In the wide world of startups, we mostly like to think of ourselves as go-getters, ass kickers, “in all the way” sorts. We also like to think of ourselves as tinkerers, rapid iterators who test unceasingly. But the combination of those two traits can lead to one of the most dangerous cycles in startup - half measure syndrome (HMS).
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Two users. That’s it. It had been a week since we had announced to friends and family our latest idea, LinkFalcon, and only two of them had bothered to try it. I thought LinkFalcon had some real potential. It solved a real problem for me and one that I hoped others had. Complete disaster. Failure. Six months down the drain. Back to our real jobs.
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That “some suggestions” became a full page and that full page became a monster that had almost no free white space left. It was so full of stuff we did, it was ludicrous. It was dark like the night and microscribbled as if I hated that poor moleskine page. My message at the panel was simple: “Don’t be a first time founder…” – or at least not the kind of first time founder I used to be ;)
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Ignorance is not bliss in business, but it does allow entrepreneurs to face the unknown with a measure of confidence. No 19-year old understands business at the level of a seasoned, serial entrepreneur. However, it is important for young entrepreneurs to be adequately self-aware to know what they do not know.
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These are the latest high-tech migrants to Silicon Valley, in their 20s and fresh out of college, drawn by a surge in start-ups and investment money that in the last year and a half has created more jobs than companies can fill, and eager to help shape the technology that infuses their lives.
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A simple template for idea/product prioritization. You want to go for the dot that is at the very top right. Often in product brainstorming you get many ideas that are very attractive and a no-brainer. The key is how do you choose the one that is best for the company.
For startups, it is dangerous to entirely separate product and marketing – both strategically and organizationally. A great product isn’t overly useful without an audience. And a great marketing strategy can’t save a poor product. Product and marketing have to coexist.
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As much as we all strive to build sustainable and stand-alone companies, we’re living in a period of massive transformation and thus, consolidation and acquisition. As a result, many entrepreneurs build their businesses with potential acquirers in mind, choosing to grow at any cost instead of actually building a sustainable business that is solvent and profitable.
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I have come up with an idea for a new social networking application. It's not something I expect to be hugely successful, but I think it does have some potential. I've approached a few close friends and collegues, all of whom really liked the idea. A couple have offered to come on as partners to help develop the idea into a working application.
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"Brand" is one of those words everybody uses and nobody really understands, so I'll start with a definition. It's important for entrepreneurs to understand that their "Brand" is the collective emotional response to their product or service. A brand is not a logo, and it's certainly not a URL.
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