Question from an entrepreneur in the midst of customer discovery for a new product. Q: We are preparing to launch our first product in a few months. Next week there is a conference sponsored by a professional society that represents one of our potential target markets. We have already done about a dozen customer discovery […]
Customer Development Conversations With Busy Prospects Read More »
Lenny Greenberg, Founder and CTO of Assistyx, e-mailed me a long and thoughtful response to my “Learning from Netflix” post. In fact it was is good that I am publishing it with his permission. There are a lot of lessons we can learn from this: It was smart for Netflix to look at their streaming
Learning From Netflix: Lenny Greenberg’s Response Read More »
A common complaint an entrepreneur voices when they first try to explain why a prospect should pay for their product: “It’s difficult expressing the value proposition in just a few words because there are so many different ways to use it.” Many an entrepreneur with a new product Here are some things to try to
It’s the Picture on the Box that Sells the LEGO Set Read More »
I am always interested in having a conversation with a prospect. If you are hoping to infer needs from seeing them press a menu button with an icon or one or two words on it I think that’s a poor substitute for a conversation. I know that people cannot always predict what they need or
Selling to a Business Requires Conversations that Build Trust Read More »
If you are an entrepreneur then sales is always a part of your responsibility. Here are some tips for cutting your teeth in sales.
Cutting Your Teeth in Sales Read More »
Gauging Customer Commitment Some customers will tattoo your brand onto their body. Harley Davidson and a few rock bands have able to achieve this. But in general it’s difficult to create that level of lifelong commitment in a paying customer. You have to be content with accepting their money and working hard to evolve your
Gauging Customer Commitment Read More »
Three variations on the idea that “successful entrepreneurship is an ongoing self-improvement” project, program, or process.
Successful Entrepreneurship Is Ongoing Self-Improvement Read More »
Refine and curate your thoughts by reworking the first draft of your answers in an email or in response to a question from a customer or an audience member at a talk.
Refine and Curate Your Thoughts as FAQs, Articles, and Talks Read More »
I will sometimes encounter an entrepreneur or team who is developing “a general purpose toolkit for X.” This may be at a Bootstrapper Breakfast or other networking event. They have often developed a core of a promising technology and see applications for it everywhere. Here is what I normally suggest: Write up a few examples
The Risk of General Purpose Toolkits as a First Product Read More »
“Startup Fantasy Camp: throw a group of strangers together for 48-72 hours and have them pretend to be a startup.” Sean Murphy Good ideas can be fleshed out and explored and an accelerated product prototyping experience can be had in a 48-72 hour camp. But I don’t think it’s realistic to expect that you can
Startup Fantasy Camp Read More »
Len Sklar, author “The Check is NOT in the Mail” has spoken several times at Bootstrapper Breakfasts. Here is a recent talk he gave where he stresses the importance of putting payment terms and the consequences on non-payment in writing, communicating them in advance, and ensuring that they are understood. It all seems so obvious
Len Sklar: Be Clear About Payment Terms And Consequences Read More »
Competition is inevitable, that is why it’s wise to prepare for it and immunize yourself with difficult to copy differentiation where possible. A pure focus on implementing new features as fast as possible in an effort to outrun the competition is unlikely by itself to be enough. Here are some barriers you can erect that
Erecting Barriers to Competition That Are Difficult to Duplicate Read More »
Amazon’s S3 and AWS platforms, and similar on demand storage and computing services, are becoming increasing popular as core infrastructure for software startups. There is a tendency, because the costs are well defined, to base your price on adding a margin to these services. There are three problems with that.
Tangible Costs, Time, and Pricing to Value Read More »
Why We Like Trade Shows If your prospects are accustomed to attending industry trade shows and conferences it’s normally worth exhibiting. Trade shows are one of the few venues where you can sell directly and explicitly and it’s accepted by prospects. If they walk up to your trade show booth they expect a sales pitch.
Why We Like Trade Shows Read More »
Pay attention to self-description: the story you tell yourself and about yourself. Cultivate productive habits that don’t require conscious decisions. “It is a profoundly erroneous truism, repeated by all copy books and by eminent people when they are making speeches, that we should cultivate the habit of thinking of what we are doing. The precise
Narrative Rationality: Be Mindful Of Your Self-Description Read More »
It’s Not Bootstrapped vs. VC From Hillel Cooperman‘s “Bootstrapped vs. VC Funded–Who is Likely to Make the Most Money?” I bet that founders of bootstraps end up earning more money over the long haul out of their businesses than founders of venture-backed firms. The rare IPO may spike the numbers in the other direction, but
It’s Not Bootstrapped vs. VC Read More »
Silicon Valley is a nicely furnished room in a house that’s burning down, the state of California.
A Nicely Furnished Room In A House That’s Burning Down Read More »
When I started out at Cisco in 1990 it was a part of the culture that a request for help or question that was too vague or poorly specified would be answered with “How long is a piece of string?”
How Long is a Piece of String Read More »
I have condensed this from a recent series of conversation with bootstrapping entrepreneur. I thought it captured many of the key questions that you need to be consider once you are “open for business.” Bootstrapping Entrepreneur: I am just getting started on a new project. I have several advisors and one has suggested that I
When Do I Need a Model? I am Bootstrapping Read More »
Learning to explore is a key skill for entrepreneurs. Ask questions you don’t know the answer to–where the answer would have an impact on your ability to assess the risk in your venture or would help you to define a key aspect of your business.
Buying a Map vs. Learning to Explore Read More »
