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Professional investors laugh when they hear an entrepreneur state, “We have no competition.” It is a failed litmus test for the entrepreneur, even if the plan is for a totally new device or service that could take the world by storm. The statement shows a lack of research or previous thinking that is a red flag for investors.
Know your market and competition, or don’t spend a dime on anything else. Well, here is one of those, and it deals with market research first and foremost. Here’s where some intelligent market research might have saved the company and my investment. In this case, the competition was not from a company but a new technology.
Know your market and competition, or don’t spend a dime on anything else. I have stated previously that I love absolutes – statements with no wiggle room for gray-area responses. Surprisingly, many entrepreneurs immediately respond. There is no competition.”
Technology is so key to every business these days that experienced business-smart but non-tech entrepreneurs are feeling deeper and deeper in the hole. Only one component of running a business is managing technology, but it is a critical component, so no entrepreneur can afford to ignore it or totally delegate it.
Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements to their own team, to investors, and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.
Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements to their own team, to investors, and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.
An entrepreneur pitches using a deck with no slide for competition. We have no competition.”. Professional investors laugh when they hear an entrepreneur come out with that one. It is a failed litmus test for the entrepreneur, even if the plan is for a totally new device or service that could take the world by storm.
One of our core tasks was “market analysis,&# which consistent of: market sizing, market forecasts, competitive analysis and then instructing customers on which direction to take. In data analysis you want to look for “primary&# research, which means the person who initially gathered the data. I’m not picking on them.
Most entrepreneurs spend far too much time thinking negatively about competitors, and can’t resist making derogatory statements about them to their own team, investors and even to customers. As an investor, I always listen carefully to what an entrepreneur says, and does not say, about competition.
An entrepreneur utilizes online communities to solicit pledges of small amounts of money from individuals who are typically not professional financiers. Research the Net for guidance in this arena, which is changing as laws enabling this are evolving.
In fact, for the past 27-years, he has specialized in bringing exotic travel destinations to those of us who are healthy and active but whose competitive sporting days are long behind us. My research led me to Wildland Adventures, one of the pioneering companies in the ecotravel space. Ever fantasized about climbing Mt.
Young entrepreneurs and startups, in particular, often remain naively unfocused, despite their passion, of what it takes to provide the high-quality service expected. It’s a tough job, and inexperienced entrepreneurs just don’t know where to start, and how to do it. Yet the average perception of customer experience has not improved.
It is most often missed assumptions about the market, the competition, the speed of adoption, or other critical metrics you’ve researched, or selected, or even just guessed at to create your plan. Where did you get the data to drive your assumptions of market size or market share?
Los Angeles-based XPRIZE , which runs a number of prize-based competitions for developing technology, has named eighteen teams for its $2 million, Wendy Schmidt Ocean Health XPRIZE , including two local teams. The groups will go on to submit their technology to affordably and accurately measure ocean acidification.
Most aspiring entrepreneurs look to their alma mater, or any university, as a source of classes that can help them, but neglect to think outside the box or take advantage of all the other resources to be found there. Access to intellectual property and current research. Access to entrepreneurs-in-residence, business mentors.
In my role as mentor to many of you aspiring entrepreneurs, I often find you convinced that all you need to start is a unique innovation or idea , and now you are ready to jump in with both feet and enjoy the ride. Remember that being an entrepreneur is all about starting and running a business, after the initial invention.
For true entrepreneurs, risk is viewed as a positive, with its implied challenge to overcome the unknown and hitting the big return. One way to learn is to understand better how successful entrepreneurs approach risk, and look at actual strategies they use for success. This is the origin of the “first movers” competitive advantage.
Winning customers as an entrepreneur in a startup has many parallels to a young army trying to penetrate some formidable new and unfamiliar territory. A smart general going into battle always does the research first on the lay of the land, including critical high points that have the most value, before charging into the fray.
Earlier this year, researchers at USC proved the veracity of this old adage. According to lead researcher Professor Sarah Townsend, " When youre putting together an important presentation or working on a high-stakes project. The same foundational elements that lead to a successful marriage are precursors to startup success.
Most technical entrepreneurs I know demand the discipline of a product specification or plan, and then assume that their great product will drive a great business. Is it any wonder why so few entrepreneurs ever find the professional investors they seek? Opportunity segmentation and competitive environment.
Know your market and competition, or don’t spend a dime on anything else. Well, here is one of those, and it deals with market research first and foremost. But wait for the mic drop… [Email readers, continue here…] Here’s where some intelligent market research might have saved the company and my investment.
Every so often a promising entrepreneur seems to freeze in the oncoming headlights and gets run over by his competition. These points may sound obvious, but the process is certainly contrary to the popular “shoot from the hip” approach that is practiced by some entrepreneurs. The team is the same.
First, I would say that most entrepreneurs do almost no reference checks or at least do them very informally. For some reason most entrepreneurs do. I always tell entrepreneurs, “in good times of course everybody loves their VC. Do research and find some CEO’s who were fired by the VC. After Sept 11th?
Many believe that entrepreneurs are born, not made. While I agree that successful company builders usually have a natural inclination to be entrepreneurs, a good education helps polish that apple. We can all point to examples of successful entrepreneurs who dropped out of college, but still went on to make a big impact.
Even though I’m a big proponent of becoming an entrepreneur, it is definitely not for everyone. In my view, entrepreneur roles need to be planned carefully rather than made on the spur of the moment. Adopt the Silicon Valley entrepreneur family model. Test your entrepreneur instincts through crowdfunding.
A few months ago I wrote about an entrepreneur, Sam Rosen, whom we brought on as an EIR at Upfront Ventures. Now remember that Sam is an entrepreneur. They researched storage solutions and logistics. Of course there is competition! If you Can’t Make Time, MakeSpace. Today we announced our launch. Here’s the deal.
Most entrepreneurs are quick to assert to potential investors that their product or solution will kill the competition, but unfortunately your opinion alone is not enough to convince most experienced investors. First of all, you need some convincing market research that your solution addresses a real and growing problem.
We've initially focused on university-based research groups, and as we've gotten up and running, we've found that there's no need to limit it to just universities. If an existing company is not interested in licensing, and a researcher is not an entrepreneurial spirit, those projects go no where. Where is this talent coming from?
Drawing from the UK Seed Enterprise Investment Scheme (SEIS) experience, US Senator Chris Coons will talk about the version of the Research & Development tax credit bill he sponsored on August 8 in New York City. All engaged parties indulge in progressive research and development, which is the pillar of economic prosperity.
He is regarded by many as the number-one authority on virtual staffing and personal outsourcing, and is himself a successful entrepreneur based in the Philippines. I was impressed with his summary of the top ten outsourcing mistakes made by entrepreneurs, followed by real guidance on how they can and should be avoided. Be flexible.
I have conversations with entrepreneurs and other VCs on a daily basis about fund raising, the prices of deals, how much companies should raise, etc. Then you can do a little bit of research and find out that very few companies ever achieve this valuation in a trade sale so you’re clearly gunning for an IPO. That’s fine.
And I am often approached by entrepreneurs in cities which don’t have a vibrant VC community. Thus, a desire to invest more locally where I think I have a competitive advantage. Next I’d research every VC in the country and find people who grew up in or near KC. I travel the country a lot. Local knowledge runs deep.
In my bones I’m convinced that entrepreneurs are more nature than nurture although I know both are involved. I have recently written extensively on what I believe the 12 characteristics of an entrepreneur are. Entrepreneurs aren’t born, they’re made.&# The data in this article is at best, a stretch. from a young age.
MBA’s are an easy target for entrepreneurs’ scorn. I too have taken shots at MBA’s, describing why they are not typically well suited for startup life in Why Entrepreneurs Hate (Most) MBAs. My contrarian nature sparked, I began researching MBA led startups. Situationally, MBA’s Can Be Effective Entrepreneurs.
Why do a few entrepreneurs, like Steve Jobs and Elon Musk, seem to come up with all the real innovations, while the majority of business leaders seem stuck in the rut of linear thinking? He connects breakthrough thinking to four initiatives, which I believe every entrepreneur should practice: Questioning deeply-held beliefs and assumptions.
After many years of working with angel investors seriously trying to find new ventures worthy of their hard-earned money, I find their frustration often exceeds that of entrepreneurs sincerely looking for financial help. They are not interested in research and development, or funding at the idea stage. Lack of intellectual property.
Most technical entrepreneurs I know demand the discipline of a product specification or plan, and then assume that their great product will drive a great business. Is it any wonder why so few entrepreneurs ever find the professional investors they seek? Opportunity segmentation and competitive environment. Marty Zwilling.
Every so often a promising entrepreneur seems to freeze in the oncoming headlights and gets run over by his competition. These points may sound obvious, but the process is certainly contrary to the popular “shoot from the hip” approach that is practiced by some entrepreneurs. The team is the same.
On the other hand, everyone wants to be an entrepreneur. This next frontier lies in building your own enterprises as an entrepreneur, rather than waiting for innovation and opportunity from large corporations. Competitive advantages are rapidly vaporizing on these. Entrepreneurs growing companies create more value and more jobs.
In my years of mentoring entrepreneurs, a problem I have seen too often is low self-esteem, and over-compensating through arrogance and ego. These entrepreneurs find it hard to respect customers or team members, and their ventures usually fail. Identify and redirect unhealthy competition and comparisons.
Based on my experience as a mentor and an entrepreneur, if you fail on your first startup, you are about average. Every young entrepreneur knows implicitly that startup success is a long hard road. Of course, a real entrepreneur always takes a failure as a milestone on the road to success. How can you improve your odds?
Every so often a promising entrepreneur seems to freeze in the oncoming headlights and gets run over by his competition. These points may sound obvious, but the process is certainly contrary to the popular “shoot from the hip” approach that is practiced by some entrepreneurs. The team is the same.
Most entrepreneurs struggle with many startup Founders dilemmas in building their business, and these key dilemmas are probably the biggest source of pain and failure for the entrepreneur lifestyle. Not facing these dilemmas squarely and honestly is one of the biggest pitfalls facing every entrepreneur. Marty Zwilling.
On September 5th and 6th, PortTech Los Angeles welcomes community and industry leaders, technology entrepreneurs, university researchers, and investors to PortTechEXPO 2012. See [link] (more)
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