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There’s a line of thinking in Silicon Valley that you should build product businesses rather than services businesses. It’s nearly impossible to get a services company financed by VCs. It is advice I give entrepreneurs often as I have written here on why most businesses should never raise VC.
As an entrepreneur, I helped create companies which achieved two IPOs and two trade sales totaling $385 million. “Learn from the mistakes of others. You can’t live long enough to make them all yourself.”. Eleanor Roosevelt – US Diplomat & Wife of President Franklin Roosevelt. During those same 15-years, I made innumerable mistakes.
Many entrepreneurs I have mentored make big mistakes in this area, by hiring low-cost friends and family, with minimal skills or training, and expecting them to have the same work ethic , passion, and business knowledge as the founder. A solution I often recommend, as least in early growth, is the use of outsourcing for critical tasks.
Since my background includes software development, I often get the question about when to build a solution in-house, versus outsourcing it to a local company, near-shore service, or off-shore organization in China, India, or Eastern Europe. Don’t outsource your core competency. Product or services. Technology level.
Since my background includes software development, I often get the question about when to build a solution in-house, versus outsourcing it to a local company, near-shore service, or off-shore organization in China, India, or Eastern Europe. Don’t outsource your core competency. Product or services. Technology level.
The founders of Santa Monica-based TaskUs , CEO Bryce Maddock and President Jaspar Weir, have received a national award as part of the Ernst & Young Entrepreneur Of The Year program, the only Southern California entrepreneurs to gain recognition in the yearly program.
With the appearance of do-it-yourself services on the Internet, entrepreneur curriculums at every university, and a wealth of new books on the subject, the need for expensive consultants and business advisors has also been mitigated. A programmer can build a new smartphone app for a few thousand dollars.
Steve Blank , January 25, 2010 10 Tips for Adding Game Mechanics to a Non-Gaming Service - ReadWriteStart , September 21, 2010 Startups & VCs: Learn How to Design, Market, & Eat Your Own. - First Principles.
Yet every business and every entrepreneur I know struggles with this challenge, focused on hiring the right people and implementing the right process. I was happy to see my own view reinforced in the classic book, “ Innovation Thinking Methods for the Modern Entrepreneur ,” by long-time entrepreneur and innovation expert Osama A.
Bryce Maddock: TaskUs is the best provider in the world of customer care and back office services for emerging growth companies. Customer care, obviously, is emails, phone calls, and customer service back office services. We do a whole host of other back-office services in that space. So, what is TaskUs?
Many young startups are being advised not to have a professional services business and in my opinion this is a big mistake. The line of reasoning goes, “Services businesses are not scalable and the market won’t reward this revenue so make sure that third-parties do your implementation or clients do it themselves.
Startups that sell innovative new products seem to get all the attention these days, but services may be the quicker way to larger profits and faster growth. If you think about it, services make more sense in this social media age where relationships, personalization, and interaction are king. Advisory services. Everybody wins.
Even if you ignore all the hype around crowdfunding, there can be no doubt that it is a real alternative for entrepreneurs to achieve visibility and funding today. are not for crowdfunding, but actually are matchmaking sites between entrepreneurs and professional investors or banks, or incubators.
I recognize that entrepreneurs tend to substitute vision and passion for formal processes, but using no discipline or process in building something new is a sure way to spend money, rather than see any return and build a self-sustaining business. Marketing, sales, support, and service operations. Solution development and delivery.
If your forte is a service, like consulting or web site design, it’s harder to find guidance on what will get you funded, and how you can scale your business. With services, scaling the business often implies cloning yourself, since you are the intellectual property and the competitive advantage. Capture your “secret sauce.”
Since my background includes software development, I often get the question about when to build a solution in-house, versus outsourcing it to a local company, near-shore service, or off-shore organization in China, India, or Eastern Europe. Don’t outsource your core competency. Product or services. Technology level.
Saturday, June 11, 2011 -- Crowdsourcing for the Entrepreneur: Unlocking the Power of Online Communities. Crowdsourcing, as a method of leveraging the massive pool of online users as resources, has become a viable set of techniques, tools, and marketplaces for organizations and entrepreneurs to drive innovation and generate value.
If your forte is a service, like consulting or web site design, it’s harder to find guidance on what will get you funded, and how you can scale your business. With services, scaling the business often implies cloning yourself, since you are the intellectual property and the competitive advantage. Capture your “secret sauce.”
But recently I was asked about success factors for services startups, and I quickly realized that there is very little published to help the thousands of startups that fall in this category. The distinction between product companies and services companies is easy to see. Scaling services means cloning yourself.
With the appearance of do-it-yourself services on the Internet, entrepreneur curriculums at every university, and a wealth of new books on the subject, the need for expensive consultants and business advisors has also been mitigated. budget business e-commerce entrepreneur startup' Work out of your home, and keep your own books.
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. Outsourcing and manufacturing “offshore” have become the norm. The cost of entrepreneur entry is at an all-time low.
I had joined AC in 1991 as a programmer when it was a relatively small practice focused on building corporate IT systems for Fortune 500 companies and there were a handful of companies that offered the same service. Bryce is a bit like the entrepreneurs I search for. By 1999 it seemed like everybody was growing, though. I love that.
Customer service has always been reactionary, meaning someone to wake up and answer website email requests. Great startups are getting ahead of the game with “anticipatory customer service,” like providing smart phone access to product and account data to head off complaints. Self-service needs to have escape hatches.
As part of the lead in to the conference, and as a part of our sponsor relationship with the conference, we're running a series of interviews with speakers from the conference about their experience in the area of recurring revenues, customer service, and similar topics. It sounds like you actually do all your customer service in house?
Driven by the current pandemic, smart entrepreneurs of all ages are jumping into the fray with new ideas, new recovery strategies, and discarding outmoded business models. I see it most in the newest generation of entrepreneurs (Gen-Y), who were shocked out of entitlement into action by an economic downturn.
Many aspiring entrepreneurs are looking to the Internet as an opportunity to get rich quick, instead of a place where you can start a business you love, for very little capital and minimal technical expertise. Use free e-commerce software and services like PayPal before building an expensive customized solution. Marty Zwilling.
Simi Valley-based Xavient Information Systems , a provider of outsourced IT services, has been acquired by TELUS International , the two announced this morning. Xavient was founded and was led by serial entrepreneur Rajeev Tandon. The deal--which had been announced in October--was worth an estimated $250M.
I’ve focused these more towards startups and entrepreneurs: Show a personal face. Offer a story, entertainment, or a compelling idea that you can link convincingly to your brand, rather than trying to sell products or services directly. Try branding yourself, not selling a product. Offer utility to each audience member.
Driven by the recent recession, smart entrepreneurs of all ages are jumping into the fray with new ideas, new recovery strategies, and discarding outmoded business models. I see it most in the newest generation of entrepreneurs (Gen-Y), who were shocked out of entitlement into action by the recession. Focus on your core competency.
Most entrepreneurs work long hours and weekends to get the job done. If one of your core values is exceeding your customer expectations for quality and service, and your potential partner ascribes to the low cost, high profit mantra, a successful partnership is highly unlikely over the long-term. Compatible work styles. Marty Zwilling.
If you have a software development background like mine, Im sure you often get questions about when to outsource, versus building the solution in-house. Outsourcing is defined as contracting the work to another company, usually located in a developing country, like India, China, or Eastern Europe. Factor in all the cost elements.
I define a product plan as a detailed description of your product or service, with a bit of business thrown in at the end. Enough detail is required so that someone else can build it without you (outsourcing). Show the timeline, milestones, costs, and people required to produce the product or service. Don’t get me wrong.
Customer service has always been reactionary, meaning someone has to wake up and answer website email requests. Great startups are getting ahead of the game with “anticipatory customer service,” like providing smart phone access to product and account data to head off complaints. This exemplary customer service is just savvy marketing.
CSM Software , and engineering and high tech servicesoutsourcer whose founder and chairman is based in Westlake Village, has been acquired by Japanese company SOLIZE Group , acording to the companies. Narayanaswami is a serial entrepreneur, and had founded CSAR Corporation, which he sold to MSC Software in 1999. READ MORE>>.
On the other hand, everyone wants to be an entrepreneur. His focus is on entrepreneurs in America, but what he says applies to every other country as well. This next frontier lies in building enterprises as an entrepreneur, rather than waiting for innovation and opportunity from large corporations.
Many experts are certain that successful entrepreneurs are the ones with the most inspiration (passion and dream), while others will assert that it’s about more perspiration (working harder). This is the confirmation that your product or service fills a real need in the marketplace. Note the growth of your team and your own leadership.
Entrepreneurs who search for real pain points, and build solutions around them, have the best chance of changing the world. As an alternative, if you are an entrepreneur looking for the next big thing, where should you look? That’s the great thing about being an entrepreneur. Some kind of natural or man-made disaster.
Back in 2003 and 2004, we were focused on the international market, and started outsourcing to India and the Philippines for call center services. Many entrepreneurs think about starting your own thing, did you ever think about that compared to turning around a company? I think the model is a little bit on its head.
Most consulting services, like marketing, are not scalable, since they must be delivered by experts, and cloning experts is slow and expensive. Investors don’t invest in services startups. I see too many business plans that are really product plans for customers, touting free services and long feature lists.
We caught up with founder and CEO Grant Kirkwood --a serial entrepreneur and veteran of providing infrastructure to the enterprise markets--on the vision behind the company. Companies were saying--we want to outsource these kinds of things, because they''re not our core competency. Explain to us what Unitas Global does?
You can’t outsource that one. If you see a customer service problem hurting the company, step up proactively with a proposal to fix it. entrepreneur startup Harvey Mackay employee business' The truly indispensible person in a startup is a problem solver, because every startup has plenty of problems. Marty Zwilling.
New this year are application services and outsourcing, cloud application infrastructure services, cloud security, privacy and smart cities. For the latest info, Gartner recently released their Hype Cycle Special Report for 2011 , detailing some of the biggest trends in technology this year. It’s definitely worth a look.
If your forte is a service, like consulting or web site design, it’s harder to find guidance on what will get you funded, and how you can scale your business. With services, scaling the business often implies cloning yourself, since you are the intellectual property and the competitive advantage. Capture your “secret sauce.”
Given TimeHop’s failed experiment, I was especially intrigued when I learned that a team of a dozen remote entrepreneurs hack the typical corporate structure and creates a company that generated nearly $100 million in revenue. Dan Engel, Co-Founder and former CEO of FastSpring, is a highly successful serial entrepreneur. FastSpring.
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