Startup Professionals Musings

MARCH 26, 2022

They do it because engaged customers become loyal advocates and buyers. It’s a dynamic customer environment out there. Motivate people, including your customers, to do something to improve your marketing today. Ask your customers and partners for ideas, try them all, measure results, and scale up the ones that work.

Customer 267

Customer Technical Review Social Media Partner 267

Both Sides of the Table

DECEMBER 11, 2022

We had nascent revenues, ridiculous cost structures and unrealistic valuations. In those years I learned to properly build product, price products, sell products and serve customers. Within 5 years I was on the board of real businesses with meaningful revenue, strong balance sheets, no debt and on the path to a few interesting exits.

Valuation 466

Valuation San Francisco Ratchet Liquidation Preference 466

Startup Professionals Musings

DECEMBER 6, 2019

The “valley of death” is a common term in the startup world, referring to the difficulty of covering the negative cash flow in the early stages of a startup, before their new product or service is bringing in revenue from real customers. Commit to a major customer. It always reduces risk to plan your business first.

Finance 320

Finance Intellectual Property Technical Review Incubator 320

Startup Professionals Musings

JANUARY 6, 2021

Every new business I know dreams of building momentum in their business, where growth continues to increase, customers become your best advocates, and employee motivation is high. Unfortunately, with limited resources, this isn’t possible, and it frustrates customers and the team. Focus first on finding more of the right customers.

Technical Review 400

Technical Review Technical Cofounder Advisory Board Cofounder 400

The Startup Magazine

JANUARY 5, 2025

Whether you are trying to increase your revenue or improve your customer satisfaction, taking your business to the next level means looking at all of your strategic opportunities. It could also be improving customer retention. This can only lead to more customers. This is what is actually going to make you achieve it.

Software Review 147

Software Review Technical Review Retention Campaign 147

Startup Professionals Musings

JUNE 26, 2020

A business plan is the outward facing definition of the business you hope to drive with your hardware solution, with a hardware overview in the intro to highlight customer value and competitiveness. Use non-fuzzy terms to quantify customer value. Provide specifics on the customer business model. Budget time and dollars for each.

Business Plan 423

Business Plan Product Intellectual Property Elevator Pitch 423

Startup Professionals Musings

OCTOBER 22, 2021

Provide website forums to help customers solve their own problems. Use free e-commerce software and services like PayPal before building an expensive customized solution. Generate revenue around the clock. Finally, use customer feedback or promotions to attract more and more customers with less and less effort.

Technical Review 312

Technical Review Software Review Internet Revenue 312

Startup Professionals Musings

MAY 22, 2020

If the company has been around for more than a couple of years, and still has no product or revenue flow, there better be a good explanation. Is there a real customer willing to give a testimonial? Don’t be sidetracked by potential customers in the middle of a free trial, or friends of the founder.

Technical Review 436

Technical Review Due Diligence Sweat Equity Burn Rate 436

Startup Professionals Musings

JUNE 2, 2021

I like the summary of the competitive reality in a new book, “ Rethinking Competitive Advantage: New Rules for the Digital Age ,” by Ram Charan, who relates a wealth of current experience from global clients: Customers expect a personalized experience. Short-term earnings per share may be low, even as revenues and cash burned are high.

Software Review 355

Software Review Algorithm Global IPO 355

Startup Professionals Musings

APRIL 4, 2022

The “valley of death” is a common term in the startup world, referring to the difficulty of covering the negative cash flow in the early stages of a startup, before their new product or service is bringing in revenue from real customers. Commit to a major customer. It always reduces risk to plan your business first.

Intellectual Property 261

Intellectual Property Technical Review Incubator Bootstrapping 261

Startup Professionals Musings

FEBRUARY 14, 2022

I see more and more entrepreneurs who seem to have everything going for them – vision, motivation, passion, even a good business plan, product, and money, and yet they can’t close customers. Great businesses begin with a customer problem that has a big and monetizable pain point. Nail the solution. Nail the go-to-market strategy.

Angel Investor 359

Angel Investor Technical Review Incubator Business Model 359

Startup Professionals Musings

OCTOBER 16, 2022

Often the Boomer is more willing to work for equity, and easily convinced to step aside when revenues reach that next threshold. Manage customer service. Marketing and sales to Gen-Y customers. Member of the Advisory Board. Software and hardware development architects and designers.

Advisory Board 368

Advisory Board Dividend Angel Investor Cofounder 368

The Startup Magazine

JANUARY 21, 2025

Advancements in technology can streamline processes and enhance customer experience, setting businesses apart from their competitors. Investing in technology can create a more efficient and user-friendly service, ultimately contributing to positive customer feedback.

Technical Review 144

Technical Review Government Operations Demand 144

Startup Professionals Musings

OCTOBER 30, 2020

I suggest looking for painful problems to solve, rather than “easier to use” or “nice to have” solutions, for customers with money. Customers line up to believe and buy from people who are viewed as leaders or experts relative to a specific solution. Collaborate with customers to tune your solution.

Merger 386

Merger Acquisition Software Review Social Media 386

Startup Professionals Musings

FEBRUARY 8, 2020

As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.

Management 322

Management Entrepreneur Forecast Stock Options 322

Startup Professionals Musings

NOVEMBER 28, 2020

Building a minimum viable product, with customer validation. Before you bring on partners, develop intellectual property, raise capital, or generate revenues, you need to establish an official business entity. Early customer feedback will position your solution, and help you make pivots before critical time and money are lost.

Intellectual Property 404

Intellectual Property Startup Angel Groups Social Media 404

Steve Blank

OCTOBER 15, 2019

Once upon a time every great organization was a scrappy startup willing to take risks – new ideas, new methods, new customers, targets, and mission. For the contractors, anything new offers the real risk of losing a lucrative existing stream of revenue. Companies Run on Process. The result is process theater.

Government 322

Government Technical Review Acquisition Metrics 322

Startup Professionals Musings

JANUARY 18, 2020

Often the Boomer is more willing to work for equity, and easily convinced to step aside when revenues reach that next threshold. Manage customer service. Marketing and sales to Gen-Y customers. Member of the Advisory Board. Software and hardware development architects and designers.

Advisory Board 312

Advisory Board Startup Dividend Angel Investor 312

Startup Professionals Musings

NOVEMBER 2, 2022

As a long-time mentor to entrepreneurs, here is my collection of smart risks that investors and I look for in new startups: Focus on a tough customer problem rather than a fun technology. Investors hate technology solutions looking for a problem, due to the high risk of no customers. Customers like leaders, not followers.

Forecast 304

Forecast Stock Options Technical Review Metrics 304

Startup Professionals Musings

AUGUST 23, 2020

Focus on the customer for repeated success. The basic premise is that if a startup expects paying customers to use its products or services, it should expect no less from its own team. Recurring revenue is the foundation for growth. Sometimes repeat entrepreneurs forget that they must acquire new customers.

Technical Review 324

Technical Review Entrepreneur Due Diligence Business Model 324

Startup Professionals Musings

MAY 26, 2023

Often, despite your passion and expectation, customers don’t immediately see the value and need that you see, and you have no idea why the initiative is stuck , and what could be the real customer issue or fix. Customers won’t buy what they can’t find or don’t understand. Customers need supporting approvals to fully benefit.

Product 354

Product Technical Review Artificial Inteligence Dividend 354

Startup Professionals Musings

SEPTEMBER 17, 2021

Yet in this age when customers have a thousand alternatives, and are overwhelmed by a multitude of messages, sales efforts can make or break a business. In fact, I believe modern entrepreneurs need to be super sales people, in the most positive sense, to their team as well as customers. You and the customer have to be on the same side.

Sales 348

Sales Startup Bootstrapping Technical Review 348

Startup Professionals Musings

JUNE 21, 2020

Some analysts argue that revenue drives growth, while others say user growth drives revenue. Google reached $1B in revenue within five years of incorporation, and now has a market capitalization of over $1 trillion. Long-term stability requires revenue growth and profit. High customer loyalty and high team passion.

Revenue 434

Revenue Valuation Viral Retention 434

Startup Professionals Musings

OCTOBER 26, 2022

Today’s customers are much more proactive in going online for the latest information, rather than simply reacting to the “push” messages that businesses traditionally use to drive commerce. Discipline is required to continually track results, return on investment, and customer satisfaction. A strategy of speedy execution is required.

Agile 379

Agile Technical Review Leadership Social Media 379

Startup Professionals Musings

MARCH 6, 2021

Don’t forget to add all pesky “overhead” costs, with fixed elements, like rent, insurance, and administration, and variable elements, like delivery, customer support, and commissions. If you expect payment in 30 days, many customers will stretch this period to 45 days or even 90. This difference will kill your profit margin.

Technical Review 379

Technical Review Finance Startup Salary 379

Startup Professionals Musings

FEBRUARY 8, 2023

Most business professionals I know have been conditioned to think of inflation as highly negative, driving up their costs, and reducing customer buying. I see it as an opportunity to find new ways to attract customers , make long-needed changes to improve productivity, and lower your own costs of doing business.

Technical Review 239

Technical Review Revenue Social Media Cost 239

Steve Blank

APRIL 1, 2020

Your customers will no longer be your customers. Your revenue plans are no longer valid. What’s your monthly cash burn at your new low revenue level? Your customers start buying. Ask yourself: Are there now new customers, new services and new channels to pursue? How many months of cash do you have?

South Korea 334

South Korea Salary Business Model China 334

Startup Professionals Musings

AUGUST 17, 2020

Don’t forget to consider customer alternatives, like trains versus airplanes. Even good social causes need to bring in revenue to continue their worthy efforts. Even if the idea sounds unique to you, it’s worth your time to do a few Internet searches using relevant keywords. Check for intellectual property barriers in your way.

Technical Review 434

Technical Review Due Diligence Intellectual Property Internet 434

The Startup Magazine

FEBRUARY 17, 2025

Start by conducting a thorough analysis of your start-up costs, ongoing expenses, and potential revenue streams. Flexibility in pricing can cater to a broader client base, enhancing your revenue potential. Investing in technology can also improve customer engagement and satisfaction, further driving business success.

Mobile 88

Mobile United States Technical Review Business Model 88

Startup Professionals Musings

MAY 23, 2022

One 11-year study of over 200 companies over a decade ago, detailed in the book “ Corporate Culture and Performance ,” found that those working on their culture improved revenue by 516%, and increased net income by 755%. Building an ethical business is more than just compliance and meeting legal requirements, and it has big paybacks.

Software Review 291

Software Review Offshore Entrepreneur Leadership 291

Both Sides of the Table

SEPTEMBER 15, 2022

Should SaaS companies trade at a 24x Enterprise Value (EV) to Next Twelve Month (NTM) Revenue multiple as they did in November 2021? We could talk with customers, meet the entire management team, review financial plans, review customer purchasing cohorts, evaluate the competition, etc. By 2021 we had to write a $3.5m

Technical Review 416

Technical Review Pre-Money Valuation San Francisco Valuation 416

Startup Professionals Musings

SEPTEMBER 8, 2021

A few years ago, Safeway and other big retailers struggled with the growing problem of plastic bag cost and pollution, before realizing they could actually sell reusable cloth bags to customers, as a win to all. A recurring expense was turned into a recurring revenue. Openly acknowledge current challenges in your business.

Social Media 330

Social Media Entrepreneur Revenue Internet 330

Steve Blank

JANUARY 17, 2023

The studio’s internal team builds the minimal viable product, then validates an idea by finding product/market fit and early customers. If the idea passes a series of “Go/No Go” decisions based on milestones for customer discovery and validation, the studio recruits entrepreneurial founders to run and scale those startups.

Technical Cofounder 368

Technical Cofounder Intellectual Property Technical Review Incubator 368

The Startup Magazine

JUNE 5, 2024

Optimize Facility Operations Efficient facility operations are crucial for a successful self-storage business, directly influencing customer satisfaction and profitability. Leveraging data analytics provides operators with valuable insights into customer behavior, demand patterns, and occupancy rates.

Security 147

Security Technical Review Operations Revenue 147

Startup Professionals Musings

FEBRUARY 1, 2020

Today’s customers are much more proactive in going online for the latest information, rather than simply reacting to the “push” messages that businesses traditionally use to drive commerce. Discipline is required to continually track results, return on investment, and customer satisfaction. A strategy of speedy execution is required.

Agile 315

Agile Technical Review Leadership Social Media 315

Startup Professionals Musings

MAY 25, 2020

The resulting entity will gain complementary skills, economies of scale, new customer sets, and hopefully a larger growth opportunity. If you can convince investors that your startup will generate a solid revenue stream, and the market won’t go away any time soon, they may see an opportunity for an ever larger return.

Exit Strategy 376

Exit Strategy Startup Private Equity Equity 376

Startup Professionals Musings

AUGUST 7, 2020

In the short term you need customers to find you at any price, and in the longer term you need revenue, profit, and return loyalty. Get outside the company regularly to get feedback on future customer needs, emerging technologies, and the views of influencers and experts in the field.

Technical Review 312

Technical Review Due Diligence Merger Social Media 312