tag:blogger.com,1999:blog-66956276726170804922024-03-14T02:17:55.227-04:00#entrepreneurfail: A comic about the ironies of entrepreneurship and startupsFirst -Time Entrepreneurs need to laugh at their mistakes and failures! It's the only way to learn and move forward on the way to success. Welcome to #entrepreneurfail, a comic about the ironies of starting a business. This is a humorous look at entrepreneurs in startups on the way to success.
Bite-Size Visual Lessons for First-Time EntrepreneursEntrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.comBlogger112125tag:blogger.com,1999:blog-6695627672617080492.post-77279936210445692542016-12-18T20:18:00.003-05:002016-12-18T20:19:12.884-05:00Perfection Rejection<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>You tweak and prod and edit and iterate.</b><br />
<b>You feel your product or service has to be a "Goldilocks just right" before you launch.</b><br />
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As a new entrepreneur you probably have a streak of perfectionism. The vision is so crystal clear in your mind that anything that strays from that image is not going to pass your test.
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There are two watchouts with this:<br />
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<li>If you are a first time entrepreneur, beware of choosing a product, service or business model that takes a while to launch. Your may exhaust your runway before you make any traction. </li>
<li>If you take too long to launch, the ship may have already sailed. Your customers may have moved on. The platforms may have changed. The systems may be outdated.</li>
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Seasoned entrepreneurs recommend an approach in which you identify quick wins and test small incremental mock ups and products while working closely with your customers.<br />
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<b>How long did it take to sell your first product? Let us know in the comments below.</b></div>
Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com7tag:blogger.com,1999:blog-6695627672617080492.post-43691659212097204552016-11-25T20:11:00.000-05:002016-11-25T20:11:21.095-05:00Entrepreneur's Death Defying Acts<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Death-defying feats of bravery, object manipulation, dangerous beasts and stunt-oriented artistry - these are sights you traditionally would see at the circus.</b><br />
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Unless, of course you are an entrepreneur. As a new founder, you face these feats daily, often diving headfirst. Some of the stunts that you may find yourself getting into:<br />
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<li>Jumping through fire for a client - As deadlines and demands come your way, you will go through dangerous hoops for those initial first customers and clients. However, this initial push will help build your business for the long term.</li>
<li>Walking a tightrope for a work-life balance - This is an eternal struggle with entrepreneurs as there is a fine line with your personal life. Remember that this balance is essential for long term success.</li>
<li>Swallowing your pride when compromising with an investor - Sometime you need funding, but the negotiation dance can be brutal. Take a deep breath and swallow your pride and make sure you do what is best for the future for your company.</li>
<li>Juggling priorities - You'll have cofounders, projects, leads, employees, funders, among other things things that you'll have to keep in the air. Delegate as much as you can so you can focus.</li>
<li>Passing on the legacy - As you swing on the trapeze and you grow your business, plan for passing on your assets and legacy with a long-withstanding company.</li>
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<b>What are some of the circus stunts you have been involved in as a founder? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com10tag:blogger.com,1999:blog-6695627672617080492.post-27466277358981914262016-11-07T22:11:00.001-05:002016-11-07T22:11:53.808-05:00Select and Elect<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Choices are tough. Americans have a major choice to make on November 8th. New entrepreneurs also have important selections to make.</b></div>
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Three of the most important decisions a new founder must make include the following:</div>
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<li>Product vs. Service - There are advantages to either strategy. Products are generally more scalable but require upfront investments. Services, on the other hand, are harder to scale, but can be executed with lower upfront investments. Often entrepreneurs start by providing a service, and when they see the potential, they shift to a product opportunity.</li>
<li>Build vs. Buy - A new entrepreneur may feel inclined to build everything from scratch instead of buying or subscribing to an existing solution. The former often takes longer and requires more spend. Weigh your individual solution and determine what makes sense to pursue.</li>
<li>Permanant Hire vs. Contract - New hires are sometimes less expensive hourly, but require training and alignment. Contract hires are expensive but they usually have the expertise required. Starting with the contract route may provide the early flexibility new entrepreneurs need, after which permanent hires may prove more sustainable. </li>
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<b>What are other important elections and selections you have had to make in your startup? Happy voting!</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com13tag:blogger.com,1999:blog-6695627672617080492.post-51755422565530712252016-10-25T19:03:00.001-04:002016-10-25T19:29:21.164-04:00Vertigo in the Funding Vortex<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Squeeze that last cent!</b></div>
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There are two types of entrepreneurs in the world. There are those who take risks very cautiously and work as long as possible to grow their startup without borrowing money. These are the folks who use only their allocated savings, never tapping into their credit cards. They have a safety net in case something happens - sometimes in the form of a spouse or a side job.</div>
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The other type of entrepreneur goes all in. This founder believes with great risk comes great reward. You'll often see these people liquidating their life savings, agreeing to high interest rate loans, and borrowing from friends and family. They may seek investors very early in the startup game, optimistic about the returns.</div>
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There is no right or wrong type of entrepreneur. However, the second type of founder usually faces much more stress, and will have to make decisions under more duress. Remember to meet the risk threshold that you are comfortable with when making your funding decisions as you grow your business.</div>
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<b>What type of entrepreneur are you? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com8tag:blogger.com,1999:blog-6695627672617080492.post-62526005811876872662016-10-11T21:51:00.002-04:002016-10-11T21:52:22.750-04:00Leads: Bad to Worse<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Of course you are aiming for a YES. But when you get a NO, remember, all NOs are not the same.</b></div>
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As you begin your hunt for customers, you will come across many who are not interested in your offerings. Perhaps the price is wrong or perhaps you are not solving a problem they have.</div>
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However on the spectrum of NOs, you should be happy if you get a straight out NO! This is the best case scenario as it saves time and wasted effort.</div>
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Continuing on the range of bad leads, next come the potential customers who just don't respond. You may send emails, make phone calls, get referrals, ping them in other ways, but you'll get no response. You may think of giving up, or you may choose to be persistent, but either way, these bad leads are frustrating.</div>
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Finally, the worst are the leads who give you a false sense of hope. These are the folks who casually say "maybe" or "let's discuss", but they have absolutely no interest in ever buying your product or service. Be wary of these potential customers as they will spend your time and you'll get nothing in return.</div>
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<b>Who are the worst leads you've dealt with? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-17136577780704395422016-09-27T21:42:00.000-04:002016-09-27T21:42:28.877-04:00Fishing for a Yes<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>"No way. Sorry. Nope. Not interested. Maybe later. I don't think so." As a new entrepreneur, you have to get used to the "No"!</b></div>
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As you are starting your new business, you are seeking validation for the problem you are solving and the solution you are pitching. The majority of the responses from potential customers will be NO! Don't get disheartened. It's a big sea and as you continue to search, keep on the look out for your YES!</div>
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After you've secured customers, you may be seeking investors to grow your business. Again, a chorus of NOs, may come after each conversation. Keep persisting and adapting your pitch for a YES.</div>
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As your company expands you may want to launch a new product. However, you may have stakeholders or a Board that will give you NOs! Again, if you are confident, do not be discouraged and keep fishing. Eventually you will be granted with the YES you are looking for.</div>
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<b>Let us know how many times you got a NO, before you got a YES, in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com2tag:blogger.com,1999:blog-6695627672617080492.post-9625409220897605082016-09-13T20:53:00.001-04:002016-09-13T21:22:26.074-04:00Step by Step<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>"I've got it covered."</b><br />
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As a new entrepreneur starts a business, he/she may wear many hats. The new founder may serve as the strategist, product developer, business developer, and the CFO, just to name a few of the roles. In fact, the new entrepreneur may vehemently deny needing anyone else to help with the business. It may seem like more effort to get others onboard, rather than to do the work alone. This also applies if there is a cofounder. The founders may feel like they are all they need to succeed.<br />
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Eventually, the entrepreneur will realize a team to help with the business is not only useful but essential. This is the next step in the venture.<br />
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Finally, when the entrepreneur is ready to truly get to the final step, he/she realizes that to scale, ancillary as well as critical tasks must be delegated to the "army" of help. This army is the crux of the business. So, take it a step at a time, and soon you'll be at the top.<br />
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<b>What step are you on? Let us know in the comments below.</b></div>
Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-86840982784180005042016-08-30T22:23:00.001-04:002016-09-07T20:55:41.229-04:00Bit by the Startup Bug<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Doctor, the last dose of a corporate job didn't work!</b><br />
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It's a plague, highly contagious and extremely persistent.
If you've been bitten by the startup bug, take precaution. Symptoms may include an entrepreneurial "itch" that may cause "rash" decisions.
This is a lifelong ailment.
Symptoms may be alleviated by finding a cofounder and launching a business. However the itch never fully recedes.<br />
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Often this ailment causes delusions of grandeur. In rare cases though, the long-term effects of the bite may cause extreme happiness, fulfillment and prosperity. This is only if you're carefully follow the medical treatment prescribed by other entrepreneurs and mentors.<br />
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<b>Have you been bit by the startup bug? What was your cure? Let us know in the comments below.</b></div>
Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com4tag:blogger.com,1999:blog-6695627672617080492.post-82870960402493727212016-08-16T20:37:00.001-04:002016-08-16T20:39:20.253-04:00Improving your BS Radar<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>I smell a rat. The employee is upto no good. The competition is about to launch an attack. The new potential partner is going to undercut us. Our investor will back out.</b><br />
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These are a words of an entrepreneur who has been there and done that. He or she has been burned, is jaded and knows what to expect in the cruel world of a startup. He or she is prepared for the worst, until proven otherwise.<br />
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A new entrepreneur on the other hand, expects the best from everyone, until proven otherwise. That contact who promised you a new lead? Of course you believe him! The partner who wants to help you conquer the industry. Why wouldn't she? The cofounder who says they will be with you until the end? Of course he will!<br />
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It is only after the new entrepreneur gets a small dose of reality does it sink in that nothing comes at face value as a founder. You must be more aware of the scenario and the context all the time. You have to learn when to call BS!<br />
<br />
<b>How your BS radar? Let us know in the comments below.</b><br />
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<br /></div>
</div>Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com2tag:blogger.com,1999:blog-6695627672617080492.post-49986160117031418742016-08-02T20:32:00.001-04:002016-08-02T20:32:54.598-04:00How long will you be with your idea?<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Are you in love with your idea? Is it going to be with you forever? Is it permanent? Are you ready to stay committed to your idea?</b></div>
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When an entrepreneur first has an idea, it is love at first thought. The entrepreneur thinks it will be the idea to stay with him/her forever. What the entrepreneur doesn't realize is that most founders pivot quickly after that first idea.</div>
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A pivot is a change in focus, business model, customer, channel, product, technology or strategy. Pivots can help propel an idea and a business. However, be cautious. It has become fashionable to pivot often, sometimes without reason. Pivoting without strategy is just a waste of time and effort. </div>
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How do you know when it is time to pivot? Do your due diligence on your current model and idea. Hypothesize and test. If there is clearly no market fit for your current idea and you have a definite direction to pivot, go for it.</div>
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And hold off on that tattoo...</div>
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<b>How many times did you pivot? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-52654602861139595652016-07-17T21:09:00.002-04:002016-07-17T21:09:54.161-04:00More Work Coming at You<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>No good work is left un-rewarded.</b><br />
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As a new entrepreneur building your business, you may be tempted to take shortcuts. After all there are only that many hours in the day. When working to complete a product or finish deliverables for a client, it is tempting to rush through tasks or attempt to multitask. This leads to mistakes, lack of focus, and less understanding of why the work being performed.<br />
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On the other hand, focused, customer-centric, persistent work will reward you with one thing - MORE BUSINESS! The right effort is viral, and soon your customers or clients will spread the word and want more.<br />
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What are some ways to make sure you are putting in the right effort?<br />
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<ol style="text-align: left;">
<li>Market research to identify a true customer need and validation of your current effort.</li>
<li>Understanding and identifying the one thing you are providing and putting your best efforts to make sure its delivered impeccably. </li>
<li>Establishing streamlined and scalable processes to help deliver your services with quality and reliability.</li>
</ol>
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Very often entrepreneurs confuse being busy with the right effort. Just like a boomerang, which needs to be 'thrown' correctly for it to come back, any work done must be done with the right effort, for it to provide recurring benefits to grow your business.</div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-44513068403328923272016-07-05T19:59:00.002-04:002016-07-05T21:21:46.983-04:00Jack of All Trades or Master of One?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://1.bp.blogspot.com/-E-SKLrRvQ3g/V3xH48JQX7I/AAAAAAAABRY/9IIuLzhdCyAg5K-RUAg6ZdOaYCePASXCwCLcB/s1600/%2523entrepreneurfail%2BGeneralist%2Bor%2BSpecialist.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://1.bp.blogspot.com/-E-SKLrRvQ3g/V3xH48JQX7I/AAAAAAAABRY/9IIuLzhdCyAg5K-RUAg6ZdOaYCePASXCwCLcB/s640/%2523entrepreneurfail%2BGeneralist%2Bor%2BSpecialist.png" width="640" /></a></div>
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<b>If you are launching a service business, you have choices: </b></div>
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<ol style="text-align: left;">
<li><b>Be everything to everyone</b></li>
<li><b>Be very targeted with a niche service to a small subset</b></li>
<li><b>Be some combination of the above</b></li>
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There are benefits to being a generalist, but in our experiences, building a business as specialist, allows focus scaling. In fact, it is the only way to start a business.</div>
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The benefits of providing "general" services include the ability to adapt to new opportunities in a streamlined way. Your target market is huge and endless. But it is impossible to target such a large landscape as a startup.</div>
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The benefits of providing a "specialized" service is most apparent when you get started. The focus helps you identify the target customer making it easier to grow your customer base. Very soon, you will have potential customers knocking on your door inquiring about your services. Additionally, it is very easy to say "no" to business that doesn't fit your mold and it is easy get even better in your niche. This makes it possible to grow organically and compete with larger incumbents in your space.</div>
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<b>Is your business providing general services or specialized services? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-61691934909739187672016-06-21T21:31:00.002-04:002016-06-21T21:31:57.274-04:00Target the Low Hanging Fruit<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>The most important step in a new business is finding the first customer. And then finding the next customer after that and the one after that...</b></div>
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Many new entrepreneurs blindly seek customers without understanding their own capabilities, the customer profile and where to find the customer. Finding a customer can be like finding a needle in a haystack, but with certain steps it can become easier.</div>
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Here are a few pointers: </div>
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<ol style="text-align: left;">
<li>Understand what problem the product or services solves and define the value proposition</li>
<li>Understand the target customer profile</li>
<li>Identify where the customers are located and ensure sales and marketing material reach customers where they are.</li>
<li>Conduct research to gauge various customer segments</li>
<li>Identify customer's ability and willingness to pay</li>
<li>Understand the sales cycle and develop a sales funnel.</li>
</ol>
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<b>Search for the low hanging fruit. Often your customer is in front of your nose, but you don't even notice.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com3tag:blogger.com,1999:blog-6695627672617080492.post-18926505208182339802016-06-07T20:57:00.003-04:002016-06-07T21:08:10.304-04:00Are you a control freak?<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Ever seen intense video gamers? Their eyes are glazed and they are intently focusing on the screen. They are gripping the controller with both hands, thumbing the buttons and advancing to the next stage of the game.</b></div>
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Did you play video games as a child? How about as an adult? Starting a company is like playing a video game. You have an end goal - whether it be rescuing a princess, overthrowing the bad guy, collecting the crown jewels, or creating a sustainable business. You will definitely encounter obstacles getting to your end goals. Along the way, you may have small wins, but they are all on the way to the grand prize.</div>
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You also have a controller. This is very similar to being a founder, as you use the buttons to maneuver your way though challenges. The important buttons at your disposal are:</div>
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<ol style="text-align: left;">
<li>Offense and Defense - Use these as often as possible.</li>
<li>Competitive Attack - This can be used in conjunction with offense and defense.</li>
<li>Pivot - This button is used more often than you think, but after using it too much, it becomes inactive.</li>
<li>Hire - Use this button sparingly, but wisely. It can backfire if you are too aggressive with this button.</li>
<li>Plans A, B, C, and D - If you have really taken a wrong turn, you can use the different plans to set your path straight.</li>
<li>Launch - This is the button you use when you are finishing one stage of the game and moving to the next.</li>
</ol>
It's not about having these buttons though, it is about how many times you have used them before, the order you use them, how fast you use them, when you use them and how you use them. Some buttons may have additional functionality if you use them in combination with each other. All of these factors will catapult you to success.<br />
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<b>What are the buttons on your controller? Let us know in the comments below.</b><br />
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-52658190479511120162016-05-24T20:56:00.000-04:002016-05-24T21:00:07.210-04:00No Pain No Gain<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Ever been in an awkward situation? Ever kicked yourself for saying something foolish? Ever been a room where you are the least knowledgeable? Ever been yelled at by a customer?</b></div>
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If these sound terrible, you may not be ready to be an entrepreneur. As a new founder you will be constantly faced with situations that are unfair, confusing, overwhelming, and plain stressful. Successful entrepreneurs embrace these uncomfortable situations are accept them as a facet of starting a company. In fact, these moments of discomfort may actually motivate you to learn more, try harder and take more risks.</div>
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Some ways to mitigate that sinking sensation in your stomach:</div>
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<ol style="text-align: left;">
<li>Expect the worst - you may be pleasantly surprised</li>
<li>Put it all in perspective - a little discomfort won't ruin your business and every entrepreneur has felt it and dealt with it so you are not alone</li>
<li>Know its not personal - business discomfort has nothing to do with you as a person</li>
<li>Create a contingency plan - as they say, if plan A or B don't work, there are many other letters in the alphabet</li>
</ol>
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<b>The sooner you anticipate and enjoy the discomfort, the sooner you can keep focused on growing your business.</b></div>
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<b>Let us know how you deal with the uncomfortable in the comments below.</b><br />
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com2tag:blogger.com,1999:blog-6695627672617080492.post-57412463268597801712016-05-10T21:44:00.000-04:002016-05-10T21:58:42.163-04:00The Entrepreneur is a Chef<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://4.bp.blogspot.com/-OUbkUg-cRMY/VzJ1hc1pgfI/AAAAAAAABP0/fjkrkMHATbcfBJpUatypZpNTcBinHUWEQCLcB/s1600/%2523entrepreneurfail%2BStartup%2BRecipe.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://4.bp.blogspot.com/-OUbkUg-cRMY/VzJ1hc1pgfI/AAAAAAAABP0/fjkrkMHATbcfBJpUatypZpNTcBinHUWEQCLcB/s640/%2523entrepreneurfail%2BStartup%2BRecipe.png" width="640" /></a></div>
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<b>There's nothing as savory and satisfying as a perfectly grilled startup.</b></div>
What are the ingredients that make a startup? The chef aka entrepreneur has to create the tasty meal.<br />
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Try these ingredients:<br />
<ul style="text-align: left;">
<li>1 Pint of Passion</li>
<li>2 Cups of Confidence</li>
<li>4 Lumps of Luck</li>
<li>Half Kilo of Hustle</li>
<li>1 Sizzling Solution</li>
</ul>
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Some entrepreneurs customize the dish by throwing in some other spices:</div>
<div>
<ul style="text-align: left;">
<li>Perseverance</li>
<li>Talk</li>
<li>Experience</li>
<li>Knowledge</li>
<li>Partnerships</li>
<li>Team</li>
</ul>
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And the cooking instructions require the following steps:</div>
</div>
<div>
<ul style="text-align: left;">
<li>Roast with rejection</li>
<li>Mash in the motivation</li>
<li>Whisk with work</li>
<li>Garnish with glory</li>
<li>Season with secret sauce</li>
</ul>
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The thing to remember with startup recipes, don't try a diet, lite, or gluten-free recipe, as all the ingredients are necessary to make the wholesome, sustainable dish.<br />
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<b>Let us know the ingredients that make your startup unique.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-82120738211160032812016-04-26T21:35:00.002-04:002016-04-28T02:55:41.518-04:00True Lies: Building a Reputation<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>New entrepreneurs are overflowing with enthusiasm. They are creating their reputation, often from scratch. </b><br />
<a name='more'></a>Sometimes a new entrepreneur will "massage" the truth when pitching new clients or sharing their new business with contacts:<br />
<ol style="text-align: left;">
<li>"We have tons of experience" can be interpreted as "I've read about it and think I can figure it out." </li>
<li>"We have many employees" is actually "my sister helps me sometimes and I got an unpaid intern this summer." </li>
<li>"We have many customers" stems from the fact you are talking to many potential leads and one of them should materialize soon before you get found out. </li>
</ol>
What are some other extensions of truths from entrepreneurs?<br />
<ol style="text-align: left;">
<li>"I'll have my admin reach out you...", even though you don't have an admin, it may make your company seem larger than it is.</li>
<li>"We have offices in <big city>," even though you only have one distant uncle who lives in that <big city>.</li>
<li>"We don't have availability until next week" makes it appear your company is busier than it is.</li>
</ol>
Beware though. Sometimes "fake it until you make it" doesn't work in your favor. Don't get caught being a Pinocchio. Emphasize the truth and the reality of your experiences and your situation.<br />
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<b> Have you exaggerated about your company? Tell us more details in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-61434588806749927852016-04-11T20:07:00.000-04:002016-04-11T20:13:51.037-04:00Freedom Fighters<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>What if someone told you that you could be wealthier and happier beyond your wildest dreams? Would you believe them? What if you were told that it was possible but you had to spend an undefined time working, in confinement. Would that change your mind?</b></div>
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The promise of entrepreneurship reads like a good book. You hear the stories of young billionaires. You see how people are writing their own ticket. You are amazed how people can change the course of history, just by executing on an idea.</div>
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Yes it is true. Entrepreneurship can set you free. It can give you and your family the choice, the options and flexibility for the future. It can provide a nest egg, and an identity.</div>
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However, there's a catch. The next 5-10 years of your life (your sentence could be even longer) will be work, work and more work. You may be locked up and have to miss family gatherings and recreational events. The conditions when you're confined working aren't ideal. However many of the best entrepreneurs love being there. It is a self-imposed banishment and they do it in order to find what they are looking for: power, respect, creativity, identify, and/or freedom.</div>
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<b>Is it worth it? How long have you been locked up working? Are you looking for freedom? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-79896275836508271882016-03-29T19:29:00.001-04:002016-04-07T04:45:29.604-04:00Living on the Edge of the Runway<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>"We are ready to take off. Fasten your safety belt."</b></div>
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That is of course, until the plane comes to a screeching halt. New startups have to build their business before they are airborne. However, the startups need to do this before their funding runs out. This funding is the runway and it is always shorter than the founder thinks. It is calculated by dividing the current cash position by the current monthly burn rate. </div>
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Extend the runway as much as possible by leveraging the following: </div>
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<ol style="text-align: left;">
<li>Create a budget and double it.</li>
<li>Launch profitable products and sell them to profitable customers.</li>
<li>Build a service to hone your product.</li>
<li>Hire judiciously.</li>
<li>Initially, use subscription services instead of making capital expenditures (e.g. subscribe to software instead of buying it outright).</li>
<li>Keep on the watch out for the end of the runway.</li>
<li>Think lean.</li>
</ol>
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<b>How long was your runway when you first started? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-48233309335733579682016-03-14T18:54:00.000-04:002016-03-14T22:00:48.476-04:00Balancing the possible and the impossible<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>Is it feasible? Is it visionary? Can it be both?</b></div>
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In creating a new product, a founder has to grapple with the challenge: make something that no one has ever seen, or make something familiar into something better. The best new products balance the possible and the impossible. If the product is too "possible", chances are the customer won't appreciate it, and it if the product is too "impossible", the hurdles for adoption may be too high.</div>
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In addition, some decisions that founders must make when creating a new product:</div>
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<li>Identify the customer pain point and opportunity</li>
<li>Validate the idea with customers and strategy</li>
<li>Identify how the product will be built</li>
<li>Test and build the new product</li>
<li>Launch</li>
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It doesn't matter if the entrepreneur is creating something brand new or improving upon something old, the new product has to be enough to move customers from what they are currently using. Many experts say adoption of new product requires it to be 10x better than the status quo.<br />
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<b>Did you launch a new product? Was it closer to possible or closer to impossible?</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-26255353149382862432016-03-01T19:03:00.000-05:002016-03-01T20:44:01.264-05:00Game Time Decisions<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>You are face to face with your opponent, both of you vying for the win. Who's move is next? Where do you go from here? Will you win? </b><br />
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<b>Entrepreneurship is a game. </b>Some of the elements of this game include:<br />
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<li>Everyone starts at the same position, but sometimes you get to choose the starting position.</li>
<li>There are various players. Each one has a special ability. </li>
<li>Sometimes collusion with other players is acceptable (e.g. Monopoly)</li>
<li>Playing multiple times helps you anticipate some of the hurdles, turns, and surprises.</li>
<li>There are rules, but if you rewrite the rules, it's not cheating! It's creating a brand new game.</li>
<li>The pride in winning is greater than any monetary reward.</li>
<li>Winning is rewarded by another round.</li>
</ol>
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So as you dive into this game of entrepreneurship, make sure you know when to roll the die, understand the basic rules, know how to make your own rules, and know your opponent!</div>
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<b>Let us know what game is most like entrepreneurship. Chess? Poker? Chutes and Ladders? Monopoly? Something else?</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-67548050570889458732016-02-15T17:20:00.001-05:002016-02-15T17:23:39.112-05:00Lessons from the Animal Kingdom<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="https://1.bp.blogspot.com/-DeVtizy4bCY/VsIJcBRGCQI/AAAAAAAABNU/fxba3RxDW6c/s1600/%2523entrepreneurfail%2BAnimal%2BKingdom%2BLessons.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="https://1.bp.blogspot.com/-DeVtizy4bCY/VsIJcBRGCQI/AAAAAAAABNU/fxba3RxDW6c/s640/%2523entrepreneurfail%2BAnimal%2BKingdom%2BLessons.png" width="640" /></a></div>
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<b>It's a dog eat dog world. </b><b>The animal world provides insights and advice for new entrepreneurs. Some examples below:</b></div>
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<li>Free as a bird - New founders should allow their creativity to fly freely and unencumbered.</li>
<li>Hard working as an ant - Remember this little critter works hard all winter to ensure the future. </li>
<li>Playful as a kitten - Entrepreneurs should have fun creating their business.</li>
<li>Brave as a lion - Startup owners must bravely enter new territories, and compete head to head with other companies.</li>
<li>Quiet as a mouse - Although it is important to get noticed, being too boisterous is counterproductive for new entrepreneurs.</li>
<li>Fast as a rabbit - Before you're done reading this post, another business has gone obsolete. Founders must be nimble and quick.</li>
</ol>
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<b>What are the animal lessons we missed? Let us know in the comments below.</b></div>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-62614750647395421482016-02-02T18:41:00.001-05:002016-02-02T18:54:16.676-05:00Are you feeling lucky?<div dir="ltr" style="text-align: left;" trbidi="on">
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<a href="http://4.bp.blogspot.com/-qfmpgt4PeLQ/VrAbDuNwrQI/AAAAAAAABM4/SkFotXNocJw/s1600/%2523entrepreneurfail%2BLuck%2Bvs.%2BHard%2BWork.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="480" src="http://4.bp.blogspot.com/-qfmpgt4PeLQ/VrAbDuNwrQI/AAAAAAAABM4/SkFotXNocJw/s640/%2523entrepreneurfail%2BLuck%2Bvs.%2BHard%2BWork.png" width="640" /></a></div>
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<b>Ready to give up? Not lucky enough to ever be a good entrepreneur?</b></div>
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New entrepreneurs are often frustrated at the beginning of their journey, thinking they just don't have the luck to make their venture work. Some seasoned entrepreneurs attribute their successes to luck, but the truth is that luck, though out of our control, is just a function of hard work.<br />
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At the beginning of an entrepreneurial journey, new founders may feel that all their tremendous efforts have no payout. And very often, they are ready to give up. However at one tipping point throughout their journey, their "luck" will spike. They just have to be patient and diligent to make it happen.<br />
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<b>Let us know if you got luckier the harder you worked in the comments below.</b><br />
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1tag:blogger.com,1999:blog-6695627672617080492.post-91422940615759217262016-01-18T19:48:00.002-05:002016-02-02T19:43:37.681-05:00Ideation Stagnation: Don't Let Your Brainstorming Session Be Hijacked<div dir="ltr" style="text-align: left;" trbidi="on">
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You are gathered in a room with a facilitator and sticky notes are flying. You hope that after the session, you'll be able to tackle your problem to solve with new ideas.</div>
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The main goal in a brainstorming (also known as ideation) session, is to generate as many ideas as possible, before filtering them to find an final solution. The challenge however, is that there is always THAT ONE PERSON who dominates the session. If the facilitator is not aware, the extrovert of the room will soon takeover.</div>
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Here are some tips to ensure a successful brainstorming session:</div>
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<li>Ensure the attendee list consists of a wide variety of backgrounds, personalities and outlooks</li>
<li>Make sure you find a seasoned facilitator who knows how to go "off script" if he/she realizes the participation from the attendees is lop-sided</li>
<li>Include "games" where people are given a turn to share their opinions</li>
<li>Have a timer so that each comment can only last 30 seconds</li>
<li>Include exercises where the attendees can brainstorm by themselves and jot down ideas, in order to share the one good idea.</li>
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Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com0tag:blogger.com,1999:blog-6695627672617080492.post-9556139902705952102016-01-04T20:20:00.001-05:002016-02-02T19:46:09.021-05:00Interesting vs. Interested: Which one are you?<div dir="ltr" style="text-align: left;" trbidi="on">
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<b>"I do this. And I also do that."</b></div>
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If you are at a cocktail party or an event it's easy to spot the wantrepreneurs. They are the ones talking about their ideas, their products, their team, their potential. Rarely do they give a chance to let the other person share anything about themselves.<br />
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On the other hand, if you witness a conversation with the entrepreneur, you'll notice that the entrepreneurs don't say much. They are instead focusing on listening, and developing a relationship with anyone and everyone they talk to. They are genuinely interested in others and helping others and are always aware of who could be the key to their next opportunity. <br />
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<b>Are you interesting or interested? Let us know in the comments below.</b></div>
Entrepreneur Failhttp://www.blogger.com/profile/13614242631248811132noreply@blogger.com1