This is directed more at advisors (such as First Avenue Ventures) than at businesses. It’s about rendering advice, which is a skill unto itself, and a skill of which we do not profess to be a master. We want to: Give feedback only when requested and Be open to the fact that something new is …
Some people (myself included, sometimes) use what some may call the checking account methodology. You open up the checkbook: if your cash has grown, you won; if it’s decreased, you lost. While there is some measure of success in cash, this is far too simplified a process to really get a good basis for what …
If something’s easy, everyone will do it. Entrepreneurial risk involves finding something that the market has yet to figure out, so in any new market, unit economics are tough. You don’t know what you don’t know. However, figuring it out is key.
When it comes to revenue forecasts, you are almost always better off being conservative, hitting your numbers, and looking like a winner. However, being too conservative does have its issues. You may not have the resources in place to service the new revenue; raising capital to expand to meet new customers may take longer; and …
As you build your culture, you build it around yourself and your values; that is the right of the entrepreneur. However, your values are your perspective. Your perspective is shaped from your experience – and your experience also shapes your bias. Bias is the enemy of vibrancy. Values can and should be appealing to all, but we sometimes …
Of course, there are things one should keep in mind when bootstrapping a workforce, especially when it comes to contractors. For one, always assume they have a capitalistic motive. This isn’t bad or evil, it’s just true: people are motivated by money. If you can figure out how to work with this motivation, you can …
With all these issues, why even bother with employees? Well, of course, you need people to bring ideas to fruition. If you could do it yourself, it probably would not be worth doing (or, at least, it would not be worth taking this course and doing). And there are also several other ways to handle …
Is it even possible to get your initial team right when empirical evidence often proves otherwise? Contrast one of Peter Thiel’s three rules for start-ups – “a start-up messed up at its foundation cannot be fixed” – with this advice from Elad Gil’s High Growth Handbook: “Often, there is no right answer to how to structure …
The Blue Ocean Strategy Definition: ‘Blue Ocean Strategy [refers to] a market for a product where there is no competition or very less competition. This strategy revolves around searching for a business in which very few firms operate and where there is no pricing pressure. Occasionally, you see pure Blue Ocean companies. They’re creating a new …
A key component of all sales and marketing is branding. Branding is about storytelling and trust-building. The core principals of branding usually focus on purchasers in a broad sense, not necessarily focusing on how branding influences buying and decision-making. Branding is key to marketing, but it has to be balanced with and backed up by …
