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Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
For the last week of the year, we're featuring the thoughts and reflections of some of the movers and shakers of Southern California's high tech community. We asked the same four questions of a variety of top technology entrepreneurs, investors, and others, to hear what they're thinking about, and are sharing it here over the next week.
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
New entrepreneurs, especially technical ones, are excited by early adopters, and tend to focus on their feedback, which will always suggest more product features and options. Utilize outside expertise and mentoring. Focus first on finding more of the right customers. Focus on the mainstream customer majority.
You need to be great at something: technology back-end, front-end design, usability, sales, marketing, quantitative analysis, leadership –> whatever. But if you’re not uber talented there is always a “Justin Bieber of technology&# waiting to kick your ass. To be a great entrepreneur you really do need talent.
He found that the return was far greater than the cost of donated shoes, and his team became intensely loyal, due to the opportunity to travel and deliver shoes in other countries. Challenge yourself to delivering a technical innovation. Driven to reduce personal hardship and suffering.
I have never felt prouder of the team & product at awe.sm ( please visit to check out our latest & be ready for our next big product announcement due out in next month or so) and yet we just brought in a new CEO to the company, Fred McIntyre. ” We had inbound M&A requests from some of the biggest names in tech.
In my role as a mentor to aspiring entrepreneurs, I find that most have the technical challenges well understood, but many are a bit short on some basic street smarts , or basic business realities. With information overload due to the Internet, you need to find your customers, rather than assume they will find you.
During my many years of mentoring professionals and entrepreneurs in business, I more often see people focusing on how to get their ideas heard , than how to promote themselves. Technical skills are important, but your ability to build and nurture relationships with others is more important for leadership growth and career advancement today.
Partially due to the pandemic, but also due to longer, healthier lives and changes in job tenure, Boomers are now expected to stay in the labor force longer, and according to projections , could actually dominate the labor market by 2024.
Many of the entrepreneurs I advise or invest with spend considerable time on the Internet, keeping up with technology, customers, and competitors, but very few feel the need for an early personal presence. Anticipate and establish supporting socialmedia accounts. Consistently review and respond to relevant online feedback.
Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, Boomers are now expected to stay in the labor force longer, and according to a USNews article, will likely dominate the labor market by 2024.
In my experience working with startups, the best approach these days is to find and use a good mentor (been there, done that). Of course, mentoring is not new – it’s been the favored way to learn arts and crafts since way back in the middle ages. But I assert that mentoring in business is making a comeback.
Struggling entrepreneurs are often so happy to get a funding offer that they neglect the recommended reverse duediligence on the investors. Investor duediligence on a startup is not a mysterious black art, but is nothing more than a final integrity check on all aspects of your business model, team, product, customers, and plan.
Yet I find, as a mentor and outside consultant, that many of you focus only on working conditions and compensation as the key factors determining team engagement , health, and productivity. I will summarize these here, with my insights, for your review and implementation: Physical health. Spiritual connections.
Every entrepreneur with a new technology tells me that his innovation will be industry-disrupting, meaning that it will render the existing technology obsolete, and create a new market. Pick a technology that somehow seems inferior to the major incumbents. So why would any investor ever believe any of these claims?
Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, 60% of working Boomers are now expected to stay in the labor force, with real power and influence, for at least seven more years, to 2020.
Even a million users on your socialmedia site won’t pay the bills until you sell some advertising or a premium service. In my experience, even in startups, longer-term strategy often gets pushed off the agenda due to current challenges. Hone your process for duediligence and integrating these new elements.
One of the things I’ve learned over my years as a business mentor and investor is that life isn’t fair when it comes to succeeding in business. These authors speak from their own wealth of experience in creating and growing technology startups, marketing, and fundraising. Use friends and mentors with extensive experience to gauge both.
Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, 62% of working Boomers are now expected to stay in the labor force, with real power and influence, for at least nine more years, to 2020.
That’s why they insist on spending a day with your team as part of the duediligence process. As a mentor to entrepreneurs, I often get asked what you can do to build the right culture. Mentoring and training programs need to be put in place early. It simply doesn’t matter how great your solution is.
They couldn’t possibly understand the new socialmedia culture, new technologies, or have the determination to beat their younger counterparts in the market. In fact, they are well-qualified overall, having worked with high technology and computers for at least 20 years, are highly educated, and highly motivated.
Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, 62% of working Boomers are now expected to stay in the labor force, with real power and influence, for at least nine more years, to 2020.
Here I often find that you need to seek and work with a co-founder who can complement your technical skills with financial and marketing to start the business. You likely have hired a few helpers, such as an assistant, a socialmedia coordinator, and a bookkeeper. Lead and mentor team members to run all business areas.
They couldn’t possibly understand the new socialmedia culture, new technologies, or have the determination to beat their younger counterparts in the market. In fact, they are well-qualified overall, having worked with high technology and computers for at least 20 years, are highly educated, and highly motivated.
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. Technology, competitors, and customers are changing every day, so the “ tried and trusted ” ways you do things need to be reviewed and updated regularly.
Every entrepreneur with a new technology tells me that his innovation will be industry-disrupting, meaning that it will render the existing technology obsolete, and create a new market. Pick a technology that somehow seems inferior to the major incumbents. So why would any investor ever believe any of these claims?
Inside the organization, it also pays to offer some of your time for coaching and mentoring to less experienced team members, as an entrée to a supportive relationship. I have seen too many careers and businesses fail due to projects that went off the rails. Hone your project management skills above all others.
As the rate of change continues to increase in business and technology, the more I’m convinced that marketing is the primary key to success for a new venture. Yet I find that many technical founders don’t feel they need it at all, or at best point to one person on the team who is marketing.
Even the most diligent investors are often surprised by apparently solid business startups that fail, while others succeed, despite the odds. Socialmedia and other channels provide the vehicles, but everyone has to be open for the process to work. Develop the right mentoring relationships.
They couldn’t possibly understand the new socialmedia culture, new technologies, or have the determination to beat their younger counterparts in the market. In fact, they are well-qualified overall, having worked with high technology and computers for at least 20 years, are highly educated, and highly motivated.
Partially due to the economy, but also due to longer, healthier lives and changes in job tenure, Boomers are now expected to stay in the labor force longer, and according to a USNews article, will likely dominate the labor market by 2024.
Thus, I’m more impressed with entrepreneurs who ask me to review their implementation plan, rather than listen again to their idea. There are lots of resources available for the challenge of that activity, including the Internet and mentors like me. Some dreams sound great, but may not yet be viable or proven with today’s technology.
The amount of data in social networks and the amount of social networks are growing with the time. All this is happening as socialmedia gets more and more important in our lives. But because we like perfection, we reviewed and tested before moving to the next development stage. Any mentors or VC’s?
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. Make sure your channels are open and responsive, through socialmedia, websites, and easy access to executives.
While the epicenter of tech innovation is undeniably Silicon Valley, a tide of new hubs emerging across the globe are gaining recognition. The “ real gold ” of Silicon Valley reportedly lies in its mentors. SOUTH AMERICA: Colombia has great tech talent, but restrictive government regulations. PanTrek connects U.S.
In the Harvard Business Review Female Economy 2009 report, women purchasing power was predicted to control about $28 trillion in annual global consumer spending, if not more. Connecting with your customer via socialmedia, forums or advertising is the norm these days, but there’s nothing as strong as building a community around your brand.
Every entrepreneur with a new technology tells me that his innovation will be industry-disrupting, meaning that it will render the existing technology obsolete, and create a new market. Pick a technology that somehow seems inferior to the major incumbents. So why would any investor ever believe any of these claims?
In my years of mentoring and advising business leaders, I find that real planning for the future always gets the short shrift. Due to socialmedia and the Internet, these relationships now need to extend to customers, partners, and suppliers. Data technology facilitates more fact-based decisions.
Regularly follow reviews and influencers in your industry. Of course, you may not have the time or desire to read through every document in your space, but it’s not so hard to find and follow some key influencer blogs on socialmedia. Spend more time with people who can help, rather than be helpers.
We started with friends and family, and a lot of it now is socialmedia, building up our base on Instagram, Facbeook, and Twitter. We've also run some app install campaigns, and we're also doing a lot of outreach to media, both journalists and bloggers. We've also been submitting this to app review sites. READ MORE>>.
This continues my series of posts: Top 30 Startup Posts in June 2010 Top 29 Startup Posts May 2010 Startup CTO Top 30 Posts for April 16 Great Startup Posts from March The following are the top items based on social signals. That’s @MeganBerry to you, blogger and socialmedia expert, marketing manager of Klout.com. Silly, right?
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