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I like to use the shorthand “triangulate” to symbolize asking multiple people for their opinions to get a better perspective on the route you should take. Because I’ve asked more than 100 VCs similar questions I start to notice patterns in thinking. Everybody has a blog these days and there is much advice to be had.
In case it’s not obvious it’s a play on the Nike slogan, “Just Do It.&# ) I believe that being successful as an entrepreneur requires you to get lots of things done. Good entrepreneurs have a penchant for doing vs. over-analyzing. And I think my team did a great job and rose to the occasion.
I even started a company around helping people figure out how to get from A to B, because information in this area is so poor. Should I take the low level biz dev job at Amazon or the lead biz dev role for an unfunded, three person startup? I've been thinking about career paths for a long time.
The difference is in formulating hypothesis then testing conclusions / data vs. assembling data and finding patterns. I know it might sound a bit esoteric so let me explain: I started my career as a programmer. I started by doing billing systems. I had to understand their business requirements and document them all.
Just by embedding analytics, application owners can charge 24% more for their product. How much value could you add? This framework explains how application enhancements can extend your product offerings. Brought to you by Logi Analytics.
That prediction obviously turned out pretty wrong, but it did drum up a whole lot of chatter about the right ingredients for building a startup community—about New York vs Boston on the East Coast and whether cities like Austin and Seattle would ever break through. First, you have to ask yourself what the desired outcome is.
I use George Bush vs. Al Gore as allegory and I’ve been using it with entrepreneurs for years to sink in a simple point about how to communicate with the market. Partisan rancor aside, we had just come off a boom decade – especially in tech – and many people at the start of the election thought Al Gore was a shoe in.
One component of a good Board is a high value add Independent Board Member, which in my experience, often doesn’t get added early enough (for a variety of reasons). Hunter Walk: You started at Instacart in 2013, just a year after it was founded, which obviously turned out to be an epic decision.
Open source computing, which reduced costs to start a company by 90%. This meant: Less capital to start a company thus the rise of “micro VCs” Younger, more technical founders (not as big of a leap to take a risk on a 24-year-old when it’s $250k and not $5 million. Indeed we have already seen the beginnings.
What I love about my job is getting to see teams of super-early-stage companies develop ideas that while raw have potential to make an impact on the market. But alas I must scale with businesses and make money. If I could bottle this moment and spend all my time here I would be in heaven. And so must you.
If you’ve read my blog for a while you’ll know that I’m a fan of startingbusinesses in a non-traditional way. I recommend that you start a company by yourself and own 100% of it. I advocate treating them like a co-founder in every way except when they join and how much equity they get.
I’m talking about children who have done well in k-2nd grades and then get put into a lottery system for charter schools because the drop-out rates for their neighborhood schools are north of 50%. And his stated goal at his young age is to get an education so his kids can grow up in a better neighborhood.
I have started thinking about what the future might look like and I’ve started imagining what I call, “MMOV” or massive multiplayer online video. Global audiences of prosumer video producers will create content that is viewed by global audiences in numbers far in excess of traditional TV. Why would it? billion views.
Understanding how your company will change as you move through these phases is critical if you hope to scale to a large business one day. Understanding how your company will change as you move through these phases is critical if you hope to scale to a large business one day. As an early-stage VC I love this phase.
A lot of people ask me what I think of posting to Twitter these days… (I’ll start calling it X as soon as I learn to stop saying Battery Tunnel and Triborough Bridge). Even if it doesn’t have the same daily usage, it might even be better now for replies because less people are replying, so you’re more likely to get noticed.
If you’re funding the same stuff as everybody else and if you started your activities when the clues were obvious you’re much less likely to drive enormous returns. As is often said if you don’t get at least a few fellow VCs (and entrepreneurs) scratching their heads you may not be funding ideas with enough upside.
And to show you just how similar many of these pioneers of the industry went through a similar startup journey to you – Jeff started by investing his own personal money ($250k) for a few years – $25k at a time – until he could persuade a few institutional investors to give him some money.
awards dinner on Thursday night I started reflected on what it would take to “change the trajectory&# for Seattle or for any regional market, really. And I think about the “Seattle issue&# as a metaphor for startups and business in general. But who else is going to get out there and close your big biz dev deals with you?
No, seriously—that’s the perk of running your own business. For example, if Katrina Lake, the founder of Stitch Fix, went off to start a new company, pretty much any investor would give her a blank check to do it. The vast majority of startups are started by people who would have absolutely no problem getting a job elsewhere.
Nature vs. Nurture. The comments were littered with nature vs. nurture discussions / debates. I’m prone to hyperbole to get my point across. You’ve all heard the question before. Let’s talk about kids for a moment. I grew up believing that human behavior was 20% nature, 80% nurture.
Some smart people whom I like & respect started to weigh in publicly. As a business – no. It’s brand new but the enthusiasm we’ve seen for such an early product is truly awesome. I ran a VC AMA (ask me anything) last Monday on Meerkat and had > 1,000 simultaneous people asking me questions.
He has an interesting business and one that has a viable shot at being an innovative & profitable business. That’s OK if it’s your problem as long as your business really is differentiated and compelling. I was having a chat with an entrepreneur who I really like and who I try to mentor from time-to-time.
Simply, this is identifying a customer need which has economic value to them if they can solve it. ” and if you can’t persuade enough potential customers they have some pain that needs fixing you probably should stick to your day job. Teams usually start with terminology that is very insular and less relevant to customers.
We both have multiple personal and professional projects that we’re involved with, and we felt like were getting sucked into spending time on things that weren’t moving these efforts forward—everything from too many meetings, or just getting sucked into social media rabbit holes. Was that enough product time? Which projects?
This was in part due to a tremendously busy 30-day period for me (in which my overall writing has been down) and in part the inevitability of knowing that weighing in just tees me up to take abuse on one anonymous app called Secret. It kind of reminds me of an analogy in my head of cars vs. shopping carts.
Over the last couple of weeks, I asked everyone who has been on the Forbes Midas List over the last three years what their activity and accomplishment actually looks like in the functional areas of the job. Besides being “busy doing great deals and distributing cash to your LPs”, what are they’re actually doing to make that happen?
When you first start your company and raise initial venture capital your board probably consists of 1-3 founders and 1-2 VCs. Most experienced VCs won’t push you to give up founder control at this stage of the business nor should they. As You Start to Mature. In the Early Days. Mentorship.
It’s critical to business. “Without happy people, we don’t have happy clients, and without happy clients there is no revenue, and without revenue there is no company,” says Lee Deas, Founder of Obviouslee , a marketing and design agency. Hire great people, equip them, then trust them to do their jobs. This is not fluffy stuff.
VC firms see thousands of deals and have a refined sense of how the market is valuing deals because they get price signals across all of these deals. As an entrepreneur it can feel as intimidating as going to buy a car where the dealer knows the price of every make & model of a car and you’re guessing at how much to pay.
Aneme Dlamini of Startup Grind chats to Simone Musgrave of Musgrave Gin about perseverance, building an actual business, and bringing your femininity as a force to be reckoned with in the business world. You mentioned in your SG talk that you actually started Musgrave as a side hustle. Aneme = A, Simone = S A : Welcome!
It’s impossible to get offices so you pay too much or pile in too many people and have two few bathroom stalls or you located in a crappy neighborhood. Greatness in execution stands out more and doesn’t get drowned out by the inevitable over-funding of one’s competitors. We are experiencing a frenetic time.
In my experience, inventors and technologists aren’t interested or aren’t very good at building a business, and entrepreneurs aren’t usually good scientists. Most of the great entrepreneurs of recent times, like the young Steve Jobs, had a great technologist, Steve Wozniak, who could implement his dreams. Good with details.
But when vanity intrudes, all the puzzle pieces start to come apart. I need to build a real business and support my family.” The statement includes no external vanity measures such as dollar amount, job title, or client list. A healthy ego can be an entrepreneur’s best friend. The ego represents your sense of self.
So it was wonderful to hear from a leading venture capital firm based in Washington DC. Revolution is a “stage agnostic&# fund (means they invest early or late) funded entirely by Steve Case , the founder of AOL and co-founded by two other individuals, Tige Savage (yes, pronounced like the golfer, minus the “r&# ) and Donn Davis.
West Coast investors tend to look for higher growth rates, put less emphasis on profitability, and tend to give more founder-friendly term sheets; East Coast investors tend to look more closely at business fundamentals, seek out more predictable revenue, and often give less founder-friendly terms when investing.
A family owned and operated business is nothing new, but a family business managed by two parents and eight and children is pretty unique. The businessstarted with making soap, as it is a low barrier (much less difficult than food products) and the whole family could easily be involved in making and selling it.
Not just from my work as the COO of a startup, or from my previous job as an attorney specializing in international tax law, but from my former life as a professional speed skater, flying across the ice at 30 mph. You get good at falling. Or, more to the point, you get good at picking yourself up again after you take a tumble.
Today I’m releasing version 7, which incorporates changes to help get your innovation adopted. There are a lot of tools that can help, but each has limitations: The Business Model Canvas identifies the big picture hypotheses of your venture… but struggles to help you ID what is needed to get all your key stakeholders on board.
It’s far too easy to be busy as a VC and far too hard to feel efficient with your time. I don’t think anyone in VC spends as much time as they’d like to being proactive about thesis and research vs reactive to current deals. About a year ago, I asked why more VCs aren’t using coaches.
People new to sales make the mistake of assuming that just because you have a buyer talking with you or even somebody who clearly wants to do business with you that it means you’ll get an order. I recently wrote about the three rules of sales. The first of question is about qualifying your potential customers aka leads.
The questions that arise most with respect to any category of IP at the earliest stages include: How will this affect our chances of getting funded on favorable terms ? What kind of advantage will this create vs. our competitors ? What kind of risk do we run of being put out of business by others’ IP rights ?
No board will know your business better than you do but if managed properly they should be the most informed people about your business than any full-time executive. No board will know your business better than you do but if managed properly they should be the most informed people about your business than any full-time executive.
As a serial technical founder, I often get approached for co-founder opportunities. Consider all the smart business people who want to start tech companies, all with an idea or unique insight. Traction Think about what you can do to test the underlying business proposition? Finding a technical co-founder is even harder.
Success is not about how many times you fall, but how many times you get back up. Steve Jobs An entrepreneur is someone who jumps off a cliff and builds a plane on the way down. Steve Jobs An entrepreneur is someone who jumps off a cliff and builds a plane on the way down.
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