American - Businessman | January 31, 1961 -
Many first-time founders fail to understand the difference between the potential of the Total Addressable Market (TAM) and the very finite subsection they can hope to capture. No company ever captures the entire market they pioneer. Innovation doesn't happen in a vacuum, and others will jump in from the moment you've identified the potential.
Jay Samit
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Every new startup business creates new opportunities. It doesn't matter whether you have a new app for college students or a home medical device for senior citizens; there are other multibillion noncompetitive corporations that are spending millions of dollars trying to market their goods and services to your same audience.
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Social media and personalization are providing both brand advertisers and end-users with hyper-targeted choices and opportunities for double-digit growth.
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Creating the right advisory board for your startup can be the single most important step you take in building a new business.
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New ideas for innovation grow out of the minds of each new generation. Having an institution of higher learning that can help young people put those ideas into action is critical.
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Building a great team is the lifeblood of any startup, and finding great talent is one of the hardest and costliest tasks any CEO will ever face.
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Some of the most lasting contacts and friendships that I have developed began by just grabbing a drink or breaking bread with a stranger at an industry event.
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When Thomas and John Knoll launched Photoshop 1.0 in 1990, the software couldn't even handle color images. But their offerings got the startup noticed by Apple and Adobe, both of whom became key to the fledgling company's later success.
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I always say the more problems you have, the more opportunities you have.
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I tell people: walk around for one month and write down three problems in your life every day. At first it's easy - you got stuck in traffic, you missed your alarm - but by the end of the month you're looking really hard to get your 90 problems. The most common things on your list are now billion-dollar businesses.
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I'd been on the Internet since the 1970s when it was just for nerds. I started saying, 'Who would benefit from this?' I started imagining a world where young people could have their own email address, back in the days of family AOL accounts.
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You don't need to be an engineer or a tech person to benefit from technology. You can hire them.
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