Most of our blogposts have focused on positive steps startups can take to navigate their launch and success. For example, we have talked about product/market fit, pivoting, and what proof of concept means. But there are some phrases that have become part of the startup world lingo that we believe are misleading or inappropriate. So here are our top three pet peeves:
Is the Startup Life a Sprint? A Marathon? Nope, it’s an Ironman
“It’s not a sprint—it’s a marathon!” We hear entrepreneurs with some experience use this phrase to caution new founders about going too fast too soon and burning out. We absolutely agree with part of this expression—starting a company is certainly not a sprint. But as endurance athletes ourselves, we would put a twist on this. Getting a startup going is a lot more like a multisport endurance event such as an Ironman than it is like a marathon. Why? Because it takes several different skillsets to launch a successful venture, not just one. Like a triathlon, there are at least three major categories of uncertainties founders must navigate—working with people, understanding the market, both competition and customers, and developing the product. We call these the human, marketing, and technical oceans.
What does Minimally Viable Marketing look like for a Startup?
By now you’ve heard us use the term MVP (Minimally Viable Product) many times. A few weeks ago, we did a talk about avoiding startup failure with SCORE, the small business mentoring group of retired executives. One question we were asked at the end – “Would you agree that it’s better to just have a Facebook page than a bad website?” We gave a most emphatic – No! So let’s talk about what is the Minimally Viable Marketing you need.
Even Startups Need the Right Tool for the Right Job
Recently, we were doing a trail run at a state park. We tend to run for a reasonable amount of time. That means that we need to carry some sort of liquids to hydrate. For years, we’ve used a Fuel Belt to carry a couple of 8-ounce bottles we can sip from. But, we recently switched to a Nathan hydration pack. During my first run, I realized how much more pleasant and faster my run was with the new hydration pack. How can such a simple change have a meaningful impact on my run?
Well, the two hydration options really have different purposes. We got the belts when we were mostly running on streets. But when we moved to trails, the bottles topple out when you run down even little hills. When this happens, and it happens alot, you have to stop, pick the bottle up, clean the dirt off the top, and then be prepared to get some grit in your mouth anyway. It’s manageable, but it takes time. Plus, no one likes dirt with their drink. The pack is just better for the trails – that’s where it was designed to be used.
It’s Smarter to be Lucky than it’s Lucky to be Smart
Many of us are familiar with some version of this phrase that we’ve quoted from Pippin, The Musical. The idea is that if one is born lucky, they can acquire “smartness” through effort, over time. If one is born smart, that’s great—but you may never acquire luck. Of course, if you were born NFL Colts quarterback Andrew Luck, arguably you have the best of both worlds.
There is some bit of luck in avoiding hidden debts. Missing icebergs (or “debtbergs”) is not justabout navigation. Luck, fortune, and icebergs are inextricably linked. We thought we would devote this blog to a richer exploration of luck in the entrepreneurial world.
For Startups at the MVP Stage - What are the Biggest Icebergs?
In our last blogpost, we discussed the biggest debtbergs in the Pre-Revenue stage. This blogpost is focused on the MVP stage. As a reminder, at this stage a startup has begun building its management team, is developing an MVP (Minimally Viable Product), and is engaging with customers for proof of concept. But, it probably is self-funded or has friends and family for financial support. Now, the biggest debtbergs to avoid have changed from the Pre-Revenue stage…
Taking the Plunge -- When to Hire the First Employee
Starting a company can be awesome, especially in the ideation phase—when everything is blue sky and possibility, and nobody has to worry about making payroll. But no founder or even founding team can be successful going it alone. Eventually you have to hire others to help you get the job done and move from a fantastic idea to a real company. So when do you know you are ready for that first hire?
Startup Strategy is NOT a Road Map
“Plans are worthless, but planning is everything.” - Dwight D. Eisenhower
How many times have you heard the statement, “We need a road map to make sure we are headed in the right direction?” In fact, sometimes the business plan is described as “the road map” for the buddingstartup. Unfortunately, the road map as a metaphor prompts all the wrong associations for even the most promisingnew startup. Why?
A Marketing Startup Story: What was it Like to be a Passenger on the “Titanic”?
When White Star decided to change strategy from building fast ships to building large ships, it still needed to find a way to differentiate its ships. So, it decided that the Titanic would be both the largest and the “finest” ship in the world. Its innovations would rival even today’s massive cruise ships. To accomplish this goal, it had a number of engineering and design challenges to overcome –
