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It’s a very important concept for me because in a startup you are constantly under pressure and have way too many distractions. Having a set of metrics that you watch & that you feel are the key drivers of your success helps keep clarity. And the more public you can make your goals for these key metrics the better.
You took the risk to start your company. All of a sudden you know you’re going to be judged. ” 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. They can’t wait to hear your brilliant idea.
If you’re a Web-based startup, for example, show me how many unique visitors you think you can get in the beginning, and what you’re using for an estimated conversion rate (buyers to browsers). And it’s surprising how few startup founders think in those terms. Part of those questions are around StartupMetrics.
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. Large companies can be strange sometimes. Sometimes it actually does.
I find it amusing when a journalist writes an article about a prominent startup (either privately held or preparing for an IPO) and decries that, “They’re not even profitable!” Exec Summary: Most companies (98+%) in the world (even tech startups) should be very profit focused. One of them is profitability.
The idea of “going deep” with customers has always shaped how I think. Shallow and superficial and racing from segment to segment in search of some take up has never been a strong strategic plan for me. I have written this up before if you’re interested – I call it Deflationary Economics. Business Model.
Under the heading, “The Book On Bezos,” the callout lists ten actionable and impactful nuggets of startup advice. We don’t give up on things easily. We didn’t give up.”. “ If you’re not stubborn, you’ll give up on experiments too soon. We are stubborn on vision. We are flexible on details…. The Two Pizza Rule.
In a move to convert that huge pile of data into something much more meaningful, Los Angeles-based Ninja Metrics (www.ninjametrics.com) launched a new predictive analytics product for the industry. Explain what Ninja Metrics is doing? Talk about how your research led to this startup? How is it you do that?
If you want to get in better shape and haven’t read that you might start there. I started advice with the premise that no amount of exercise or food eating plan would help with long-term fitness or weight goals unless you first had a mental plan and a set of measurements to track your progress. I want to share with you how I did this.
There are very few people in Silicon Valley who have such a precise grasp on what defines success of early-stage startup companies than Eric Ries. Importantly we also discussed: should startups raise small amounts of money or large? how should you organize teams in a startup? And make sure to pick up a copy of his book.
Nearly every successful tech startup I’ve observed over the past 20 years has gone through a similar growth pattern: Innovate, systematize then scale operations. Innovate In the early years of a startup there is a lot of kinetic energy of enthusiastic innovators looking to launch a product that changes how an industry works.
I’m convinced that this “me too” or incremental thinking is one of the key reasons that ninety percent of new startups fail, and most of the investors I know won’t sign non-disclosure forms, since they claim to hear the same startupideas over and over again. Marketing should begin even at the idea stage.
I’ve worked with 30+ early-stage companies in all sorts of capacities (and spoken to many, many more), so I thought it might be worthwhile trying to classify the various ways that I’ve engaged in different technology roles in startups. Later he posted about his experience in Challenges of Startups.
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. Even if you know it all – wouldn’t it be an excellent plan to try your idea out on enough actual or potential customers to measure reasonable feedback? Startingup Positioning'
Where did the idea come from? That allowed me to take a summer to develop the new idea, and transform it into a business. Exatly a year ago was the very beginning of KarmaGoat, where I was trying to come up with something that would work as a marketplace donating items. We have a really good team that brought this site up.
But very few are talking about how to measure your results, and the right metrics for optimizing your marketing environment. Jim Sterne, who has written six books on Internet advertising, marketing, and customer service, tackled this complex world of social media metrics in his book titled " Social Media Metrics."
Let me start by saying that Clayton is one of the most influential people on my thoughts about markets that led to both the concept behind my first startup and my main theses in investing. Startup Grind was a truly awesome conference and Derek the consumate host. .” Who else does Clayton pray for? Stay Out of Jail.
I'm going to be looking at aspects like: Things to consider before building your MVP Features often overlooked when documenting an MVP for developers Understanding important metrics you want to measure Risks and challenges in developing an MVP. What's Going to Go Wrong A lot of founders don't really understand Lean Startup principles.
I recently got together with Aaron Shechet and an early stage startup to discuss the direction the company might want to take. It was a great conversation and I thought it would be a good idea to do some visible networking with Aaron to get to know him better. Any thoughts on my recent post StartupMetrics ?
I realized a while back that creating a new company for the first time is a lot like whipping up a great dinner entrée for the first time – you need a recipe, even though it may look simple. Yet you may not be so sure where to start, and how to put it all together. Emeril Lagasse is always ready to “kick it up a notch!”
In a move to convert that huge pile of data into something much more meaningful, Los Angeles-based Ninja Metrics (www.ninjametrics.com) launched a new predictive analytics product for the industry. Explain what Ninja Metrics is doing? Talk about how your research led to this startup? How is it you do that?
A startup begins with a great idea, but all too often, that’s where it ends. Ideas have to be implemented well to get the desired results. That’s why investors invest in entrepreneurs, rather than ideas. Recognizing and understanding deviations enables a startup or any business to take corrective action quickly.
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. This is normally the domain of technologists and idea people, often using the term “disruptive innovation.”
One of the topics that came up in my post Mobile Internet Apple Facebook was around open vs. closed platforms. This issue comes up at the start of almost every new startup company in a variety of forms. Does it Make Sense for Other Startups? The same value proposition applies.
One thing I have learned the hard way in business is that implementing new ideas is usually much more difficult than conceiving the idea in the first place. That’s why I caution my aspiring entrepreneur clients against proclaiming to investors that they are a great “idea” person. For example, I have a friend with a Ph.D.
What happens to careful planning, sure-fire metrics, quality test scenarios, market research, a good business plan – all in place before pulling the trigger of a new opportunity. They want to know that their money is not just being thrown at an idea that will become a trial by fire – literally. Ready, FIRE, aim. And who is right here?
Not just in measured results per second (several metric crap tonne), but in number of tests measured (~1830), number of framework permutations tested (~464), number of languages included (26), and total execution time of the test suite (67 hours, or 241 billion microseconds to make that sound properly enormous). It's lost in the noise.
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. Even the strongest relationships are often tested and broken by the stresses of a new startup.
In a move to convert that huge pile of data into something much more meaningful, Los Angeles-based Ninja Metrics (www.ninjametrics.com) launched a new predictive analytics product for the industry. Explain what Ninja Metrics is doing? Talk about how your research led to this startup? How is it you do that?
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.
So you can see that Entrepreneur (60) LinkedIn (15) Metrics (16) SEO (15) Company (141) are all considered highly relevant to the term "startup." You can see that he talks about: Marketing , Metrics , Customer and Social Media more than most. As the site runs, it will get better at finding great content.
The entrepreneurs I see are always talking about “disruptive innovation” ideas, but the plans I read are more often linear extensions of a current hot offering, like one more social network with the best of Facebook and Twitter, one more dating site dimension, or another “must-have” accessory for smartphones.
So I promised that I would provide a follow-up after the session. This is that follow-up and hopefully it’s useful to people outside of the session as well. Challenges I started by asking the founders in the room to tell me some of the challenges they have working with developers. Have they considered everything?
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).
For today's interview, we caught up with Clark Landry , the chairman of GraphEffect (www.grapheffect.com), a Santa Monica company which is helping other companies to hone their advertising on Facebook. I learned quite a bit from James, who knows more about this than anyone I've ever encountered, and who came up with the idea to start this.
Image via Pixabay In my role as a new business advisor and occasional investor, I hear lots of people talking about their dreams of “someday” starting and running a new venture. They can talk with passion about their innovative new idea, and ask lots of questions, but never seem to really get started.
Many experts will tell you that you can’t succeed as a part-time entrepreneur, as any good startup will require a 100 percent commitment of your time and energy. But not many of us have enough savings to live for a year or more without a salary, fund the startup, and still feed the family. Get better at saying ‘no’ to your friends.
A common challenge faced by every entrepreneur is that they don’t have the bandwidth, interest or skills to do everything that is required to build their startup. Two heads are always better than one in a startup. Your best friend, spouse or a family member is the least likely candidate, so don’t start there.
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. Here are ten of the key questions that apply equally well to the world of startups and entrepreneurs, as they do to large organizations.
But very few are talking about how to measure your results, and the right metrics for optimizing your marketing environment. Jim Sterne, who has written six books on Internet advertising, marketing, and customer service, tackled this complex world of social media metrics in his recent book titled " Social Media Metrics."
The mindset you need for real communication must be focused on building relationships, surfacing ideas, generating trust, and building commitment, whether it be with your team, customers, or suppliers. You as the leader have a responsibility to define goals, strategy, and operational metrics.
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.
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. If you don’t have a clear idea of why you are there, anything you measure will be useless. Start now to look at where social media will be in two to ten years, and prepare for it.
Entrepreneurs are people who dream up new ideas, and then commercialize them into new businesses. Most people believe that the hard part is coming up with the idea, and the easy part is turning it into a business. Manage the business with metrics and goals. Working hard is necessary, but not sufficient for success.
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