How Failing 2,032,198 Times Helps You Succeed

worstmistake

We've heard it so many times for entrepreneurs - how you have to know how to fail in order to succeed. I wanted to dissect how exactly this is so. How exactly does failure help you succeed? My first instinct in answering this question is to look at my own entrepreneurial journey. Has failure helped me? When asked this question, my reply is almost immediate - yes, it has helped me tremendously. It's not just because of the sheer learning that happens afterwards (though this is big as well, and is the basis for the lean startup movement) The great thing that failure has given me is the stomach for it. Having failed so many times before and knowing first-hand what the … [Read more...]

6 Tips to Ensure Your Idea is BIG Enough

thinkbig

Don't fall into the trap of the small idea. Here are 6 tips on how to avoid doing so. 1) Pick a painkiller I touched on this a bit in a recent post. A painkiller is something someone very urgently needs. He would be willing to pay for it NOW if you could make the pain go away. On the other hand, a vitamin is a nice-to-have. Ask potential customers if your idea is a painkiller or a vitamin. CHOOSE to go after painkillers. (no matter how sexy an idea the vitamin is, you're bound to have better success with the painkiller) 2) Don't stop with founder credentials "Hey I like travel! I really could use an app which could tell me where all the best restos and resorts are when I … [Read more...]

Startup Resources Galore From Steve Blank

Quick one. Just had to repost this. This is a tremendous resource for anyone who wants to know about how modern entrepreneurship and startups work. Assembled by startup guru Steve Blank. Do enjoy reading it, learning from it, and most importantly, start building something out of it! … [Read more...]

STEP 5: Change or Die! Tips on Iteration

autobot_logo

(This is the 5th post in the series 6 Steps to Startup Launch. You can find the introductory post here, and the previous post here.) After getting feedback from your customers about your MVP, it's a simple matter of following the feedback, right? Of course, there is always more than meet the eye (ugh). Let's go through some product iteration guidelines! 1) Don't just blindly follow the feedback, reflect You need to take a step back, reflect carefully about the feedback, and determine how you want to use it in changing your MVP. No, there isn't a formula as to how this can be done. It all depends on your particular product, market, and feedback results. This is why it's always a … [Read more...]

STEP 4: Don’t Listen to Steve Jobs: You HAVE To Gather Data

Technology-Adoption-Lifecycle

(This is the 4th post in the series 6 Steps to Startup Launch. You can find the introductory post here, and the previous post here.) There are some entrepreneurs who feel they can totally shun the customer research process and instead feel they can rely purely on their product instinct. Then they quote Steve Jobs, who famously said that "Customers don't know what they want until they see it." Well for one, chances are, you are not Steve Jobs. Two, Steve did do a ton of product research: Apple 3, The Lisa, and his Next Computer, even the Apple G4 Cube computer (done after he returned to Apple) were complete, utter failures in the market. I'm willing to bet he learned a TON of things … [Read more...]

Launch Your Startup in 6 Steps

6 steps to your startup launch

So you a want a startup map? Here's one. This 6-step process is heavily influenced by my own experiences, and 2 canonical entrepreneurial books: Steve Blank's 4-Steps to the Epiphany, and Eric Ries's Lean Startup. Both obvious recommendations. Again,  please note the differentiation here between a startup and a small business. Here we go. For a lot of us beginners, our idea of a startup goes like this: we have an idea, we build a product, market it, and then wait and see if it sinks or swims. So essentially, we take a guess and see if it works. This process IS risky, because if you invest a lot of money in the product development and the marketing, and it fails, that's it - … [Read more...]

7 WAYS TO ENSURE YOUR STARTUP IDEA DOESN’T SUCK, Part II

We're talking about tips on startup business ideas. This is part two, you can view part one here. 4) RESEARCH There are hardly any truly novel ideas anymore. That great idea you've always thought of? There's a great chance someone out there has done it. Don't fret, this is normal. In many cases, this actually means your idea has a market. Now, look deeper. Find out about how your competitor is doing it. How could you make the idea more remarkable?  What other gaps aren't being met? Two years ago, I thought about the idea of starting an executive search firm, partly because STORM, our HR technology firm, was always declining when we were asked by our clients if we did headhunting. A … [Read more...]

Follow

Get every new post delivered to your Inbox.

Join 2,044 other followers