Startup Professionals Musings

AUGUST 2, 2020

One of the characteristics that every good investor looks for in an aspiring entrepreneur is resilience , or the ability to learn from and bounce back after a failure. With startups, almost every entrepreneur I know has failed at least once, often several times, but never gave up, and ultimately achieved their goal.

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Startup Mentor Activity Entrepreneur 173

Startup Professionals Musings

MARCH 18, 2022

Instead of sizing up new opportunities and actively courting every new customer, you start worrying about cutting costs, repeatable processes , and overtaking known competitors. As a consultant, I hate to see you lose that startup focus on innovation, change, and customers. How about in your industry? Don’t forget these.

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Startup Artificial Inteligence Metrics Netflix 154

Startup Professionals Musings

MARCH 22, 2023

Many business leaders today, including Howard Schultz , didn’t start the businesses they are now known for, but worked their way up the corporate ranks with ownership thinking. You must focus on nurturing a culture of working together, continuous learning, and constant change to keep up with new customer and market changes.

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Startup Satisfaction Metrics Customer 111

Startup Professionals Musings

FEBRUARY 6, 2021

I see entrepreneurs every day who are trying to change the world with a new idea, and startups that are trying to survive their hyper-growth phase by changing processes to meet demand. Phil Buckley, in his book “ Change With Confidence ,” provides practical answers to fifty of the biggest questions that keep change leaders up at night.

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Startup Resource Metrics Technical Review 155

Startup Professionals Musings

MAY 20, 2020

As I was watching the investor show, Shark Tank , on TV the other night, I was struck by how quickly and how extensively the sharks focused on the background and character of the entrepreneurs, compared to time spent evaluating their products. Demonstrate social intelligence and concern. Change is the only constant in business today.

Entrepreneur 168

Entrepreneur Mentor Metrics Customer 168

Startup Professionals Musings

JUNE 22, 2016

Almost every entrepreneur looking for outside investors has heard the annoying rejection, “You are just too early – come back when you have more traction.” That should make you wonder - how do you measure traction in a metric? The job of every startup is to make customers. Build outside relationships with media and analysts.

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Metrics Funding Startup Customer 57

Startup Professionals Musings

MARCH 15, 2020

As a business advisor, I have too often seen technical entrepreneurs get a product or service off the ground with ease, but then struggle mightily when their business reaches a couple of million in annual sales, or the employee count grows beyond a handful. True entrepreneurs love the tactical and problem solving challenges.

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Startup Professionals Musings

SEPTEMBER 11, 2021

Almost every early-stage startup who has approached investors for funding has heard the innocuous sounding rejection “I love your idea, but come back when you have more traction.” A graph that shows a hockey-stick “up and to the right” curve with at least three data points per key indicator is a great visual assist.

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Startup Metrics Customer Custom 121

Startup Professionals Musings

JUNE 24, 2020

As a frequent advisor to new entrepreneurs and startups, I often hear your frustration with being treated differently from other startups by investors, on expectations for valuation , traction, and market size. For many years, startups featuring all-electric vehicles fell into this stage of the business lifecycle.

Marketing 174

Marketing Startup Artificial Inteligence Technical Review 174

Startup Professionals Musings

JULY 31, 2021

Most business managers preach that the key to success is holding employees accountable for actions, but I have found that successful entrepreneurs are all about holding themselves accountable. As a startup investor, I view any evidence of a victim mentality as the kiss of death. Accountability starts by acknowledging reality.

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Startup Class Entrepreneur Coach 164

Startup Professionals Musings

MARCH 6, 2021

Many startups fail before reaching that magic “cash-flow positive” position they have been striving for, despite seemingly reasonable financial projections. Many startups see initial revenue from customers, and love the fast growth, but fail to anticipate the cost of early vendor payments, monthly overhead costs, and later taxes.

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Technical Review Startup Summary Pricing 151

Startup Professionals Musings

FEBRUARY 16, 2020

Every new venture that survives the first five years starts to drift away from their entrepreneurial thinking, and assumes they have achieved the path to longevity. No company can afford to lose the agility, flexibility, and innovation of a startup. No company can afford to lose the agility, flexibility, and innovation of a startup.

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Startup Company Companies Statistics 128

Startup Professionals Musings

APRIL 27, 2022

It’s always been tough to start a new business, even when the bottom line was just making a profit to stay alive. Entrepreneurs are now measured against the “triple bottom line” (TBL or 3BL) of people, planet, and profit. The real challenge with the triple bottom line is that these three separate accounts cannot be easily added up.

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Startup Entrepreneur Capital Examples 110

Startup Professionals Musings

SEPTEMBER 20, 2019

No business or startup wants to be the next Myspace, or even the next RIM (BlackBerry), where changes in the marketplace were subtle. For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box.

Entrepreneur 93

Entrepreneur eBook Metrics Examples 93

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.

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Entrepreneur Ideas Resource Examples 126

Startup Professionals Musings

JULY 26, 2021

Intuitively, many entrepreneurs and businesses believe that the key to faster growth and success is more products, features, and markets. Good examples of startup focus before success include Google with their search engine, Facebook with friends networking, and Apple with personal computers. Well-articulated goals and metrics.

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Startup Resource Entrepreneur Metrics 154

Startup Professionals Musings

JULY 30, 2021

The recent pandemic was a strong signal for change, and I see most of you entrepreneurs and business owners responding to the business changes required and new opportunities presented. It may be time to start your own home delivery service, or subscription offering, or time to acquire a struggling competitor to scale your business.

Marketing 162

Marketing Social Media Metrics Customer 162

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. For example, every business team needs focus and direction to be productive. I find that having the right mindset is key to getting all these right.

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Startup Ideas Examples Metrics 124

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. Investors love entrepreneurs who come across as constantly on the lookout for new ideas, and able to grasp the larger implications for market change.

Ideas 140

Ideas Entrepreneur Equity Resource 140

Startup Professionals Musings

NOVEMBER 30, 2022

As an investor in startups, I most often see entrepreneurs who are technologists, or at least have a real passion for a specific product. Here is my list of key drivers that I find critical to thriving in big businesses, as well as startups: Networking to build and maintain key relationships.

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Startup Customer Custom Technical Review 113

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

MAY 4, 2020

I’m sure you have all seen entrepreneurs and startups with great ideas that never seem to live up to their potential, while others with more mundane solutions seem to take off quickly and never slow down. Define success metrics, and measure progress regularly. Look for tools to automate and simplify strategy execution.

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Startup Outsource Development Entrepreneur Outsource 123

Startup Professionals Musings

JUNE 20, 2022

No business or startup wants to be the next Myspace, or even the next RIM (BlackBerry), where changes in the marketplace were subtle. For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box.

eBook 111

eBook Metrics Examples Startup 111

Startup Professionals Musings

APRIL 25, 2022

One of the first harsh realities that every entrepreneur has to learn is that most of the things that are critical to startup success are outside of their direct control. In my experience, trust is the most powerful tool that an entrepreneur can wield, both inside and outside of his own realm of control. Never make people ask.

Startup 116

Startup Entrepreneur Metrics Writing 116

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.

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Metrics Technical Review Sales Customer 100

Startup Professionals Musings

OCTOBER 31, 2022

If you are a genius at invention, for example, then that is the role you should seek to keep you motivated and productive. 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

Startup Professionals Musings

JANUARY 9, 2022

Most startups, and many big businesses, still don’t have a clue on how to use social media productively for marketing their business. The next thing that entrepreneurs need to realize is that the process and framework for making social media marketing work are different from traditional marketing, and trial and error certainly doesn’t work.

Social Media 135

Social Media Framework Media Metrics 135

Startup Professionals Musings

JANUARY 6, 2021

Based on my experience advising new entrepreneurs as well as more mature businesses, I recommend the following strategies for building business momentum, while still optimizing the limited resources of every small business: Find more customers that like what you do best. Focus first on finding more of the right customers.

Technical Review 160

Technical Review Technical Advisors Startup Mentor 160

Berkonomics

DECEMBER 5, 2013

It is most often missed assumptions about the market, the competition, the speed of adoption, or other critical metrics you’ve researched, or selected, or even just guessed at to create your plan. No-one challenged this number, and it became an unattributed source of the metric for market size for years. Starting up Raising money'

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Metrics Startup Marketing Demand 239

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

Startup Professionals Musings

NOVEMBER 16, 2022

Every new venture that survives the first five years starts to drift away from their entrepreneurial thinking, and assumes they have achieved the path to longevity. No company can afford to lose the agility, flexibility, and innovation of a startup. No company can afford to lose the agility, flexibility, and innovation of a startup.

Startup 120

Startup Statistics IBM IBM 120

Both Sides of the Table

SEPTEMBER 28, 2013

You took the risk to start your company. ” Your peer group is envious of your finally doing what they’ve always wanted to do but found it too hard to give up the golden paycheck and predictable future. So as a startup CEO you constantly have to suspend disbelief. I do believe in total transparency with your core.

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Startup Course Venture Capital Writing 417

Both Sides of the Table

MARCH 21, 2010

This is part of my ongoing series on Startup Advice. As startup entrepreneurs we all want to work with them because having their name as reference clients makes it so much easier for marketing, PR, selling to other customers, fund raising and even recruiting. Example: you allocate 4% in warrants to channel partner ABC.

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Startup Sales Slides Metrics 298

Startup Professionals Musings

MAY 12, 2021

As a business adviser, I still see too many new venture founders who skimp on their marketing focus, or start too late. You really need to start marketing your solution before you even build it, to validate the need, and keep your focus on the features that customers really want and need.

Technical Advisors 154

Technical Advisors Tips Marketing Case Study 154

Startup Professionals Musings

MARCH 18, 2015

No business or startup wants to be the next Myspace, or even the next RIM (BlackBerry), where changes in the marketplace were subtle. For example, if it’s getting harder to charge a price premium for the product you’re marketing, or others are offering your subscription service for free, it may be time to start thinking in a new box.

Entrepreneur 106

Entrepreneur eBook Metrics Startup 106

Startup Professionals Musings

MARCH 3, 2021

Based on my own years of experience in startups and big business, and more recently as an angel investor, I often cringe when I see one of you entrepreneurs missing a cue that I have seen work for many before you. For example, if you have ever watched the Shark Tank show on TV, they always ask about the cost of customer acquisition.

Entrepreneur 162

Entrepreneur Social Media Examples Metrics 162

Berkonomics

NOVEMBER 4, 2016

There is a universal truth: fewer than one in a thousand start-ups meet or exceed their projected revenues in the periods planned. So how do you use financial projections as valuation metrics when you know the odds of those being accurate predictors of the future are so very unreliable?

Startup 120

Startup Examples Metrics Marketing 120