Pioneering a New Category, Creating a Need, Selling The Startup & Moving on

July 28th, 2011 § 1 comment

On Entrepreneurs:

  • Have a vision of how things could be to a point where it’s only a matter of time before your vision is real.
  • Talk about the things in the future as though they’ve already happened today.
  • Entrepreneurs don’t see the future as possible, but rather as probable
  • Ask “How are you going to change the world with this product?”
  • Gauge your success by how many times people recognize what you do

On Startups:

  • Sell a business and don’t look back. It’s a chapter
  • Be comfortable selling and moving on
  • Sometimes the timing is not right to start. Keep developing until the timing is right
  • Don’t go of and build something unless you’re pretty sure you’ll solve a need

On Product Development:

  • First Ask “Is this something I would buy?”
  • Secondly “Will the technology support this idea?”
  • Thirdly “Can you solve the problem at a price that’s acceptable to the market?”
  • Every year, the cost of technology decreases by 35%, thus increasing the success of your business
  • Be careful of the advice given to you at product development phase

On Customers:

  • Simplify the decision process; both at customer acquisition, and at secured customer
  • Address the issues, be responsive and jump in. Be like Nordstrum, take the blame even if not your own
  • If you don’t know the answer, find someone who does, don’t give your customers BS
  • When things break, the people need someone to hold your hand
  • Do your market research first
  • Talk to 100 people, write down their responses, and this will represent the bigger picture

References:

David Friend of Carbonite, through Mixergy.com on 4/29/2011

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