(Editor’s note: Serial entrepreneur Scott Olson is president of MindLink Marketing. He contributed this column to VentureBeat.)
Startups aren’t for the weak of heart. There are inevitable ups and downs that every entrepreneur faces. Part of your challenge is not getting carried away during times of success and not getting despondent during your setbacks.
When you find yourself in a startup funk, it’s frequently a period of indecision or uncertainty, where planning and meetings seem to take up a lion’s share of your time. The fear of making the wrong decision can lead to startup paralysis and can kill your company. Here are five ways to snap out of it by prioritizing action.
Go on a sales call – When in doubt, get in front of customers. It not only drives activity at a startup, it opens your eyes. Your best insights and ideas come when you’re talking to someone who can benefit from what you are offering. Sales calls are also great for discovering what features of your product aren’t as important as you thought. Prospects generally tell it like it is and will question features that just aren’t vital to them.
Use your product – The number of people who work in a startup who have virtually no hands-on time with what they sell consistently amazes me. People at every level of a startup should use and intimately understand their product or service. Doing so helps crystallize what works and what doesn’t.
Document your value proposition – Take the time to understand and communicate the value your product offers to the people who use it. Even freemium products require an investment of time and effort. What does the user get out of it? Does he or she save money, eliminate a problem, enhance communication, or create a positive mood? Once you understand this, write it up. Blog about it. Put it in your presentation. Create a typical ROI analysis if at all possible. At the end of the day, focusing on your core value can help you get past planning roadblocks.
Meet with existing customers – These are the people who are most invested in your success and want to partner with you to make your product or service better. This advice is especially important for your development team. Often companies limit exposure to customers to the sales and marketing folks. Get your developers out of the office and let them see how their product is actually getting used.
Ship already! – The most surefire way to kill your company is failing to ship your product. Death by features affects more companies than it should, and I still see startups where a planned three-month development cycle turns into a year. Be disciplined and do everything it takes to stop adding new features. QA your product and get it out the door.
Action drives progress. Accordingly, startups should be a frenzy of action. Planning should be based on the inputs from these actions, not on debating hypotheticals. So, if you find yourself in a startup funk, stop making plans and do something.
Photo via Flickr by malisonian
Next Story: A Bit Lucky scores on Facebook with its Lucky Train game Previous Story: Involver grabs $7M more for social marketing platform
Ways of Looking at Bank Profits
Annie Lowrey reports on yesterday’s conference on financial regulation implementation:
And that rule-writing is ongoing among dozens of agencies, including the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Chicago Board Options Exchange, the Treasury Department and the Federal Reserve. The government is also in the process of organizing and hiring workers for the new $500 million Consumer Financial Protection Bureau. And the massive legislation is drawing major lobbying interest. This campaign cycle, the American Bankers Association has pledged $13.6 million on lobbying and $2.1 million to campaigns, pushing for looser rules on banks. J.P. Morgan Chase alone has contributed nearly a million to campaigns this year.
So how will those interested in reform know if it is working in the meantime? The question posed to the gathering of 40 or so met with many answers. “ would be working if the banks were making a lot less money,” [Rep Brad] Miller argued. “The reality is for it to be successful it has to be a win-lose-win,” with markets and consumers winning, and banks losing. The Wall Street Journal reported yesterday that financial-sector corporate profits are near their all-time highs.
I think some of this interest in financial sector profitability is a bit misguided, but since people want to lay down markers in this regard I think it’s worth trying to draw some distinctions among ways banks could make less money. One thing that could happen is that the profitability of financial services could decline. Another is that incumbent firms could lose market share to new entrants. A third is that financial services could decline as a share of US GDP. A fourth is that the overall rate of US GDP growth could fall. Or you could have some combination of these phenomena.
Sometimes you see people cite statistics that combine these factors in a confusing way. Much has been made, for example, of financial sector profits as a share of overall corporate profits. The numbers are sufficiently striking as probably constitute cause for alarm, but as a metric this is an odd one. If competition between cell phone carriers becomes more robust, leading to falling prices for consumers that’s a good thing. But since it implies smaller profits for Verizon and AT&T it means banking sector profits will rise as a share of overall profits. But who cares?
There are also the international issues. Any given country can sort of squeeze financial activity outside of its borders with harsh regulations, but that doesn’t do anything to reduce the likelihood of a global financial crisis or even really to reduce that country’s vulnerability to crisis. The crisis-prevention aspect of financial regulation really has to be tackled globally, which is good reason to be pessimistic (better global governance and more international coordination needed is never a good sign for your issue), but also a reason not to look too myopically at the state of play inside any one country.
Nevada Voters Complain Of Problems At Polls - Las Vegas <b>News</b> Story <b>...</b>
LAS VEGAS -- Some voters in Boulder City complained on Monday that their ballot had been cast before they went to the polls, raising questions about Clark County's electronic voting machines. Wednesday, October 27, 2010.
FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal
It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...
Juan Williams: Fox <b>News</b> Lets 'Black Guy With A Hispanic Name' Host <b>...</b>
Juan Williams said Tuesday that he's still upset about his firing from NPR, and added that NPR does not understand the Fox News culture or audience. In an interview with Baltimore Sun columnist David Zurawik, Williams said he remains ...
bench craft company complaints
bench craft company complaints
Nevada Voters Complain Of Problems At Polls - Las Vegas <b>News</b> Story <b>...</b>
LAS VEGAS -- Some voters in Boulder City complained on Monday that their ballot had been cast before they went to the polls, raising questions about Clark County's electronic voting machines. Wednesday, October 27, 2010.
FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal
It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...
Juan Williams: Fox <b>News</b> Lets 'Black Guy With A Hispanic Name' Host <b>...</b>
Juan Williams said Tuesday that he's still upset about his firing from NPR, and added that NPR does not understand the Fox News culture or audience. In an interview with Baltimore Sun columnist David Zurawik, Williams said he remains ...
bench craft company complaints bench craft company complaints
(Editor’s note: Serial entrepreneur Scott Olson is president of MindLink Marketing. He contributed this column to VentureBeat.)
Startups aren’t for the weak of heart. There are inevitable ups and downs that every entrepreneur faces. Part of your challenge is not getting carried away during times of success and not getting despondent during your setbacks.
When you find yourself in a startup funk, it’s frequently a period of indecision or uncertainty, where planning and meetings seem to take up a lion’s share of your time. The fear of making the wrong decision can lead to startup paralysis and can kill your company. Here are five ways to snap out of it by prioritizing action.
Go on a sales call – When in doubt, get in front of customers. It not only drives activity at a startup, it opens your eyes. Your best insights and ideas come when you’re talking to someone who can benefit from what you are offering. Sales calls are also great for discovering what features of your product aren’t as important as you thought. Prospects generally tell it like it is and will question features that just aren’t vital to them.
Use your product – The number of people who work in a startup who have virtually no hands-on time with what they sell consistently amazes me. People at every level of a startup should use and intimately understand their product or service. Doing so helps crystallize what works and what doesn’t.
Document your value proposition – Take the time to understand and communicate the value your product offers to the people who use it. Even freemium products require an investment of time and effort. What does the user get out of it? Does he or she save money, eliminate a problem, enhance communication, or create a positive mood? Once you understand this, write it up. Blog about it. Put it in your presentation. Create a typical ROI analysis if at all possible. At the end of the day, focusing on your core value can help you get past planning roadblocks.
Meet with existing customers – These are the people who are most invested in your success and want to partner with you to make your product or service better. This advice is especially important for your development team. Often companies limit exposure to customers to the sales and marketing folks. Get your developers out of the office and let them see how their product is actually getting used.
Ship already! – The most surefire way to kill your company is failing to ship your product. Death by features affects more companies than it should, and I still see startups where a planned three-month development cycle turns into a year. Be disciplined and do everything it takes to stop adding new features. QA your product and get it out the door.
Action drives progress. Accordingly, startups should be a frenzy of action. Planning should be based on the inputs from these actions, not on debating hypotheticals. So, if you find yourself in a startup funk, stop making plans and do something.
Photo via Flickr by malisonian
Next Story: A Bit Lucky scores on Facebook with its Lucky Train game Previous Story: Involver grabs $7M more for social marketing platform
Ways of Looking at Bank Profits
Annie Lowrey reports on yesterday’s conference on financial regulation implementation:
And that rule-writing is ongoing among dozens of agencies, including the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Chicago Board Options Exchange, the Treasury Department and the Federal Reserve. The government is also in the process of organizing and hiring workers for the new $500 million Consumer Financial Protection Bureau. And the massive legislation is drawing major lobbying interest. This campaign cycle, the American Bankers Association has pledged $13.6 million on lobbying and $2.1 million to campaigns, pushing for looser rules on banks. J.P. Morgan Chase alone has contributed nearly a million to campaigns this year.
So how will those interested in reform know if it is working in the meantime? The question posed to the gathering of 40 or so met with many answers. “ would be working if the banks were making a lot less money,” [Rep Brad] Miller argued. “The reality is for it to be successful it has to be a win-lose-win,” with markets and consumers winning, and banks losing. The Wall Street Journal reported yesterday that financial-sector corporate profits are near their all-time highs.
I think some of this interest in financial sector profitability is a bit misguided, but since people want to lay down markers in this regard I think it’s worth trying to draw some distinctions among ways banks could make less money. One thing that could happen is that the profitability of financial services could decline. Another is that incumbent firms could lose market share to new entrants. A third is that financial services could decline as a share of US GDP. A fourth is that the overall rate of US GDP growth could fall. Or you could have some combination of these phenomena.
Sometimes you see people cite statistics that combine these factors in a confusing way. Much has been made, for example, of financial sector profits as a share of overall corporate profits. The numbers are sufficiently striking as probably constitute cause for alarm, but as a metric this is an odd one. If competition between cell phone carriers becomes more robust, leading to falling prices for consumers that’s a good thing. But since it implies smaller profits for Verizon and AT&T it means banking sector profits will rise as a share of overall profits. But who cares?
There are also the international issues. Any given country can sort of squeeze financial activity outside of its borders with harsh regulations, but that doesn’t do anything to reduce the likelihood of a global financial crisis or even really to reduce that country’s vulnerability to crisis. The crisis-prevention aspect of financial regulation really has to be tackled globally, which is good reason to be pessimistic (better global governance and more international coordination needed is never a good sign for your issue), but also a reason not to look too myopically at the state of play inside any one country.
bench craft company complaints
Nevada Voters Complain Of Problems At Polls - Las Vegas <b>News</b> Story <b>...</b>
LAS VEGAS -- Some voters in Boulder City complained on Monday that their ballot had been cast before they went to the polls, raising questions about Clark County's electronic voting machines. Wednesday, October 27, 2010.
FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal
It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...
Juan Williams: Fox <b>News</b> Lets 'Black Guy With A Hispanic Name' Host <b>...</b>
Juan Williams said Tuesday that he's still upset about his firing from NPR, and added that NPR does not understand the Fox News culture or audience. In an interview with Baltimore Sun columnist David Zurawik, Williams said he remains ...
bench craft company complaints bench craft company complaints
Nevada Voters Complain Of Problems At Polls - Las Vegas <b>News</b> Story <b>...</b>
LAS VEGAS -- Some voters in Boulder City complained on Monday that their ballot had been cast before they went to the polls, raising questions about Clark County's electronic voting machines. Wednesday, October 27, 2010.
FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal
It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...
Juan Williams: Fox <b>News</b> Lets 'Black Guy With A Hispanic Name' Host <b>...</b>
Juan Williams said Tuesday that he's still upset about his firing from NPR, and added that NPR does not understand the Fox News culture or audience. In an interview with Baltimore Sun columnist David Zurawik, Williams said he remains ...
bench craft company complaints bench craft company complaints
Nevada Voters Complain Of Problems At Polls - Las Vegas <b>News</b> Story <b>...</b>
LAS VEGAS -- Some voters in Boulder City complained on Monday that their ballot had been cast before they went to the polls, raising questions about Clark County's electronic voting machines. Wednesday, October 27, 2010.
FAIR Blog » Blog Archive » Juan Williams, Fox <b>News</b> Liberal
It's not totally clear what he means by that, but Williams does a pretty good job as a Fox News Liberal-- i.e., someone willing to attack left-liberal groups and leaders while doing very little to promote an actual left-leaning ...
Juan Williams: Fox <b>News</b> Lets 'Black Guy With A Hispanic Name' Host <b>...</b>
Juan Williams said Tuesday that he's still upset about his firing from NPR, and added that NPR does not understand the Fox News culture or audience. In an interview with Baltimore Sun columnist David Zurawik, Williams said he remains ...
bench craft company complaints bench craft company complaints
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