Our Founder careers aren't defined by the size of our positive outcomes, they are defined by whether we've had one at all.
Therefore, if our outcomes are so important to us, shouldn't we first start with optimizing for the most likely outcome that will be meaningful to us? Is our idea more likely to become a $3 million business earning $1 million in profit or a $100 million business that could go IPO?
We need to start our journey, which implies an insane amount of tough decisions, aligning our path with outcomes that will not only be meaningful but those that we have the highest probability to achieve.
To be fair, the "It has to be a billion dollars" is a mantra directly driven from the VC community...
It’s time we admit the obvious: The classic business differentiators have become obsolete. Customers expect the best quality, the lowest possible price, instant delivery, and an experience that wows them every time.
Despite this change, most companies are terrified to implement the “novel” technique of being honest with customers.
Modern buyers focus intensely on customer experience and touchpoint impressions, not on which products perform well. Why? Blame the Japanese Kaizen movement of the 1970’s and 1980’s if you’d like.
Not only did Kaizen spark the total quality management movement, but it also brought defects down to negligible amounts. Customers got high-quality products, and companies suddenly found themselves competing mainly on p...
Venture capital is financing that’s invested in startups and small businesses that are usually high risk, but also have the potential for exponential growth.
The goal of a venture capital investment is a very high return for the venture capital firm, usually in the form of an acquisition of the startup or an IPO.
Venture capital is a great option for startups that are looking to scale big — and quickly. Because the investments are fairly large, your startup has to be prepared to take that money and grow.
The biggest advantage of working with venture capital firms is that if your startup goes under — as most do — you’re no...
When we think of marketing it can sometimes be hard to look past buzzwords like “engagement” or “virality.” However, these factors don’t get at the true objective. The real factors to be considered are those directly impacting the company’s bottom line in a clear and measurable way.
To put this into perspective, in a study conducted by Econsultancy, only about 22 percent of businesses were satisfied with their conversion rates from online marketing campaigns, indicating that standard factors, such as clicks, likes and shares, do not necessarily translate to earnings. Moreover, another study found that if marketers had a greater ability to track return on investment (ROI), over 75 percent would increase their marketing spend.
Therefore, in ...
“C corporation” or “C corp” stands for “corporation.” The “C” comes from the fact that C corp income is taxed under the subchapter C of the Internal Revenue Code. That’s the law that responsible for the double taxation that C corps are known for, which we’ll go into more below. C corps are the most common type of corporation in the United States, but they may or may not be the best options for your startup!
Corporations are a business entities that exist entirely separately from their owners. They can be taxed, make a profit, and be held liable. In fact, they offer the highest level of protection from personal liability for the owners.
When it comes to stock, C corps can issue stock and shareholders can sell their stock a...
“You didn’t ask.” Of all the things a business should hope to never hear the customer say, this has to rank near the top. Because it is so easily avoidable. Because the fault for never asking falls entirely on your shoulders. There are even automated tools to help you learn more about what your customer is thinking – to ask without asking!
UserCompass automatically sends NPS (net promoter score) surveys so you can know what your customers really think of you and so you can track their loyalty over time.
Currently, UserCompass surveys your Stripe customers. All you have to do is connect your Stripe account. Then UserCompass will automatically send NPS surveys and give you their feedback.
The service strategically waits three days from the t...
It’s hard to overestimate the importance of a startup name — which is why naming a business can feel so harrowing. A great name can help push your company to the next level, but a terrible one can sink you before you even started. So how do you find a great business name?
While there probably are as many approaches to coming up with a company name as there are failed startups, one great place to start is with idea generators. These quick, handy online tools spit out word combinations that can be a great jumping off point for you and your team.
Once you’ve found a company name you like, you can use the Trademark Electronic Search System (TESS) to find out whether or not a business name has been trademarked. You should also use ICANN WHOIS to...
Founders are rarely prepared for how to handle a legit crisis, like when the whole world turns upside down overnight.
I lived through 9/11 with 700 employees, raised multiple funding rounds in the middle of the 2007 Financial Crisis, and just for "funsies" oversaw the overnight shutdown of a startup with 450 people.
So yeah, I have some experience here.
What I've learned is when crisis hits, a solid approach to communication is one of the single most effective tools we can employ.
In times of crisis, no one wants to hear the sugar-coated version of where things stand.
"Hey Team, I know half of you have turned into flesh-eating Zombies, but the good news is there's way more La Croix for those of you who have survived!"
No...
Slack is a great work tool for communication. Teams love being able to easily send messages to one another in real time and keeping conversations organized by channels. For speed, convenience and simplicity, Slack rocks.
Is there a downside to being able to connect so efficiently?
Well, employees and managers do grow accustomed to living with one another in their back pockets. When it comes time to have a more serious conversation, it’s not always obvious that more than the typical quick question/brief exchange is being called for. Setting up different channels for different kinds of conversation is one way to make the distinction, but there’s no guarantee that’s how they’ll actually be used.
Is there a better way to signal when the stakes ...
Startups feel like sprints in the beginning, but for any of us who have done this before, we've learned that it's a marathon.
We're judged by our speed when we start — and our endurance when, and if, we finish.
Not in the beginning. In the beginning, it's full sprint all the time — or at least that's the way it feels. We've got a headful of energy and we're ready to tackle every problem with longer nights and more stress.
But it doesn't take more than a year or two before those late nights and sustained stress start to run us down. Getting fired up over every last problem, and the stress that comes with it, begins to burn our cortisol levels to a dangerously low point.
At that point, the spr...