBER 3, 2016

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.

Entrepreneur 106

Entrepreneur Satisfaction Metrics Ideas 106

Startup Professionals Musings

MARCH 22, 2023

There are many components of an ownership thinking strategy, but here are some of the key ones from my own perspective, as a mentor and advisor to aspiring entrepreneurs and new business owners: Willing to take smart risks which lead to long-term growth. More new, repeat, and loyal customers means career success.

Startup 111

Startup Satisfaction Metrics Customer 111

Startup Professionals Musings

MAY 30, 2022

Early-stage entrepreneurs rightly keep their focus on creating an innovative product or service. That’s where I see too much entrepreneur burnout, growth plateaus, and founders being replaced, to their chagrin. Of course, not every entrepreneur wants to tackle this challenge. Hire more help than helpers.

Sales 147

Sales Metrics Guide Startup 147

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. We all have our favorite metric and our passion, but keeping up with real-world changes and trends seems to be always just out of reach.

Metrics 81

Metrics Demand Statistics Sample 81

Startup Professionals Musings

OCTOBER 18, 2023

Once an entrepreneur, always an entrepreneur. Although many won’t admit it, true entrepreneurs can’t wait to exit their current startup, and build a new and better one with their next great idea. New startup founders keep all the operating metrics they need in their head. Mature your business processes and customer base.

Startup 99

Startup Entrepreneur Metrics Acquisition 99

Startup Professionals Musings

APRIL 26, 2012

If you are an entrepreneur these days, or trying to grow an existing business, everyone is telling you that you need to use social media. But very few are talking about how to measure your results, and the right metrics for optimizing your marketing environment. Social media is the realm of public opinion and customer conversations.

Social Media 98

Social Media Metrics Media Startup 98

Both Sides of the Table

DECEMBER 11, 2022

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. In those years I learned to properly build product, price products, sell products and serve customers.

Venture Capital 466

Venture Capital Startup Marketing Pricing 466

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. What I’m talking about here is a level of discipline and skill necessary to collect and analyze the relevant business data, known as metrics. Customer loyalty and retention.

Metrics 106

Metrics Startup Sales Statistics 106

Berkonomics

NOVEMBER 12, 2020

Creating a new product in a relative vacuum is an exercise in complete trust that you know what’s best for the customer, perhaps even without interaction with such a customer. So, I’ve developed the three-step dance in order to help form a repeatable method of how to create a great company from an early idea.

Product 156

Product Customer Custom Ideas 156

Startup Professionals Musings

JULY 15, 2020

Many of the entrepreneurs like you that I have met in my role as a business advisor are really product creators versus business creators, convinced that a great product will generate a great business. Entrepreneurs are typically focused on the big picture – creating a vision, purpose, and a long-term strategy.

Metrics 140

Metrics Entrepreneur Coach Satisfaction 140

Startup Professionals Musings

JULY 4, 2021

Every entrepreneur I know is short on resources, including time, money, and skills. Waste in a startup is any activity that burns resources, but creates no value or competitive advantage in the eyes of customers. Hire real help and learn to delegate. Too many entrepreneurs confuse action with momentum and results.

Startup 161

Startup Resource Training Entrepreneur 161

Startup Professionals Musings

MAY 5, 2013

If you are an entrepreneur these days, or trying to grow an existing business, everyone is telling you that you need to use social media. But very few are talking about how to measure your results, and the right metrics for optimizing your marketing environment. Social media is the realm of public opinion and customer conversations.

Social Media 102

Social Media Media Entrepreneur Metrics 102

Startup Professionals Musings

AUGUST 31, 2020

With interactive social media and video everywhere, everyone needs to feel they have a relationship with their leaders, and every brand needs leader personification for customers to relate. Here is my adaptation of his engagement principles for all the aspiring entrepreneurs I advise: Learn to adopt an outsider’s perspective.

Social Media 128

Social Media Metrics Customer Custom 128

Startup Professionals Musings

FEBRUARY 28, 2020

As a new business advisor, I hear facts all the time about how hard an entrepreneur is working, but often have a hard time getting them to quantify results. Even you as the entrepreneur, who may not be getting paid at all, are tricked into thinking that if you had more hours, you could get better results.

Metrics 124

Metrics Entrepreneur Satisfaction Study 124

Startup Professionals Musings

APRIL 27, 2022

Entrepreneurs are now measured against the “triple bottom line” (TBL or 3BL) of people, planet, and profit. How does any entrepreneur define the right balance, and then measure their performance against real metrics? Many young entrepreneurs seem to think that capitalism and making profit are dirty words.

Startup 110

Startup Entrepreneur Capital Examples 110

Startup Professionals Musings

MARCH 9, 2022

True business success and leadership starts with real personal values, extends to building a team, and finally to inspiring customers and your community. My job as a new business advisor is to help entrepreneurs get over this chasm early. Most entrepreneurs find that they are their own toughest critics.

Case Study 139

Case Study Customer Custom Tool 139

Startup Professionals Musings

OCTOBER 31, 2022

If you are not sure of your best fit, like many people I know, I just found help in a new book, “ The 6 Types of Working Genius ,” by Patrick Lencioni. I like his model and examples from the field to help you identify the type of work that is your forte, and will likely bring you joy and energy, rather than frustration and burnout.

Activity 108

Activity Satisfaction Metrics Startup 108

InfoChachkie

JANUARY 16, 2018

Some of the products I’ve helped validate and launch include GoToMyPC, GoToMeeting and AppFolio. Our software helps companies save time, improve their communication, and ultimately build better products faster. We have customers from so many different industries like software, financial services, healthcare, and media.

Venture Capital 115

Venture Capital Entrepreneur Santa Barbara SaaS 115

Startup Professionals Musings

AUGUST 15, 2022

This gives rise to the personalization and customization that we all want. Analytics will soon drive nearly all business decisions for any company that wants to remain relevant to its customers. Data enable: use metrics and measurements. Crowdsource: putting your audience to work beyond customers.

Startup 126

Startup Social Media Entertainment Metrics 126

Startup Professionals Musings

JANUARY 9, 2021

Once an entrepreneur, always an entrepreneur. Although many won’t admit it, true entrepreneurs can’t wait to exit their current startup, and build a new and better one with their next great idea. New startup founders keep all the operating metrics they need in their head. Mature your business processes and customer base.

Startup 173

Startup Entrepreneur Metrics Acquisition 173

Startup Professionals Musings

JUNE 21, 2023

Commonly, I find that business owners and entrepreneurs look first at solutions which solve painful problems, or have high profit margins, regardless of their own commitment to a higher purpose, such as saving the environment or helping the underserved. Test specifics and potential on friends, advisors, and potential customers.

Satisfaction 114

Satisfaction Customer Custom Social Media 114

Startup Professionals Musings

OCTOBER 11, 2010

If you are an entrepreneur these days, or trying to grow an existing business, everyone is telling you that you need to use social media. But very few are talking about how to measure your results, and the right metrics for optimizing your marketing environment. Social media is the realm of public opinion and customer conversations.

Social Media 84

Social Media Metrics Media Satisfaction 84

Startup Professionals Musings

OCTOBER 13, 2021

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.

Metrics 133

Metrics Product Yahoo Examples 133

Both Sides of the Table

SEPTEMBER 10, 2021

And there is so much money around being thrown at so many entrepreneurs that many firms don’t even care about board seats, governance rights or heaven forbid doing work with the company because that would eat into the VCs time needed to chase 5 more deals. And the truth is that several entrepreneurs prefer it this way.

Venture Capital 471

Venture Capital Writing Invest Pricing 471

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

MAY 30, 2014

Every entrepreneur I know is short on resources, including time, money, and skills. Waste in a startup is any activity that absorbs resources, but creates no value or competitive advantage in the eyes of customers. Hire real help and learn to delegate. Too many entrepreneurs confuse action with momentum and results.

Entrepreneur 115

Entrepreneur Resource Training Product 115

Berkonomics

AUGUST 7, 2014

How should you become the best marketer you can be, even if you are a first time entrepreneur or a seasoned CEO? The title of this insight helps us find a formula: LALA. Interview potential customers, hold focus groups, meet with existing customers. There’s an answer for that. Hire consultants. Adapt (again)!

Marketing 176

Marketing Metrics Education Resource 176

Startup Professionals Musings

MARCH 9, 2019

If you are an entrepreneur these days, or trying to grow an existing business, everyone is telling you that you need to use social media. But very few are talking about how to measure your results and return on investment (ROI), and the right metrics for optimizing your marketing environment. Measure customer response and action.

Social Media 98

Social Media Media Metrics Satisfaction 98

Startup Professionals Musings

SEPTEMBER 22, 2021

Unfortunately, most of us don’t have enough resources to bootstrap our own startups, so we are completely dependent on investors to help turn great ideas into great businesses. Emphasize your real ambition to change the world, through helping the underprivileged, improving healthcare, or saving the environment.

Ideas 140

Ideas Entrepreneur Equity Resource 140

Startup Professionals Musings

SEPTEMBER 5, 2014

These days, with the many Internet articles and new courses available, most new entrepreneurs readily cross the gap from lack of business knowledge to knowing, but many never make it over the knowing versus doing gap. Use metrics to support judgment in decisions. Metrics are necessary to acquire knowledge and turn it into action.

Entrepreneur 104

Entrepreneur Startup Coach Metrics 104

Startup Professionals Musings

NOVEMBER 28, 2020

The rate of new entrepreneurs increased between 2013 and 2019, from 280 out of 100,000 to 310 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.

Tips 161

Tips Startup Social Media News 161

Startup Professionals Musings

DECEMBER 13, 2019

In the interests of helping you work smarter and last longer, I would like to offer my top ten list of key resource drains to avoid in early businesses and startups, based on my years of advising entrepreneurs and my own business experience: Expanding your product line too quickly for scaling. Excessive support and return activities.

Outsource Development 122

Outsource Development Outsource Metrics Technical Review 122

Startup Professionals Musings

MARCH 19, 2021

But the magic that makes one entrepreneur stand out over others is hard to quantify – yet we all recognize it when we see it. As a mentor, my mission is to recommend actions that can strengthen your image with investors and peers, as well as help you get the startup job done. Focus on customers and people over profits and ego.

Customer 157

Customer Custom Metrics Ideas 157