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Early-stage Startups

What are the pros and cons of joining an early stage startup rather than a corporation?

4

Answers

Ryan Rutan

Founding @Startups.com, Clarity, Fundable and more

The decision to join a Startup vs a large corporation - and the associated pros and cons are not a static set - they vary greatly based on where you are, what your skill set is, what stage of your career you are in and so on. There are of course some that are universal (like being part of something new that might change the world) - but I’ll focus on some that are perhaps less obvious. I’ll give you 16 points to consider looking at two points within the career stage spectrum - they are by no means comprehensive. Just getting started If you are just entering the job market - right out of college (or not) a startup provides some really interesting opportunities: - Greater involvement / visibility in decision making. - Wider skill set use / development opportunities. - Greater opportunity for responsibility growth and promotion. - More flexibility in lateral moves within the company. It also comes with a unique set of potential downsides: - On the job training? Better be a self starter. - Amazing salary and benefits? Someday, maybe. - Uncertainty and instability of the business. - Resume implications. Seasoned industry pro Similarly, there are enticements at the startup level that make it a great choice for those of us with a few extra notches (and maybe holes) in our belts: - Leverage existing networks / partners and deep industry knowledge to accelerate success in the position and the company. - Elevate to a new strata of management (i.e. VP to CxO). - A chance to expand your personal brand. - Leverage market value for a larger equity position within the company. And with the rewards, come the risks: - Salary may be less than market rate. - Resume implications (can be seen as a step backward - depends on outcomes). - Stability / long term security concerns. - Wildly different work environment / comfort zone issue. In summary - Startups are awesome for a lot of reasons, and as a serial entrepreneur who can’t imagine doing anything else, my personal opinion would skew heavily towards the opinion that everyone should join a startup at some point. As with all decisions in life, being informed, entering into them with eyes wide open, knowing the benefits and risks and managing for them is required to make the right decision. I’m more than happy to chat with anyone considering joining a startup and tie it directly to their own situation.

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Daniellea Perrin

Clarity Expert

When seeking sources of information on Black Swan Bayesian investments, you might explore the following: Books and Academic Papers: "The Black Swan: The Impact of the Highly Improbable" by Nassim Nicholas Taleb provides foundational knowledge on Black Swan events and their implications. "Antifragile: Things That Gain from Disorder" by Nassim Nicholas Taleb explores concepts related to Black Swans and their impact on investments. Scholarly articles and papers on Bayesian methods in finance, which may be available through academic databases like JSTOR, Google Scholar, or SSRN. Financial and Investment Journals: Publications such as the Journal of Finance, Financial Analysts Journal, and Quantitative Finance often feature articles on advanced investment strategies, including Bayesian approaches. Investment Research Firms and Think Tanks: Firms specializing in quantitative finance or risk management, such as AQR Capital Management or Bridgewater Associates, may publish research or insights related to Bayesian methods and Black Swan events. Online Courses and Lectures: Platforms like Coursera, edX, and Khan Academy offer courses on Bayesian statistics, risk management, and advanced investment strategies. Look for courses that cover Bayesian analysis and its applications in finance. Professional Networks and Forums: Engaging in discussions on platforms such as LinkedIn, specialized finance forums, or professional groups can provide insights and updates from industry experts. Financial News and Media Outlets: Reputable financial news sources like Bloomberg, Reuters, and The Financial Times occasionally cover advanced investment strategies and their applications. Consulting Firms and Advisory Services: Consulting firms that specialize in risk management and investment strategy may offer insights and case studies on Bayesian approaches and Black Swan events. These sources will provide a well-rounded view of how Bayesian methods can be applied to understand and manage Black Swan risks in investment strategies.

Padraic Ryan

Professional E-Commerce Designer/Developer

Really tough to answer this question without seeing the site :)

Lee von

Unique Insights, Creative Solutions

It all depends on whether they are all selling the same thing to the same persona. If yes, then combine all the campaigns into one adwords account, which feeds into one analytics account. That way they can get feedback on the effectiveness of different keywords, ads, etc. more quickly (because there will be more data, from all the different websites, all in one place, for a particular keyword). If they are each selling different things, or to different personas, then don't combine their accounts, because it will just make things confusing and not useful from an analysis perspective.

Flt.Lt. Sridhar

Start up mentor and speaker

I help companies with their digital strategies and have been a startup mentor. Follow the sequence, WHY- HOW -WHO. First discuss the problem and how it is becoming an issue. Also discuss some of the failed solutions which people have been using. Say that you will be sending a possible solution. This will make them curious while not being sales pitch. Second mail should discuss the solution and how it can help address the issue. This will educate the customers. Third mail will detail your solution and what exactly you do to implement the solution and solve the problem. Please add customer testimonials as well. Hope this helps. Please feel free to call me if you wish to discuss further. All the very best, Sridhar

Lee von

Unique Insights, Creative Solutions

It's best to define your initial MVP's persona as narrowly as possible, and learn from your tests (initially small scale) to make it work well for them, and only then expand to other verticals if necessary. It sounds like you think it will work best for sales teams, so start there, get some data on its effectiveness / demand, and tweak it so it works really well. Then you can build from there. If you'd like to discuss best ways to run initial testing with your specific product send me a message, I'd be glad to help out.

Jason Kanigan

Business Strategist & Conversion Expert

Captain Obvious: "Meet the KPIs." In addition: - don't give them the secret sauce, what makes you "you" - do things they don't want to do - demonstrate positive ROI. Keep the details of your technical expertise, how you do what you do, to yourself. That way they won't be able to simply hire someone and duplicate your process in-house. By doing tasks they find distasteful or outside their comfort zone, you make yourself indispensable. Clearly show, in measures they give you themselves ("If they say it, it's true; if you say it, you have to defend it"), that your efforts have brought in new revenue, saved them money, or both. Finally, ASK THEM. Get them to clearly state under what circumstances they would declare continuing to work with you 12 months from now a "No-Brainer." Don't leave it fuzzy. If you want my help with this, book a call to discuss.

Koby Conrad

Skilled in SEO, Social Media, & Startups

Probably the cheapest answer would be bitcoin.

Michael Sales

Helping People Become Social Media Marketing Pros

I have more than 15 years of marketing experience and this includes experience in growth hacking. I look forward to the possibility of talking soon.

Michael Sales

Helping People Become Social Media Marketing Pros

I recommend targeting the brand owners/marketing departments directly. You then can likely find out the decision makers and can make your pitch directly to them. I have found this easier than going through ad agencies.

Jon Evans

Coach to High Perfoming CEOs, Entrepreneurs

If you consider yourself one of the best (which I assume you do, given that you're looking for high-paying clients), you should look into TopTal https://www.toptal.com/talent/apply TopTal is a freelance site similar to UpWork, Freelancer, Odesk, etc...the difference is, TopTal ONLY hires the top 3% (so bring your A++ Game) and they only allow the top companies to hire their freelancers, so you don't have to worry about competing lowball bids to get work. Supply is low, demand is high, and you could literally pick up full time work immediately after being approved. The application process is pretty intense but if you get through it it's worth it. They are rabidly looking for UI & UX designers. If you're not already using Upwork, I would get on there too. Some of the companies on there are looking for quality over price and willing to pay more for good work, but the demand is much lower.

Jim Yuan

Entrepreneur, Writer, Consultant, Digital Nomad

A good question. The fact that you don't have revenue yet may be result of a number of factors. Without knowing more specific information about your product, key customer segments, your team, and other key data, it's not possible to give you a definite continue/or shut down recommendation. That said, generally, I would recommend adding a third decision point - the pivot. Many businesses don't see the expected returns after initial launch or MVP testing, and decide to pivot to a different direction, ultimately finding success. The pivot can be a slightly different product (product-based pivot), a slightly different market segment (market-based pivot), or both. Here are some recommended action items to help you uncover extra insight as you examine whether to continue, close down, or pivot: 1) How did you organize the initial customer's interviews? What kinds of questions did you ask them, and were any of them leading questions? 2) Review your core customer segment(s) at this point. How did you determine a product-solution fit to them? Are the customer segments clear and specific enough? 3) Did you run a MVP (minimum-viable product) to test potential product-market fit? Were any findings contrary to your initial assumptions? 4) Consider running another set of quick interviews. Determine any differences between the new interviews versus the initial customer interviews. 5) Make some hypotheses on the key assumption or factor that could have contributed to zero revenue. Run a basic test to confirm that hypothesis. If correct, you may be able to pivot by eliminating that factor or substituting with something else. For example, pretend that your core assumption is that young urbanite foodies will appreciate recommendations on best dishes. If that assumption turns out false, then you may need to consider pivoting to a different customer segment (professionals who don't have time to research the best dishes?) 6) Examine your pricing model. How did you determine it? What tests have you made? Try running a few simple tests with alternative pricing schemes, and see if anything changes. 7) What is your current monthly burn rate, and how long can you project to last at this rate?

Christopher Angulo-Bertram

Computer Engineer ready to help your business grow

Can you give more detail about what you mean by backup your projects? This question is super vague... I can tell you about backup software, and backup systems if you are just looking to backup your work so you don't lose it in a disaster. I just am not sure that is what you mean seeing as you seem to want to share income with whomever helps you on this.

Padraic Ryan

Professional E-Commerce Designer/Developer

First, you need to make sure you have the conversion funnel set up properly. Enter the urls for all of the checkout steps (cart, login/register, checkout page, etc) and then look at the conversion funnel. This will help you to see if there are any bottlenecks or major problems causing a huge portion of your customers to drop-off at any point in the checkout process. Ideally a checkout should be one page, the more clicks, the higher the drop-off. Also look at all of your individual pages, see which ones have the highest abandonment and the highest conversion. That will help you see what you are doing right/wrong. I'd also highly recommend doing extensive A/B testing. You'd be surprised how much difference the wording of a button or even the color can make on whether or not a user clicks on it. Same goes for navigation elements, position of items on a page, promotions, etc. You can never A/B test enough!

Lee von

Unique Insights, Creative Solutions

I've had a bunch of my own 'maker' / hacker projects publicized. Here's what I suggest: 1) Write up a project and suggest it to Make Magazine (http://makezine.com/) 2) Tell hobby electronic supply shops about it to see if they want to stock it (e.g. https://www.sparkfun.com/ https://www.adafruit.com/) 3) Subscribe to HARO to be able to get your stuff written about in the press 4) Tweet links to the project your wrote up to relevant designers or instructors at fashion institutes (e.g. google the professors at FIT, etc.) 5) Other ideas If you want to discuss these or other ideas with more specific tailoring to your specific kit let me know. best, Lee

Connor Jeffers

Sales Hacker

Hey Slava! I actually have a ton of experience with this. For the last year myself and my partners have built out Rocketlaunch (www.rocketlaunch.co) to a growth agency focused on marketing and sales for Startups. We work on core items internally and outsource when possible. My caveat on outsourcing would be to ensure the work is good. We have worked with outsourcers in the Phillipines and Colombia and had some great successes. We have also had issues where we have passed work across to a client where we didn't do enough QA and it was poor quality. If you can find partners that deliver good work, consistently, nurture them and reward them as much as possible. We have been working with an agency in Colombia to great success, but we've also cycled through a few that didn't work out. QA is king, and if you can ensure the work is quality, reselling can be highly profitable (just ask any retailer). Feel free to PM me if you want to have a more direct conversation!

Padraic Ryan

Professional E-Commerce Designer/Developer

You are comparing apples to oranges. WordPress is a platform, Ruby is a web framework. If you are looking to develop a completely custom platform, you could certainly do it in Rails, but you could also write it in PHP (like WordPress). I'd do some digging and see what is out there for pre-made software first before you build something from scratch. I'd imagine there are already plugins that would do this sort of thing for Expression Engine, Joomla or WordPress. No need to re-invent the wheel!

Jim Yuan

Entrepreneur, Writer, Consultant, Digital Nomad

Some suggestions on how to pitch to journalists: 1. Pitch with a very interesting sentence headline (the title and headline needs to capture the journalist's attention and interest) 2. Convey an interesting storyline or something that is impactful. Everyone likes a good story. 3. Be concise and use associations that journalists can relate to. E.g. maybe your startup is the Uber for X or Airbnb for Y. Some suggestions on how to search for jouralists: 1. Search for big publication's twitter account and find associated journalists' twitter handles. Send a tweet to the journalist. Concisely summarize your pitch in 140 characters. 2. Search for big publication's LinkedIn account and find associated journalists' Linkedin profiles. Send an Inmail. Refer to previous section on best practices in pitching.

Lloyd Cooke

Digital Marketing / SEO Expert in Asia

It very much depends on what your core objectives are as to whether using an online newswire is effective and also what niche your business operates within. The success of using the likes of PRWeb may differ on a case by case basis. Some tips to determine the success of a Press Release: - Review some of the latest Press Releases within the most related category of the particular online newswire site you are looking to use e.g. http://www.prweb.com/newsbycategory/business/ - Search online for related keywords within the headline to see if they appear in Google News results or within the main Google search results for the company brand name - Check where the release is visible online by searching for the headline in inverted commas in the search engines e.g. https://www.google.com/search?q=%22Vollrath+Company+Showcases+Latest+Smallwares+and+Equipment+Innovations+at+National+Restaurant+Association+Show%22&num=100&espv=2&rlz=1CAHPZT_enGB672GB672&filter=0&biw=1366&bih=631&gws_rd=cr&ei=udQ_V7WXFce90gTwwKDwDQ - Analyse how many times a press release is shared via social media by using the likes of www.buzzsumo.com or the Impatana Content Marketing Toolbar (available via https://chrome.google.com/webstore/detail/impactana-content-marketi/gidhppoakegddkkpmgoejeadomghnkie?utm_source=chrome-app-launcher). Many online press release websites offer "social media booster" packages for extra cost but are not likely to be as effective as if you promoted the release yourself via social media and your influencer network. From a pure PR perspective, I'd recommending reading The PR Masterclass (https://play.google.com/store/books/details/Alex_Singleton_The_PR_Masterclass?id=2UJOAgAAQBAJ) which quotes.... "Although I don't recommend pay-for newswire services, there are proper newswires, funded by media organisations, which are worth contacting. Indeed, newspapers and broadcasters rely heavily upon them to find and filter news. In the UK and Ireland, general news is covered by the Press Association. The equivalent in Australia and New Zealand is the Australian Associated Press (AAP). In the United States and Canada, the Associated Press and The Canadian Press, respectively, take the lead. Reuters and Bloomberg are the main wire services about finance. Each newswire service will provide you with details of how to submit your press release. They are, in my experience, extremely good at sorting through the material they receive by email." For Search Engine Optimisation benefits using online press releases as a tactic have significantly diminished over the last 3 years so don't use online press releases if improving organic search visibility is one of your main goals. My personal opinion is that online press release services are becoming a little outdated unless you have a particular niche targeting a local area that you may be able to gain PR traction in. Many online newswire services have pivoted to more social media listening and promotion tools over the last few years which shows how the impact of newswire releases has declined. My suggestion would be to avoid these automated newswire services and instead: - develop good direct PR relationships with relevant people in your relevant industry niche - builds up your social influencer network by using tools such as Buzzsumo, Followerwonk, Buzzstream and http://klear.com/free-tools?source=whiteHeader and then promote your message via a blog or another type of engaging online content format - Develop a targeted email list over time using software such as https://sumome.com/app/list-builder. CRM and email marketing are becoming more advanced every day and there are many success stories of how you can gain significant brand awareness through good email marketing.

Christopher Angulo-Bertram

Computer Engineer ready to help your business grow

I think your best bet for an answer has three answers, 1. You need to take the time and call around, no one is going to do this for free for you. 2. Hire a function planner, and let them do the work 3. go to Zirtual.com, and hire a person to do all that research for you, and get your answer. In the end, your question is really a job request, and you should be browsing through the people on this site who may do that kind of work and hire them.

Kenn Kelly

Speaker // Founder // SaaS // Tech // Culture

There are many routes you could take this with different membership plugins or subscription based plugins which would accomplish what you are looking to do. However, the best starting point for you is probably using an LMS (Learning Management System) plugin or theme. An LMS will provide everything you need out of the box and will be scalable for your future needs as you develop more courses, integrate quizzing or surveys, award badges or certificates, etc. The LMS will integrate the membership or subscription tools you'd find in those plugins with all the other tools you'll need to create your coaching course. Let me know if you want to dive in more.

Humberto Valle

Get Advice On Growing Your Real Estate Business

Develop a good sense of who these type of users are... you might find that they congregate on Twitter - therefore you should focus on building a good following there. Maybe your demographic doesn't use social media in which case you have find them in person and find the common places of where online do they go to when 'online' and or what do they subscribe to. Local listings are also a big help when wanting to leverage google searches in your area, obviously good SEO. Facebook groups could be a good place just as meetup could be... but depending on your target market.

Jim Yuan

Entrepreneur, Writer, Consultant, Digital Nomad

Some suggestions: 1) Create a Google Adwords campaign 2) Create a Facebook campaign. Facebook campaign setup page gives you a great hack to estimate the market size based on interests and demographics. 3) Apply SEO (search engine optimization) tactics, such as: a) Highlighting key words on your site b) Optimizing design and code in your site for easy search and access c) Include a discussion forum and comments section on your site, in order to increase engagement level and produce more keywords from customers Another way to find prospective clients is to go on housing forums and even Airbnb.com or HomeAway.com. Do what Airbnb did when they started to growth hack - namely, they posted on Craigslist and got a lot of customers that way. Do via Airbnb what Airbnb did via Craigslist.

Jill Richmond

Entrepreneur/Business Development/Marketing

Happy to offer a call to discuss specific questions you have. It seems you have several regarding product, solutions and funding?

Rubin Gurabardhi

Expert in statistics

You can simply use Microsoft Excel and its filters. Filter the data and click on the filter of the colum where similiar texts are. After that use "contains" filter and put a kew after the last column of your data. Excel is a great tool that you can use it also for grouping the data and analyse it. It dependa on which phase of your study you are but google form is a great tool also.

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