A Reminder about Picking Metrics for your Startup

A Reminder about Picking Metrics for your Startup

It’s near the end of the year once again. And the end of the year always reminds us about metrics. We’ve suggested before that it’s a good time to assess what’s working and what’s not. If you want a reminder about the most important metrics for startup marketing, check out our previous blogpost on the topic: Metrics, Metrics. And if you want to be reminded about how to do an end-of-year audit, check out our blogpost: 3 Important Metrics to Audit.

A common theme in these two blogposts is that it’s important to keep your metrics simple. In fact, just this week we were looking at some analytics and were amazed at how unhelpful some metrics can be. So we wanted to share two examples to get you thinking.

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Top Ten Misconceptions about Startup Strategy

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Top Ten Misconceptions about Startup Strategy

We were recently asked to do a webinar about startup strategies for an audience of angel investors. The reason we were asked to talk about this topic is because many people are confused about a strategy versus a tactic. We thought we’d share our list of misconceptions about strategy with you, our readers as well. Let’s start with a definition. We define strategy as “the process of linking today’s choices and actions with tomorrow’s destination, under uncertainty.” You see, there a many, many actions any startup can take. Having a strategy means having a plan for where you are going. With that overarching plan, then daily and weekly choices have “bumper rails” because only actions that fit with the overall strategy should be taken. The startup’s strategy helps take alternative actions off the table.

We are going to do this list like a “David Letterman Top 10.” We’ll start with number 10 and work our way to the top. And these are misconceptions, so the opposite is true!

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When Should Startups Punt, Pivot, or Proceed?

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When Should Startups Punt, Pivot, or Proceed?

You may recall our “PEP” model for successful entrepreneurs—that success is based on a combination of Passion, Experience, and Persistence. We have another model grounded in Ps that has come up several times recently in discussions with founders: When is it time to throw in the towel? Or change directions? Or jump all in and put the pedal to the metal? Virtually all startups have those inflection points, both negative and positive, that lead to doubt—or euphoria. The venture journey is littered with such times, both for specific decisions (like letting an employee go or changing terms with a customer, etc.) as well as overall sink or swim moments. So how do you approach these inflection points?

Tips for Immigrants Who Want to Start a Business

Tips for Immigrants Who Want to Start a Business

Guest Blogger Vivek Mukherjee, InspiredExpatriates.net

If you are an immigrant intent on creating your dream life in the United States, you aren't alone. The country is home to upwards of 40 million immigrants, according to The Pew Research Center, comprising an impressive one-fifth of global migrants. And, many of these individuals are further realizing the American dream by establishing businesses of their own.

While the U.S. is notoriously friendly to entrepreneurship, starting a business as an immigrant does pose challenges. Fortunately, there are many resources available to you as an immigrant business-owner. So, read on for more tips and tricks on how to help you start a business as an immigrant.

Startups Need a Plan to Increase Usage Occasions to Grow Faster

Startups Need a Plan to Increase Usage Occasions to Grow Faster

Since we are both startup advisors and business school professors, we keep our eyes open for academic research that might be useful for startups. One important iceberg in the marketing ocean is Tactical Implementation. It’s easy to make mistakes in promoting a business that can be both expensive and a waste of money.

Over the last decade, there’s been quite the debate in marketing circles about which are the most important customers.

What can Startups Learn from the Super Bowl Ads?

What can Startups Learn from the Super Bowl Ads?

We mostly focus on startups and let’s be clear that few startups have the budget for a Super Bowl ad. Still, the Tactical Implementation iceberg in the Marketing Ocean is so fraught with challenges that it’s good to look anywhere for clues about what works. And, the Super Bowl is the equivalent to the Olympics when it comes to advertising.

Coming into the 2021 Super Bowl, no one knew what to expect of the ads and advertisers. 2020 was a crazy year. Most NFL teams are still trying to figure out how to best connect with fans. Add to the mayhem, the NFL sold 30,000 cardboard cutouts of fans to place in stadium seats for $100 each, or $3,000,000, to help defray lost ticket sales.

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The Challenges of Dividing Equity Early in a Startup

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The Challenges of Dividing Equity Early in a Startup

This task can be thought of as either splitting hairs (since the startup is so new, who even knows if there’s anything real), or dividing the ocean (because its possibility is nearly endless). Alex Blumberg, in his Startup podcast from Gimlet Media, refers to this as “dividing an imaginary pie.” We were reminded of this challenge recently as several alumni have reached out to us for help with dividing their own pies. Their challenge wastrying to divide a piewhen they are still trying to figure out what kind of pie to bake, assembling the ingredients, and settling on a recipe.

What Strategies Can Startups Use to Grow Revenue?

What Strategies Can Startups Use to Grow Revenue?

Just last week, we were talking with a startup. They had aggressive plans to double sales in 2020 over the last year. And they hadn’t quite accomplished that. They had achieved an admirable 70% increase in sales; which is awesome. But the goal they set was >100% growth. So they were disappointed and thinking through what steps they should take. And then they did what so many companies do -- they asked, “Should we launch a new product to hit this goal?”

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How To De-Risk Your Startup

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How To De-Risk Your Startup

Aha, we got you! Actually, we want to talk about the whole notion that you can “de-risk” a startup. We frequently hear founders and investors make a statement like “This is a good investment because it’s already been de-risked.” Or advisors will say, “We can help you de-risk your startup.” This makes us want to remind people about the difference between uncertainty and risk. Risk is probabilistic and can be quantified. Uncertainty is about the unknown. It’s hard to put a probability on the success of a startup. So, moving startups forward requires reducing uncertainty rather than risk.

Let’s work through a more tangible example. On one of our favorite mountain bike trails, there is a set of four stumps.