Startup Professionals Musings

AUGUST 25, 2023

Based on my own experience as a mentor and angel investor, I find that as many as ninety percent of startups fail in the first five years, despite their best efforts. These are necessary to attract customers, investors, and give you a line of defense with competitors. Test your plan to get feedback from real customers.

Social Media 98

Social Media Metrics Media Tool 98

Startup Professionals Musings

JANUARY 11, 2023

In my experience as a mentor, I find that keeping creative thinking in the balance is a challenge for every startup, due to the natural employee tendency to resist change. Using data metrics alone for decisions, without seeking the root problem and alternative solutions, kills creativity. Not always to good effect. Failure to learn.

Marketing 119

Marketing Metrics Demand Statistics 119

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

SEPTEMBER 22, 2022

Great marketing is required to generate revenue and grow every business, especially new businesses which have no brand recognition nor loyal customer base. Yet, as a business consultant, I still find many of you business leaders relying primarily on your technology, word-of-mouth , or location to attract necessary customers.

Marketing 133

Marketing Customer Custom Outsource Development 133

Startup Professionals Musings

JANUARY 25, 2016

If you can’t provide a memorable customer experience, your startup won’t survive very long these days. You now need more than loyalty from your customers -- they need to be your best advocates. The days of pushing new and marginal performers into customer service are gone. Every job on your team drives your customer experience.

Customer 55

Customer Custom Startup Coach 55

Startup Professionals Musings

NOVEMBER 30, 2022

While these investors, and early customers, will always argue that they found you, I’m convinced that there is no substitute for aggressive networking on your part. Ability to relate aspirations to customer needs. You need to show insights to real customers and their needs, that get beyond your passions and projections.

Startup 113

Startup Customer Custom Technical Review 113

Startup Professionals Musings

OCTOBER 18, 2023

As a mentor to many entrepreneurs, I also encourage an entrepreneur exit focus early, and I really like the specific steps outlined in the classic book, “ Exit Signs ,” by Pamela Dennis, who has helped companies through this critical transition for decades. New startup founders keep all the operating metrics they need in their head.

Startup 99

Startup Entrepreneur Metrics Acquisition 99

Startup Professionals Musings

JULY 4, 2021

The last thing they can afford is to waste any of these, but in my mentoring and coaching activities, I see it happening all too often. Waste in a startup is any activity that burns resources, but creates no value or competitive advantage in the eyes of customers. Then always measure customer results, not work.

Startup 161

Startup Resource Training Entrepreneur 161

Startup Professionals Musings

FEBRUARY 8, 2020

As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.

Entrepreneur 129

Entrepreneur Resource Metrics Customer 129

Startup Professionals Musings

APRIL 18, 2020

In my experience as a mentor, I find that keeping creative thinking in the balance is a challenge for every startup, due to the natural employee tendency to resist change. Using data metrics alone for decisions, without seeking the root problem and alternative solutions, kills creativity. Not always to good effect. Failure to learn.

Metrics 157

Metrics Demand Statistics Sales 157

Startup Professionals Musings

MARCH 19, 2021

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. Use active listening to learn from your team, your customers, and investors. Define and use real metrics to measure progress.

Customer 157

Customer Custom Metrics Ideas 157

Startup Professionals Musings

SEPTEMBER 9, 2020

In my own business career, many years as a business advisor, and mentor to aspiring entrepreneurs, I have validated the following strategies to practice and guide you. A broken process or a subtle quality issue can generate a flood of customer satisfaction problems, cost overruns, and loss of market share.

Satisfaction 152

Satisfaction Mentor Study Startup 152

Startup Professionals Musings

APRIL 28, 2021

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. Look for validation from your mainstream customers. Even non-profits need income to run a business.

Technical Review 131

Technical Review Case Study Mentor Software Review 131

Startup Professionals Musings

JUNE 1, 2022

In my role as a mentor, I challenge every business leader to be more open-minded as they face the challenges of change and new competitors entering their space. Winning business owners really listen and act on feedback from customers and advisors. Don’t be totally driven by a key customer. Listening to customers also helps.

Technical Review 120

Technical Review Customer Custom Social Media 120

Startup Professionals Musings

JANUARY 9, 2021

As a mentor to many entrepreneurs, I also encourage an entrepreneur exit focus early, and I really like the specific steps outlined in the classic book, “ Exit Signs ,” by Pamela Dennis, who has helped companies through this critical transition for decades. New startup founders keep all the operating metrics they need in their head.

Startup 173

Startup Entrepreneur Metrics Acquisition 173

Startup Professionals Musings

DECEMBER 12, 2022

Implement metrics and set objectives for every organization. Growing the company means growing people through mentoring and training. In addition the best of both groups maintain a focus on customers, love to learn new things, and are always thinking. Now the experiments are over, and high productivity is the objective.

Startup 137

Startup Training Entrepreneur Organization 137

Startup Professionals Musings

MARCH 25, 2022

Thus, over the years of my mentoring and consulting efforts with entrepreneurs, I have a key list of practices that I recommend to everyone starting and growing a business. You may think it’s great that demand exceeds your supply chain, but customers only remember it as a loss of your credibility, and will tell others.

Startup 134

Startup Training Tool Demand 134

Startup Professionals Musings

MAY 1, 2019

Image via Pixabay As a mentor to many small business owners, I always caution them that you can never relax completely, just because your initial solution or product set appears to be getting traction, and the market buzz is positive. Other customers routinely pay late, or only after they receive one or more prompts from you.

Metrics 86

Metrics Startup Training Customer 86

Startup Professionals Musings

JULY 15, 2020

For the business to prosper, every employee, and your customers, must know and relate to your core values, such as product excellence, care for the environment, and personal integrity. Implement the key business metrices you will live by. Increase you focus on coaching, training, and mentoring.

Metrics 140

Metrics Entrepreneur Coach Satisfaction 140

Startup Professionals Musings

OCTOBER 5, 2022

As a mentor to business professionals, I find that many are frustrated that peers and managers don’t recognize the true value of their contributions. Documenting your input early, and follow-up later by quantifying customer revenue is your only way to make sure your value in the revenue growth process is not forgotten.

Examples 133

Examples Metrics Startup Customer 133

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. It’s the same for customers and products, where analytics have long proven their value.

Tool 121

Tool Statistics Entrepreneur Metrics 121

Startup Professionals Musings

OCTOBER 11, 2019

Every entrepreneur and business leader believes that he or she has the full trust of their team and their customers, and in fact most do in the beginning. Unfortunately, many aspiring leaders I mentor are not aware of the signals people are looking for, or are not attuned to the subtleties of their own actions.

Mentor 98

Mentor News Summary Coach 98

Startup Professionals Musings

SEPTEMBER 30, 2023

Assess who you can get for value and mentoring. These relationships must be nurtured over time, balanced against your personal life, and grow to include major customers, competitors, and potential acquirers. You may be comfortable driving your future based on vision and emotion, or have long been a stickler for details and metrics.

Startup 94

Startup Ideas Metrics Entrepreneur 94

Startup Professionals Musings

DECEMBER 27, 2019

As a mentor to entrepreneurs, I often get asked for the magic that has made Amazon the world's most valuable brand , from a total unknown only twenty years ago. My simple answer is that they keep their focus on customers, rather than technology. Jeff Bezos has kept his focus on customers.

Marketing 123

Marketing Technical Review Customer Custom 123

Startup Professionals Musings

FEBRUARY 5, 2020

As a mentor to entrepreneurs, I tend to see many of the same obstacles appearing in every new startup, and since I don’t want to appear to be a downer , I’m not sure how to properly warn people ahead of time to be on the alert for these challenges. Funding is depleted before customer sales ramp up. The world today never stands still.

Startup 131

Startup Entrepreneur Examples Customer 131

Startup Professionals Musings

MARCH 2, 2020

In addition, creating a business requires leading and interacting with other people, including partners, investors, and customers. Create a written plan, with target milestones and metrics. You must also learn from your customers. Yes, there are a lot of bridges to cross. Expand your own learning and knowledge by helping others.

Ideas 126

Ideas Writing Examples Outsource 126

Startup Professionals Musings

JUNE 2, 2019

In this era of rapid change, you can’t afford to stop learning, or you will find that your competitors, your customers, and your team, may soon be following someone else. Most people agree that leadership is primarily a set of behaviors that capitalize on relationships and a current market and customer understanding in a complex world.

Tips 97

Tips Mentor Coach Metrics 97

Startup Professionals Musings

AUGUST 7, 2020

In the short term you need customers to find you at any price, and in the longer term you need revenue, profit, and return loyalty. It’s your job as a leader to be the model high performer, quantify the team view with metrics, and expand awareness to the best outside competition and new tools.

Technical Review 124

Technical Review Layoffs Social Media Metrics 124

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. Also evaluate the values of desired customers. Non-profits rely on philanthropists and donors.

Entrepreneur 126

Entrepreneur Ideas Resource Examples 126

Startup Professionals Musings

AUGUST 14, 2015

In my perspective as an advisor and mentor to many entrepreneurs, there are a set of basic strategies that can be applied to every startup to dramatically improve the odds of success, no matter what the business domain. Maybe more important, you need domain knowledge, relationships and lots of potential customers.

Startup 101

Startup Metrics Resource Mentor 101

Startup Professionals Musings

SEPTEMBER 9, 2015

As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.

Startup 115

Startup Resource Metrics Entrepreneur 115

Startup Professionals Musings

OCTOBER 8, 2018

As a long-time advisor to entrepreneurs and business owners, I rarely find someone who doesn’t proclaim that the business world is changing rapidly, with new technology, new customer expectations, and new cultures. Others still routinely have phone hold queues for customer contact that can last up to an hour, with no alternative options.

Technical Review 84

Technical Review Customer Custom Startup 84

Startup Professionals Musings

JULY 25, 2018

In fact, most see a more direct relationship between customers and their business success, so employee focus by default will end up in third place. Once this product-first, customer-second, and employee-last culture is set, it is extremely hard to change. Establish metrics on the culture, as well as the product.

Metrics 57

Metrics Startup Netflix Customer 57

Startup Professionals Musings

MARCH 15, 2020

Implement metrics and set objectives for every organization. Growing the company means growing people through mentoring and training. In addition the best of both groups maintain a focus on customers, love to learn new things, and are always thinking. Now the experiments are over, and high productivity is the objective.

Startup 125

Startup Training Entrepreneur Organization 125

Startup Professionals Musings

MAY 13, 2020

As a mentor to entrepreneurs over the years, I see many of you who don’t communicate enough, others who seem to do all the talking, and some that are hesitant to be direct and open. You as the leader have a responsibility to define goals, strategy, and operational metrics. Always open to be influenced by new information.

Startup 124

Startup Ideas Examples Metrics 124

Startup Professionals Musings

AUGUST 27, 2014

As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.

Startup 113

Startup Resource Metrics Entrepreneur 113

Startup Professionals Musings

JANUARY 30, 2017

Yet, in my experience as a mentor to entrepreneurs, the majority of failures I see are related to starting and growing the business, not developing the solution. In fact, I can condense the sum of my business experiences into eight key disciplines: Start with a total and ongoing customer focus. Demonstrate an ongoing sense of urgency.

Ideas 72

Ideas Startup Metrics Entrepreneur 72