American - Businessman | January 31, 1961 -
So many of the major decisions that affect the entire future of your enterprise happen during its first year in business. In fact, most don't make it because they don't know how to get the resources they need to survive.
Jay Samit
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A successful entrepreneur is one who recognizes her blind spots. You may be the world's best engineer, but you probably have never run a 10-person sales force. You may be a brilliant marketer, but how do you structure a cap table?
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Betting all your funds on the belief that you know what consumers want and are willing to pay for is like jumping into a river to test its depth - you'll need a lot of luck to stay afloat. To have a truly successful product launch, the conversations with your customers must start long before you write your first line of code.
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Use your development time to brief analysts and industry press. Use these influencers as your eyes and ears to let you know what else is being developed by competitors so that you can be the first to market, and don't make the mistake of launching an also-ran product.
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To truly launch a great product, you need partners. Channel and marketing partners share in your success and share in the costs of reaching your target audience.
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No matter how much we tweet, blog and post, nothing in business is as powerful as actual face time with prospective business partners and customers.
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By maintaining an active feedback system at every stage of a startup, founders can reduce their burn rate, increase their virality coefficient, and retain key hires.
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From the very first inkling of a concept, founders need to gather a target group of five to ten potential users to begin the feedback loop. We all think we know how the market will react to new ideas, but actual users live with the pros and cons of the existing market conditions every day. They are the market experts.
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What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.
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Too many investors overvalue companies in the near term while undervaluing them in the long term.
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Companies with significant revenue (more than $100 million) have, by definition, significant traction. They have proven out their thesis and can scale up or down as investment capital becomes available.
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Founding a successful startup is no different than forming a rock band.
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