American - Businessman | January 31, 1961 -
Instagram, Swiffer, and Nest had to compete with consumer habits and perceptions. Breakout products face competition from the formidable inertia powering the status quo.
Jay Samit
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No first-time entrepreneur has the business network of contacts needed to succeed. An incubator should be well integrated into the local business community and have a steady source of contacts and introductions.
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Big ideas developed in a vacuum are doomed from the start. Feedback is the essential tool for building and growing a successful company.
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Creating something that builds lasting value and changes the lives of millions of people requires forging a team that will work hard to overcome seemingly insurmountable obstacles, stand up to the pressures of fame and fortune, and stay true to the original vision long after others stop believing.
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Targeted marketing delivers a lower customer acquisition cost and gets you to profitable growth faster. The goal is to quickly identify the costs associated with acquiring your most profitable segment of customers and the incremental value - if any - of going beyond your core.
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YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.
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As counterintuitive as it sounds, 'speed to fail' should be every entrepreneur's motto. Success isn't born wholly-formed like Venus from a clamshell; it's developed through relentless trial and error.
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Onboarding starts with satisfying the most basic of Maslow's psychological needs: belonging. New hires shouldn't arrive to an empty cube and be forced to forage through corridors searching for a computer and the bare necessities of office life. A new hire isn't a surprise visitor from out of town. Plan for their arrival.
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The answers to all a startup's challenges are out there. By setting up the right mechanisms for gathering feedback, the road to success can be a less bumpy ride.
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Venture-backed startups with billion dollar market caps are called 'unicorns' because they are supposed to be rare mythical creatures that few entrepreneurs will ever ride.
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On average, it takes as much as $100 million in paid media for a brand to be a household name in America. Marketing partnerships are the best form of off-balance sheet financing one can ever find. Smart startups use this technique to scale their companies and build their brand equity.
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Some incubators, like Y Combinator and TechStars, were started by successful entrepreneurs wishing to help the next generation learn from their experiences. Other programs, such as Viterbi Startup Garage and Austin Technology Incubator, were created by universities to help young entrepreneurs bridge the knowledge gap from student to funded company.
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