April, 2023

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Are you a dictator about sales deadlines?

Berkonomics

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. We hesitate to enforce our own rules. So, it is common practice to leave an offer containing a discount open, following up periodically to attempt to nudge a prospect into signing.

Sales 156
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10 New Venture Factors To Consider Before You Commit

Startup Professionals Musings

If you are one of the new age of entrepreneurs who hates the thought of doing a business plan as a first step in starting your new venture you will love this message. More and more professionals agree that a better strategy is to explore and fine tune your assumptions before declaring a specific plan with financial projections based only on your dream and passion.

Startup 142
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Alumni Incubator Startup Spotlight: Oral Genome

Startup San Diego

The post Alumni Incubator Startup Spotlight: Oral Genome appeared first on Startup San Diego.

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The 3 Benefits To Enjoy When Outsourcing Your Delivery Service

AllTopStartups

For businesses that rely on fast and efficient delivery, maintaining an in-house fleet of vehicles and drivers can be a costly and time-consuming endeavor. Fortunately, there is an alternative. Outsourcing… The post The 3 Benefits To Enjoy When Outsourcing Your Delivery Service appeared first on AllTopStartups.

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Can You Ask for Office Rent Relief? How to Manage Your Lease During COVID-19

Office leases are one of companies’ largest expenses, and if your whole team is working from home with no clear end in sight, you may be wondering what to do about your lease.

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What are the odds of your startup’s success?

Berkonomics

Well, the numbers don’t lie, even if there are several sources of these statistics. Starting a company is HARD – in so many ways. And risky too. Let’s start with a restaurant -not our thing. But… I read several years ago that the average startup restaurant lasts only about a year. Ouch! Here I am a professional investor in early-stage companies, and I attempt to find those with the greatest chance of success and growth in value over time.

Startup 156
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Nothing good happens after midnight!

Berkonomics

Here’s another one from my Dad, a very wise man. He gave me this advice right after I received my driver’s license years ago. It took years to understand the importance of this prophetic statement. Taking this advice literally: Gun shots, drunk drivers, mayhem, and even curfews qualify as just some of the things that could bite in the early morning.

Equity 156

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10 Keys To Real Innovation In Your Next New Business

Startup Professionals Musings

As a startup advisor in this age of the entrepreneur, I see many more startups, but innovation is still hard to find. The most common proposals I hear are for yet another social networking site ( 200 on Wikipedia ), or another dating site/app ( over 1500 in the USA ). Startups which display real innovation, such as alternative energy sources and new medical treatments, are still rare.

Startup 137
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7 Excuses I Don’t Want To Hear For New Owner Failure

Startup Professionals Musings

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. Rather than quitting, there are always alternatives, like pivoting the business model or merging with new partners for support. Either could improve the statistic that half of startups fail within the first five years.

Startup 135
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5 Ways to Lead Positive Change in Your Life and Work

Startup Professionals Musings

Change is hard , in business as in your personal life. In my small business consultancy, I see this daily, per you owners and professionals struggling with the challenges of new markets and new competitors. Leading change is even harder, trying to balance the demands of the customers against the needs and expectations of employees. But you have to change to survive and thrive.

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10 Popular Founder Misconceptions Limit Startup Ideas

Startup Professionals Musings

Every entrepreneur believes in their heart that their startup is more innovative and creative than their competitors. Yet none knows exactly where creativity comes from within, or how to pick and motivate the most creative people for the team. Most believe and follow one or more of the popular myths on business creativity, even though none of them have much scientific evidence.

Ideas 127
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5 Venture Periods Call For Unique Funding Strategies

Startup Professionals Musings

Time is too precious to waste trying to close a deal with the wrong investors at the wrong time. Luckily, not all investors are looking for the same thing, so it pays to know what type of investors are most interested in what your startup brings to the table. The key is understanding how potential investors see you, and especially how they view the maturity stage of your startup.

Funding 125
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7 Secrets To Bank Equity Funding Without Collateral

Startup Professionals Musings

Many entrepreneurs are convinced that banks are not worth the effort for startups, especially early-stage ones that still don’t have a revenue stream, or collateral to back up their financing needs. A question I get from time to time is “Can I ever expect any backing from my bank for a great opportunity?” The short answer is that some banks will help, if you do your homework.

Equity 121
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5 Recipes For A Team Culture To Drive Business Growth

Startup Professionals Musings

Many business leaders I meet in my consulting practice are frustrated by the challenge of getting their teams working together, increasing engagement, and tackling market change requirements. We all realize that the pace of change is increasing, and new global markets makes it critical that every team member is focused on the market, rather than internal battles and risk aversion.

Mentor 117
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10 Tips For Continuously Disrupting Your Own Business

Startup Professionals Musings

As a business owner or key professional, your challenge is to keep up with and stay ahead of the rapid market change today, or lose your livelihood tomorrow. In my business consulting activities, I often get asked for help in looking ahead, and I well understand your primary day-to-day focus on setting repeatable processes and creating a stable environment for existing team members.

Tips 116
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10 Lessons On The Value Of Self-Promotion In Business

Startup Professionals Musings

Too many entrepreneurs I know still believe that that their great idea will carry the startup, and they may even minimize their own value, especially if they have introvert tendencies. Yet most investors agree that the “idea” is worth nothing alone, and it’s the entrepreneur execution that counts. That means that selling yourself is more important than selling your idea.

Startup 117
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7 Ways To Improve Return On Your Marketing Investment

Startup Professionals Musings

Contrary to popular opinion, viral marketing has not eliminated the need for old-fashioned lead generation to bring customers to a startup. Indeed, while the rules and technologies for lead generation have changed, Forrester and other experts still see it as the most effective way for businesses with limited budgets to maximize their return on marketing investment (ROI).

Invest 114
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7 Reasons That Worker Empowerment Rules The Workplace

Startup Professionals Musings

As I work with businesses who are struggling to restore staffing and recover after the pandemic, I see a new culture and a new generation of workers who have found strength in working remotely from their homes, and savoring their ability to survive on their own terms. Many business leaders are assuming this is only a temporary situation, but I’m convinced this model is the new norm.

Startup 113
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8 Strategies to Boost Your Leadership Impact at Work

Startup Professionals Musings

As a business consultant and mentor to many young entrepreneurs, I often get questions about leadership challenges , and what you can do to solidify your leadership position and impact. It seems that today’s worker generation is more demanding, and less willing to accept guidance and direction from anyone with a leadership title. They want a role in every leadership decision.

Mentor 112
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10 Leadership Strategies For Today’s Employee Culture

Startup Professionals Musings

The reigning theory in business has long been that “alpha” leaders make the best entrepreneurs. These are aggressive, results-driven achievers who assert control, and insist on a hierarchical organizational model. Yet I am seeing more and more success from “beta” startup cultures, like Zappos and Amazon, where the emphasis is on collaboration, curation, and communication.

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7 Ways Your People Skills Are The Key To Your Success

Startup Professionals Musings

The critical success factors for a product business are well known, starting with selling every unit with a gross margin of 50 percent or more, building a patent and other intellectual property, and continuous product improvement. If your forte is a service, like consulting or web site design, it’s harder to find guidance on what will get you funded, and how you can scale your business.

Startup 111
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6 Suggestions For How To Begin Your Startup Lifestyle

Startup Professionals Musings

One of the simplest questions I get from aspiring entrepreneurs, and ironically one of the hardest, is “How do I start?” I want to tell them to just start anywhere, but I realize that most have no idea where anywhere is. They just aren’t prepared for the life they want, and are really asking me how to learn to be an entrepreneur. It takes more than passion and a course on business basics.

Startup 108
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8 Employee Behaviors Challenge Every Business Leader

Startup Professionals Musings

The most valuable assets of a new startup are the people on the team, and the most challenging task of the entrepreneur and team leaders is to spend their leadership time and energy productively. Cash isn’t always the scarcest resource startups have to invest – more often it’s the leadership capital of under-experienced and over-stretched entrepreneurs and co-founders.

Startup 107
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7 Keys To Strategic Partnerships That Profit Everyone

Startup Professionals Musings

Entrepreneurs seem to have blinders on when looking at competitors. Generally they are so focused on killing competitors that they fail to see the positive potential of a strategic partnership or some other type of collaborative relationship. Sometimes you have to put aside the emotion and the passion, and just look at what is best for your business.

Startup 105
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6 Key Steps To Transform Business Dreams Into Success

Startup Professionals Musings

Many of you business professionals I meet in my business consulting and mentoring roles seem very determined to advance their career, or even start their own business. They are searching for that magic formula to get them from some vague dreams , to specific goals, to an actionable plan with real results. I believe the challenge is the same one you face in every aspect of your life.

Mentor 100
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5 Recommendations Before Funding An Appealing Startup

Startup Professionals Musings

After you have heard a few startup success stories, like Google, Facebook, and Microsoft, you may be tempted to invest some money yourself, maybe by pooling your funds with other investors who claim to have a great track record. My advice is to leave the investing in startups to the professionals (or friends and fools). First of all, despite a few visible blowout successes, the odds of a payback from investing in startups is very low (that’s why VCs look for 10X returns to cover failures).

Startup 92
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5 Risk Reduction Strategies For Your Next New Venture

Startup Professionals Musings

It may not be as sexy, but starting a new business which builds on an existing technology or business model is usually less risky than introducing that ultimate new disruptive technology. There are many levels of innovation that go beyond copying someone else’s idea, but stop short of pushing the leading edge (bleeding edge). Many of the major business successes started this way.

Startup 92
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6 Tips On Positioning Your Needs For Investor Funding

Startup Professionals Musings

Entrepreneurs looking for investor funding often fail to realize that all money comes with strings. For example, if you have watched the Shark Tank TV series, you probably noticed that the Sharks always ask the entrepreneurs for their intended “use of funds.” Those who respond with one of the wrong answers, such as “I want to pay myself a salary,” usually go home empty-handed.

Funding 91