October, 2022

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Simplify your commission structure. Please.

Berkonomics

Is your commission structure so complex that even you must have help understanding it – and calculating a commission on a pending bid? Salespeople are incentivized by the money. Of course. They usually can calculate what’s in it for them before they make the final presentation and ask for the order. But what if the commission plan is so complex that even the people who should be most excited cannot understand or calculate the winning numbers?

Sales 177
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Almost 25% of Laid-off Tech Workers Start Their Own Businesses

Tech.Co

A new survey of over 4,000 laid-off tech workers has revealed that a remarkably large proportion start their own businesses shortly after being made redundant. A huge number of tech companies have made layoffs in 2022 , whilst others have taken advantage of video conferencing software and other remote collaboration tools to offer flexible working arrangements and retain the best talent.

Layoffs 145
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5 Tactics To Minimize Meeting Time And Get More Done

Startup Professionals Musings

If you are like most entrepreneurs I know, there just aren’t enough hours in a day to get all your own work done, as well as run the many one-hour meetings each team member seems to demand for decisions and mentoring. I have found it to be more productive and effective to lead with the model that no meetings will take an hour, and may be done in as little as five minutes.

Mentor 154
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Press Release: 16 San Diego Pitch Competition & Tournament Competitors Announced

Startup San Diego

The post Press Release: 16 San Diego Pitch Competition & Tournament Competitors Announced appeared first on Startup San Diego.

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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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Is your WORK interfering with your JOB?

Berkonomics

So, what’s the difference? First, thanks to longtime reader and friend, Harley Kaufman, for the thought and title for this insight. He stated, “Too often it seemed our internal staff was more focused on getting the ‘work’ (daily tasks) done and not enough on the ‘job’ (supporting subordinates with resources and encouragement.)”. Wait. Had I been guilty?

Resource 156
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Are we managing like JERKS?

Berkonomics

Are we who issue orders to associates or employees ever acting as jerks? We’d never like to think so, or we wouldn’t do it in the first place. Here’s a clue…. If someone is saying “This is confusing to me” when you’ve given an instruction or order, there are several ways to respond. Of course, it may be appropriate to explain your reasoning, or ask what part of the instruction is confusing.

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8 Types of Aspiring Entrepreneurs Who Will Not Start

Startup Professionals Musings

Every entrepreneur I know is dismayed by the number of friends who approach them with a line such as “I have an even better idea that will change the world, and one of these days I’m going to get around to starting my own business.” I always wonder what is more important to them on an ongoing basis than changing the world, since their startups usually never materialize.

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7 Agility Initiatives To Keep Your Business Expanding

Startup Professionals Musings

Most small businesses have now forgotten the recent pandemic, and are back to “business as usual.” They don’t realize that business as usual is gone forever. With social media and smart phone apps, real product information spreads at astounding speeds. Entrepreneurs that are not listening, not engaging, and not changing are destined to be left behind even in the best of times.

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How Baby Boomers Fit In The Realm Of Entrepreneurship

Startup Professionals Musings

One of the biggest myths in the business world is that startups are no place for Baby Boomers, that aging generation born between 1945 and 1964. They couldn’t possibly understand the new social media culture, new technologies, or have the determination to beat their younger counterparts in the market. Yet credible reports on current trends tell us just the opposite.

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5 “What-Ifs” To Include In A Startup Financial Model

Startup Professionals Musings

If you think that financial modeling for a new business is arcane magic, limited in value to financial wizards and professional investors, then you have been listening to the wrong advisors. In reality, a simple Excel spreadsheet model customized around your assumptions can save you hours and avoid a wasted expense in validating alternative vendor and marketing decisions.

Startup 147
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Here Is How To Win Today With The Customer In Control

Startup Professionals Musings

Today’s customers are much more in control of their buying decision, as they have more choices and more information than ever before. Almost instantly, via the Internet or on their smartphone in the store, they can find the lowest price alternative or their favorite features, without waiting for push marketing or listening to your best sales person.

Customer 146
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8 Keys For Transforming An Innovation Into A Business

Startup Professionals Musings

As a mentor to many business professionals and owners, and aspiring entrepreneurs, I find a wealth of innovative ideas, but often less insight on what it really takes to transform ideas into an income stream that can excite new customers into long-term business success. Thus my guidance is usually more on the realities of creating a business , rather than critiquing ideas.

Ideas 145
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5 Startup Funding Models That Depend On The Consumer

Startup Professionals Musings

Even if you ignore all the hype around crowdfunding, there can be no doubt that it is a real alternative for entrepreneurs to achieve visibility and funding today. According to a classic article on Thrinacia , there were over 600 crowdfunding platforms in existence then, estimated to add more than $89 billion to the economy at a compound growth rate of 17% from 2019 to today.

Startup 141
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6 Keys To Becoming An Emotionally Intelligent Leader

Startup Professionals Musings

Based on many years of experience in business as an executive and consultant, I have long been convinced that emotional intelligence (EQ or EI) in leadership wins over logical intelligence (IQ) every time. The experts define emotional intelligence as a leader's ability to recognize individual and team emotions, to understand their effect, and manage your own to guide your next move.

Coach 140
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7 Keys To A Winning Business As A Phone App Developer

Startup Professionals Musings

One of the quickest ways to become an entrepreneur these days is to develop and publish a smartphone app. The price of entry can be less than $10,000, so the competition is huge and growing rapidly. According to Tim Cook at Apple, there are over 34 million registered developers in 2022. Yet according to other statistics, vanishing few of these ever generate a significant profit.

Develop 138
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6 New Venture Funding Realities To Guide Your Efforts

Startup Professionals Musings

Venture capitalists (VCs) have long been seen as the top of the pyramid for startup funding sources, but in fact angel investors now fund over twice as many companies, according to a classic Crunchbase article. A major chunk of this activity is provided by the newer class of “super angels,” who often look more like micro-VCs, except that they are investing their own money.

Guide 136
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6 Steps To Showing The Business Value Of What You Do

Startup Professionals Musings

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. These people expect their results have self-evident value, without requiring any effort on their part. I have long believed that each of you is responsible for documenting and communicating your own value, without bragging or hyperbole.

Examples 133
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7 Steps To Making An Effective Decision in Business

Startup Professionals Musings

Based on my own experience working with business leaders in large organizations as well as small, success is all about making the right decisions at the right time. Some people believe it’s all about intuition and experience, while others are fanatics in gathering data, doing the analysis , and suppressing intuition and experience. I’m a proponent of always striking the right balance.

Guide 129
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10 Keys To Raising Your New Venture Funding Potential

Startup Professionals Musings

Valuing a business based on assets and financial performance is a well-understood process, but every investor knows the real value goes well beyond these parameters, either higher or lower. The key elements of leadership in a company, both individual and organizational, are less tangible, but very critical in setting a market value for investment, acquisition, or going public.

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10 Leadership Traits To Inspire Every Startup Founder

Startup Professionals Musings

People who have been followers too long as an employee don’t realize how hard it is to be a leader. Every new entrepreneur has to initiate the right actions to be perceived as a leader in their chosen business domain by their team and by their customers, or the road to success and satisfaction will be lost along the way. Driving these actions are some basic principles that entrepreneurial leaders, such as Airbnb CEO Brain Chesky and LinkedIn CEO Jeff Weiner, seem to have learned early.

Startup 127
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8 Parameters To Bracket New Venture Funding Requests

Startup Professionals Musings

One of the big questions that every entrepreneur struggles with is how much funding they should request from investors in the first round. They know from forums such as Shark Tank on TV that asking for either too much or too little will derail credibility in the eyes of the investor, and leave the entrepreneur with no money and a struggling startup.

Funding 121
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5 Ways To Separate Advisor Relationships From Critics

Startup Professionals Musings

Every startup needs a couple of advisors with deep experience and connections in your business domain or financial skills to complement your technical focus. Advisors need to be mentors, looking ahead and directing you on key actions to take or avoid. Unfortunately, many prefer the role of critic, looking backward to highlight your mistakes. These people don’t help you or your startup.

Mentor 115
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7 Indications Of Your Ability To Get Business Results

Startup Professionals Musings

As a startup mentor, I’m always amazed that some entrepreneurs seem to be an immediate hit with investors, while others struggle to get any attention at all. Finally I realized that venture capital and angel investors are actually humans, despite some views to the contrary. As with most business and personal interactions, first impressions tend to become lasting ones.

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6 Reasons To Build A Working Model Of Your Solution

Startup Professionals Musings

These days, everyone wants to be an entrepreneur, pitching their latest and greatest new idea, and looking for someone to give them money. Angel investors, like me, have long figured out that asking to see the prototype is a quick way to separate the ‘wannabes’ from serious players. Talk is cheap, but entrepreneurs who show you a working model of their idea know how to execute.

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6 Work Activities Are Required For Business Success

Startup Professionals Musings

After many years in business, I’m convinced that none of us has the strengths and interest in all the areas needed for success, including solution changes, finance, marketing, and operations. Trying to do everything is a sure way to maximize stress, lower job satisfaction, and minimize productivity. We all need to play to our strengths, and team with others for complementary needs.

Activity 108
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Businesses Need Your Input, But Can’t Read Your Mind

Startup Professionals Musings

Neither people nor computers can really help you as a personal assistant unless you are willing to share data about what you like, what you feel, and who and what’s important to you. Even the best technology can’t read your mind, which is why a simple Google search often gives frustrating and irrelevant results, and online advertisers bombard you with opportunities of no interest.

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8 Keys To Surviving and Thriving In This New Economy

Startup Professionals Musings

Entrepreneurs and startups are big believers in innovation, but sometimes they forget that innovation must be continual to assure long-term success, rather than the one big-bang idea that initiated their journey. By default, innovation in every business decreases over time, and continuous innovation requires ongoing initiatives and measures of customer perceived value.

Metrics 102
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10 Strategies To Mitigate The Challenge Of Leadership

Startup Professionals Musings

Most new entrepreneurs don’t anticipate the burdens of being the leader, including the sense of loneliness and isolation at the top. People outside the team can’t relate to the pressures of “the buck stops here,” and everyone on the team assumes that they are the primary ones under pressure to deliver. Even in a single entrepreneur startup, the leader carries a heavy weight.

Activity 152
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7 Forgotten Keys To Productive Customer Relationships

Startup Professionals Musings

Entrepreneurs and business executives seem to be even more focused on their technology than the rest of us, and less inclined to listen to the voice of the customer, even if they remember to ask. Real two-way conversations with real customers, including the all-important body language, are unheard-of these days. Being connected to the Internet many hours a day is not enough.

Customer 104