TechEmpower

MARCH 4, 2024

In testing, AI can simulate a multitude of scenarios, predicting performance outcomes and potential failures before they occur, which reduces the risk and cost associated with physical prototyping. It can also optimize logistics through route and delivery scheduling, leading to reduced operational costs and improved delivery times.

Generative AI 295

Generative AI CTO Hire Fractional CTO Software Review 295

Startup Professionals Musings

APRIL 17, 2022

The challenge is to recognize and recruit that ideal partner match early with minimal cost and risk. If they or you find it hard to trust others, love to work alone, always have to be in control, or insist on micro-managing, it may be time for change or looking elsewhere. Neither partner needs to be managed.

Partner 385

Partner Software Review CTO Hire Cofounder 385

Startup Professionals Musings

MAY 24, 2020

This is a positive in uncoupling them from a dependency on a single company or boss, but the downside is that they have to suddenly manage all facets of a business, including finances, strategy, and savings for the future. Sales Professional. Thus you don’t need to invent an innovative product or technology to be a real entrepreneur.

Startup 410

Startup Angel Investor Social Media LLC 410

Both Sides of the Table

DECEMBER 11, 2022

We had nascent revenues, ridiculous cost structures and unrealistic valuations. I learned to avoid unnecessary conferences, avoid non-essential costs and strive for at least a neutral EBITDA if for no other reason than nobody was interested in giving us any more money. Until we weren’t. Nobody cared about our valuations any more.

Valuation 466

Valuation San Francisco Ratchet Liquidation Preference 466

Startup Professionals Musings

FEBRUARY 8, 2021

Especially if you are a first-time business owner, the payback for this initiative is well worth the effort and cost. Unfortunately, I see too many new entrepreneurs who let their passion for a new idea or invention blind them to the stark realities of customer need, opportunity size, or pricing and cost implications.

Advisory Board 356

Advisory Board Bandwidth Cofounder Technical Review 356

Startup Professionals Musings

JANUARY 22, 2023

The distributed model draws on a diverse pool, helps manage costs, and captures regional insights and focus necessary to win local customers. Manage risk – don’t just “move fast and break things.” Managing risk is about determining upfront which risks are acceptable and which are non-negotiable.

Global 345

Global Silicon Valley Marketing Indonesia 345

Startup Professionals Musings

NOVEMBER 28, 2020

But for founders who do their homework, the cost of entry is lower and the opportunity is higher than ever. Years ago, it cost a million dollars for a new e-commerce site, one that you can now create for almost nothing with current tools and technology. The cost of social media done well is low.

Intellectual Property 404

Intellectual Property Startup Angel Groups Social Media 404

Startup Professionals Musings

APRIL 4, 2022

My first advice for new entrepreneurs is to pick a domain that doesn’t have the sky-high up-front development costs, like online web sites and smart phone apps. That includes estimating the money required to get to the revenue stage, and saving money to cover costs before you jump off the cliff. Set expectations accordingly.

Intellectual Property 261

Intellectual Property Technical Review Incubator Bootstrapping 261

Startup Professionals Musings

MARCH 6, 2021

I’m sure all you accountants will agree that fixing the mistakes listed here does not require rocket science, but I’ve seen them so often that to be forewarned is to be forearmed: Failing to factor in fixed costs when pricing. Always use a break-even analysis to measure what volume and price are required to offset total costs.

Technical Review 379

Technical Review Finance Startup Salary 379

Startup Professionals Musings

APRIL 28, 2021

I recommend a trial run with an experiment or MVP (minimum viable product), at full price and cost, before the big bang launch, risking your investment money and a major time commitment. Growing too fast kills many new ventures, due to staffing costs, inventory, and funding delays. Gather your resources before scaling the business.

Technical Review 329

Technical Review Merger Software Review Acquisition 329

Startup Professionals Musings

MAY 17, 2021

illustrates this with humor for each of fifty dumb mistakes that smart managers don’t make. Managers who speak critically of team members, customers, friends or family members, have something going on within them that needs to be examined. Real leaders embrace and manage these feelings, rather than complain to associates.

Leadership 342

Leadership Management Cost Startup 342

Startup Professionals Musings

SEPTEMBER 29, 2021

In my experience as an employee, up to an executive, in large companies as well as small, I’ve found that people who are consistently negative and complain are a big constraint on productivity, as well as the most difficult management problem that most business leaders face. They may really want to change.

Employee 371

Employee Salary Hiring Stock 371

Startup Professionals Musings

JANUARY 24, 2021

For the elite startups and entrepreneurs who manage to attract the investor they dream of, and survive the term sheet negotiation, there is still one more hurdle before the money is in the bank. This is the mysterious and dreaded due diligence process, which can kill the whole deal. My best advice is to stick to the middle ground.

Technical Review 379

Technical Review Due Diligence Term Sheet Bankruptcy 379

Startup Professionals Musings

OCTOBER 30, 2020

This reduces the cost of customer acquisition, allows easy upgrades for service and new features, and improves customer loyalty in the face of new competitors in the market. In this age of the gig-economy, you can more quickly hire and manage freelancers, contract workers, and contract operations.

Merger 386

Merger Acquisition Software Review Social Media 386

Startup Professionals Musings

AUGUST 19, 2022

Employees are still too often thought of as a commodity, to be acquired “just in time” for the lowest cost, and managed as a disposable asset. Underestimating absenteeism and accident costs. They look only at historical data, and lump it all under "the cost of doing business."

Analytics 303

Analytics Hiring Open Source Employee 303

Startup Professionals Musings

MARCH 21, 2021

Time management. Many experts suggest it costs six times more to sell something to a new customer than to an existing customer. As an aside, I would suggest that you should never aspire to be a manager or an executive if you don’t do follow-up. Some struggling entrepreneurs are totally event driven. Customer retention.

Technical Review 333

Technical Review Startup Software Review Retention 333

Startup Professionals Musings

JANUARY 3, 2022

It’s a small cost to prevent a long-term loss. Team managers in a hurry to hire often skip references, assuming they won’t get the real story anyway. In truth, much can be inferred from what is not said, and the tone of former managers. Building and managing a great team doesn’t stop when your last position is filled.

Hiring 337

Hiring Technical Cofounder Cofounder Retention 337

Startup Professionals Musings

OCTOBER 26, 2022

Business agility is defined as the ability to adapt rapidly and cost efficiently. Managing an agile business means managing change, not solidifying a status quo. Entrepreneurs that are not listening, not engaging, and not changing are destined to be left behind even in the best of times.

Agile 379

Agile Technical Review Leadership Social Media 379

The Startup Magazine

MAY 3, 2024

As a versatile ERP system, Microsoft Dynamics caters to a variety of business needs, supporting everything from sales management to customer interactions. Operations Module: It focuses on optimizing supply chain processes and project management, enhancing the flow of goods and services.

Early Stage 159

Early Stage Technical Review Software Review Operations 159

Startup Professionals Musings

NOVEMBER 2, 2022

Many risks can be managed or calculated to improve growth or provide a competitive edge, while others, like skipping quality checks to save money, are recipes for failure. The challenge is to avoid the bad risks, while actively seeking and managing the smart risks. Risk is more manageable with subscriptions and even freemium pricing.

Forecast 304

Forecast Stock Options Technical Review Metrics 304

Startup Professionals Musings

FEBRUARY 6, 2021

In both cases, it’s easy for them to become frustrated and give up, since most have never been trained in change management, and don’t even know what questions to ask. Ask yourself, “If I were an investor, would I support this effort, given the costs and promised returns?” It takes a strong team and strong leadership to manage it.

Metrics 387

Metrics Technical Review Leadership Framework 387

Startup Professionals Musings

FEBRUARY 14, 2022

You can review all the specifics of this approach in the classic book by Nathan Furr and Paul Ahlstrom, appropriately titled “ Nail It then Scale It: The Entrepreneur's Guide to Creating and Managing Breakthrough Innovation ,” but I will net it out here. These areas include market, process, and team transitions.

Angel Investor 359

Angel Investor Technical Review Incubator Business Model 359

The Startup Magazine

DECEMBER 19, 2024

For this type of company, using AI inventory management systems can be particularly beneficial. These systems apply complex algorithms to parse sales data, forecast demand trends, and manage stock levels efficiently. Source Leverage Advanced Technologies Harnessing advanced technologies can transform how startups operate and compete.

Technical Review 144

Technical Review Startup Differentiation Social Media 144

Startup Professionals Musings

FEBRUARY 20, 2023

This is a positive in uncoupling them from a dependency on a single company or boss, but the downside is that they have to suddenly manage all facets of a business, including finances, strategy, and savings for the future. Sales Professional. Thus you don’t need to invent an innovative product or technology to be a real entrepreneur.

Angel Investor 267

Angel Investor Social Media LLC Viral 267

Startup Professionals Musings

MAY 25, 2020

Investors know that the fun of a startup turns into managing production processes, sales processes, and personnel in a few years. According to National Venture Capital Association statistics , only 16% of venture-backed startups recently used this alternative, due to high liability concerns, demanding shareholders, and high costs.

Exit Strategy 376

Exit Strategy Startup Private Equity Equity 376

Startup Professionals Musings

MARCH 14, 2022

We all just need your help in managing personal data correctly, and making sure you are part of the solution, rather than part of the problem. Here are a few specifics on how to be part of the solution, without the costs, rather than part of the problem: Put a personal face and address on your site; don’t hide behind an “info” email address.

Technical Review 342

Technical Review Customer Social Network Software Review 342

Startup Professionals Musings

NOVEMBER 23, 2020

This is a trap of the past to be avoided at all costs. These three boxes include managing the present, escaping the traps of the past, and generating breakthrough ideas. The best leaders selectively forget the past, and are constantly on the lookout for the future’s raw material of new ideas.

Framework 402

Framework Engineer Leadership Revenue 402

The Startup Magazine

AUGUST 26, 2024

LLCs and corporations provide limited liability protection but may require more paperwork and higher startup costs. According to This Old House, metal roofing can save up to 40% in energy costs annually, making it an attractive option for eco-conscious homeowners.

Limited Liability Company 156

Limited Liability Company Technical Review Software Review Angel Investor 156

The Startup Magazine

AUGUST 7, 2024

Running an ecommerce business requires efficient order fulfillment processes to get products to customers quickly and cost-effectively. Streamlining your fulfillment workflows can help you ship orders faster, reduce costs, and provide better customer service. Just be sure to integrate new shipping services across your platforms.

eCommerce 167

eCommerce Software Review Metrics Analytics 167

Startup Professionals Musings

OCTOBER 6, 2023

For the elite startups and entrepreneurs who manage to attract the investor they dream of, and survive the term sheet negotiation, there is still one more hurdle before the money is in the bank. This is the mysterious and dreaded due diligence process, which can kill the whole deal. My best advice is to stick to the middle ground.

Technical Review 296

Technical Review Due Diligence Term Sheet Bankruptcy 296

The Startup Magazine

JULY 19, 2024

One area where this need is increasingly evident is in contract management. Contract lifecycle management solutions offer significant benefits and streamline processes. The shift to digital management is a game-changer in modern business operations. This technological advancement reduces human error and accelerates workflow.

Technical Review 167

Technical Review Security Operations Cost 167

Startup Professionals Musings

OCTOBER 10, 2021

In fact, it’s all about understanding the differences between early adopters and mainstream customers, and managing your own marketing and development efforts to cross this deadly chasm. Many technical entrepreneurs continue to “tune” the system, and add new parameters for users to worry about, simply because they can.

Technical Review 294

Technical Review Product Customer Restful 294

Startup Professionals Musings

FEBRUARY 7, 2021

In this view the product features, cost, and support are the key to success. As startups grow, they quickly realize that they need a third personality, called the Manager, to build systems and processes. The Manager craves order, and often ends up cleaning up after the other two.

Technical Review 341

Technical Review Social Media Startup Internet 341

Startup Professionals Musings

JUNE 26, 2020

For example, “We just patented a new battery technology that will cut your smartphone charge time and cost in half.” The most common business entity used for startups is a Limited Liability Corporation (LLC), which is the cheapest and simplest to manage. Description of the business entity you plan to form.

Business Plan 423

Business Plan Product Intellectual Property Elevator Pitch 423

Startup Professionals Musings

SEPTEMBER 16, 2023

But for founders who do their homework, the cost of entry is lower and the opportunity is higher than ever. Years ago, it cost a million dollars for a new e-commerce site, one that you can now create for almost nothing with current tools and technology. The cost of social media done well is low.

Intellectual Property 261

Intellectual Property Entrepreneur Angel Groups Social Media 261

The Startup Magazine

OCTOBER 24, 2024

Furniture stores encounter obstacles such as inventory management and ensuring top-notch customer service. Improving Inventory Management System Effective inventory management is crucial for the success of operations. Utilizing furniture technology plays a key role in reducing costs in various ways.

Operations 167

Operations Software Forecast Software Improvement 167

TechEmpower

JULY 31, 2023

One way to approach that last question is to use this simple model: Customer Acquisition Cost (CAC) How will your business reach prospects? And how much will it cost to win them? Apply costs to each channel. And most importantly, how does it make money? How will you convert them? We need to make sure we have these numbers.

Metrics 260

Metrics Startup Retention Acquisition 260