,

Startup Founders Need to Be Both Passionate and Savvy About the Solution They are Creating

,
Startup Founders Need to Be Both Passionate and Savvy About the Solution They are Creating

In The Titanic Effect, we talk about the PEP model for startup founders – Passion, Experience and Persistence. We’ve shared some ideas about Persistence and how to have it. But we’ve been doing research about the importance of passion for the last 5 years or so. So we thought it was time to share what research has shown.

The whole reason that researchers have looked at passion is that they’ve been tracking what leads to startup funding. In the 1980s and 1990s, the primary focus was on understanding what criteria venture capitalists and then angel investors said they used to evaluate venture pitches. One key finding from this time, was that the founder and management team rose above all other criteria. So, researchers looked into why the founder and his team were so important. Investors recognize that creating a scalable startup takes a lot of work, overcoming many challenges. So they wanted to make sure they bet on the right people.

,

“Self Made”—What Can Startups Learn From Madam C.J. Walker

,
“Self Made”—What Can Startups Learn From Madam C.J. Walker

We recently watched the Netflix original limited series “Self Made,” inspired by the life of Madam C.J. Walker. We do understand that elements of the story were adapted for entertainment value, but it was nevertheless an inspiring and educational story about a truly self-made millionaire. In fact, Madam Walker not only was the first self-made woman American millionaire, she also happens to have been the first self-made Black millionaire. We found it interesting to note that she moved her company to Indianapolis in 1910 while the Titanic was being built. There are several key takeaways we wanted to share from the series that we believe are important for entrepreneurs and startups everywhere. Oh and if you haven’t watched Self Made, we highly recommend it: 4 episodes of 45 minutes each are well-worth the time. It’s a good story, good character development, and very well acted.

,

Let’s Talk About How to Persevere Through the Startup Grind

,

Let’s admit that starting a company is really hard. It takes a lot of grinding. For those you who aren’t sure what the startup grind is, it is the epitome of the definition of grind: Dull, hard work; A crushing or grating sound or motion; or To wear down, polish or sharpen through friction. You see, creating a company from nothing takes hard work. It’s the kind of hard work that on the one hand is dull, but on the other hand is exciting because you know you are creating something from nothing. But it also encounters a lot of friction and it can be soul crushing. Doing the thousands of small, annoying tasks that move a company forward is just plain hard and painful. But, the best startups founders have to persevere through these struggles to move the ball forward. If they don’t, the ball just sits there. And of course, we all want to work smarter rather than harder. But, it takes PEP – Passion, Experience and Persistence. But, how do founders persist in the face of these challenges?

,

How Can Startups Get Others to Help Them?

,
How Can Startups Get Others to Help Them?

Yes, startups need dollars to move forward. But they also need help, lots of help. This help comes from getting introductions to potential customers, employees, and investors; finding beta customers to test their products; and even having advisors to help them work through tough decisions. They need others to advocate for them. But how do they get this help?

,

Funding 101 for Startups

,

Starting a business requires navigating many kinds of uncertainties. Startups need to take many detailed steps, including: 1) Selecting a market, 2) Researching customers’ needs, 3) Picking a name, logo and domain name, 4) Creating a website, and 5) Starting to produce your offering and marketing it. In addition to time and effort, all of these steps take money. Every new business has to think about where it is going to get capital. When starting a business, the key is to get the kind of capital that matches the kind of business you are starting…

The Top Ten Rules of Zoombieland

The Top Ten Rules of Zoombieland

Our World has changed, my friends. We have moved from in-person gatherings, coffees, lunches, and boardroom conferences to a series of seemingly endless virtual interactions. We are tethered to our communities, even our friends and family members, through sometimes fragile connections on various devices. Teaching, team meetings, startup brainstorming, investor pitches, healthcare, and checking in on Mom in her skilled nursing facility have all gone into the Matrix. We live in a transformed reality. We call this new reality…Zoombieland..

Fortunately, the actual movie Zombieland has some good advice to follow. The rules of Zombieland directly apply or can be adapted to help guide our behavior in this “new normal.” So here are our Top Ten Rules for the Zoombie Apocalypse…

Entrepreneur - Woman - Black: “Do You Want to Dance?”

“Hello dear reader, how are you?” I typically ask this question first as a way of trying to avoid this question being asked of me. Many people, whether they realize it or not, like to talk about themselves, so if I present that opportunity early, I won’t have to talk about myself (or my business). Don’t get me wrong. I love to talk about myself and what I have accomplished with my company, AwayZones. However, I am selective about who, and in what crowds, I do this. I’ll explain why in a little bit.

, ,

Six Startup Secrets We’ve Shared on Podcasts

, ,
Six Startup Secrets We’ve Shared on Podcasts

Since The Titanic Effect: Successfully Navigating the Uncertainties that Sink Most Startups came out in June 2019, we’ve been fortunate to be a guest on a number of podcasts. If you’re interested in listening to these conversations, all of the links are on the Podcast page of the website. One thing that each podcaster does is look for sound bites in the discussion. These sound bites can become hooks in social media posts. They are a hook because there is truth that rings out through them. They are also little secrets, that “those in the know” only share occasionally with others. So we thought we’d share a few of these secrets with all of you.

,

The Key to Startup Marketing is Understanding Language of your Customers

,
The Key to Startup Marketing is Understanding Language of your Customers

If you’ve read our book, The Titanic Effect, you know that we are strong proponents of picking a customer segment to target at the start. Then you can expand by segments over time to grow. But, you really have to know who is your ideal customer. If you need more ideas about what an “ideal customer” is, check out our interview on the Creative Warriors podcast. Once you know who your ideal customer is, you have to frame your ideas in the language they use.

Hopefully, you have the ability to do deep, insightful research with them. But, if you don’t there are unobtrusive ways you can figure this out, too. You can start by using some online tools to better understand the language people are using with they think about your product. While not perfect, keyword planning tools available from companies like Google, Google Trends, Keyword Generator, Keyword Sheeter, Answer the Public, and others will give you lists of keywords for both broad and narrow topics. They start with the keyword(s) you provide and give lots of related words. Some will also give you search volume estimates. Traditionally, this is the first step in SEO (search engine optimization) which you should also do. But it can also be used to develop a hierarchy of language around your offering.

What Startups Need to Know about the Trajectory of the COVID Economic Recovery

What Startups Need to Know about the Trajectory of the COVID Economic Recovery

Our respective roles with the IU Kelley School of Business and the Regenstrief Institute have given us the opportunity to be part of many community conversations about the economic recovery trajectory. Is it a “V” – steep decline, followed by steep incline? A “W” – the decline happens two time ? A “Swoosh” – a decline followed by a slow but steady increase? Or even worst case, an “L” – a drop that takes a long time to change? And I am sure there are letters we