When you launch a new startup or product, you obviously have no branding in place because it is something new. If you’re doing line extensions, then that's a different story. You can leverage existing brand intangibles, whatever they are.
The good news is that when you develop a new brand, you can start from scratch. The bad news is that you have to spend a lot of…Continue
Added by Damir Perge on November 30, 2012 at 10:30am — No Comments
I am fascinated by how and why inventors and entrepreneurs invent their ideas. In this particular instance, the entrepreneur sitting next to me on the airplane explained that he came upon his idea after he purchased an expensive machine to accomplish a specific task.
I can’t divulge the product category because he is still operating under stealth mode. As an entrepreneur and investor, I respect stealth entrepreneurship because I like to operate under stealth mode too.…Continue
Added by Damir Perge on November 29, 2012 at 8:00pm — No Comments
In product development, you have to look for and avoid feature creep. It happens to most entrepreneurs, designers and developers. Feature creep is when you keep adding features in order to make the product value proposition just perfect. Feature creep can come at any stage of the product development cycle. At some point, you have to be disciplined and freeze the specs so you can get closer to the time-to-launch phase.
Feature creep is not good for any business…Continue
Added by Damir Perge on November 28, 2012 at 9:30pm — No Comments
The analysis of large data sets, or “big data,” has been identified as the new frontier for competition and innovation. There is perhaps no more relevant example of Big Data at work than President Obama's re-election campaign. Some pundits are even claiming that data-driven campaigning was the key factor in determining Obama's victory.
There are several ways to look at entrepreneur risk. If you’re developing a product, you might see risk from a product perspective, where technology risk and market risk are critical. If you look at it from an entrepreneur perspective, you might add to those the risks I have already discussed in other columns, sweat equity, emotional, reputation and…Continue
Added by Damir Perge on November 27, 2012 at 6:30pm — No Comments
I woke up one early morning and realized I'd been dreaming about the value of branding one of the startups we're accelerating. I am not kidding. That’s what happens when you’re a guerillapreneur. You live the startup game every minute of the day. Your subconscious continues working even when you’re not.
When launching a startup or new product, you have to think hard about your brand. You have to visualize the future value of your brand even if you don’t even have a brand…Continue
Added by Damir Perge on November 26, 2012 at 11:00am — No Comments
One of the biggest curses and blessings for relentless entrepreneurs is their ability to innovate several entrepreneur ideas. Don’t get me wrong. The ideation process is not easy — and coming up with great ideas is even harder. Ideas are definitely not a dime a dozen. I discussed the ideation process at length in my book Entrepreneur Myths: The Startup Reality and one key thing discussed was the concept of opportunity loss.
Opportunity loss doesn’t show up on the balance sheet,…Continue
Added by Damir Perge on November 24, 2012 at 7:00pm — No Comments
When you’re in the venture accelerator business, you become obsessed with speed. But speeding for speed's sake is not the entire solution for your startup business or new product.
If you want to launch products or companies more quickly, you have to respect the danger and excitement of speed. You could accelerate certain processes only to get bogged down somewhere else because you didn’t look at your speed objectives from a holistic perspective. In launching startups, you need to know…Continue
Added by Damir Perge on November 23, 2012 at 10:00pm — No Comments
Entrepreneurs are fully aware of the financial risks associated in starting a new business or launching a new product. However, there are other types of risk to consider when launching a startup. Depending on how much capital you use to start your dream, the financial side of risk may be the least risky for you. Let’s take a look at some of the other types of risk.
In startups, with limited time and resources, another risk you face is the sweat equity risk. Sweat equity risk is…Continue
Added by Damir Perge on November 20, 2012 at 9:00pm — No Comments
One of my passions is inventing products, services or startups. I’m always fascinated by how inventors come up with ideas. I discovered and use an ideation process that I discuss in my book, Entrepreneur Myths: The Startup Reality. But I never get tired of listening to how other inventors come up with their ideas, products, services, or…Continue
Added by Damir Perge on November 19, 2012 at 10:30pm — No Comments
One thing you learn quickly, when studying nature in the domain of complexity science studies, is the need to sense and respond. This concept goes beyond being agile. Natural ecosystems are based on this concept because Darwinism comes into play under the selection of “only the fittest survive.”
Entrepreneurs should apply sense and respond strategy to startups and the launching of new products. The logic behind sense and respond is simple. When you enter new markets, you have…Continue
Added by Damir Perge on November 19, 2012 at 9:30am — No Comments
When you are ready to launch a startup or new product, there's a seesaw struggle between meeting your financial budget and meeting your launch schedule. Do you launch your startup on time or do you launch it frugally? I say launch your startup or product frugally and on time.
Managing your startup cashflow is as much art as mathematics. It is the combination of the two because you deal with many variables playing out at the same time. You have to watch your money, and predict…Continue
Added by Damir Perge on November 17, 2012 at 1:30pm — No Comments
On a long flight, you can learn a lot about entrepreneurship if you happen to sit next to another entrepreneur. Recently, I was seated beside an entrepreneur who was traveling for his third time back to Asia to make sure the product he was manufacturing there was going to be ready to ship.
He talked about the difficulty in getting his product manufactured and he hoped this was going to be his last trip... he hoped. We had a lengthy conversation about his market, his opportunity and…Continue
Added by Damir Perge on November 17, 2012 at 12:00pm — No Comments
When you raise investment dollars from outside investors, whether you admit it or not, you’re going to feel pressure to perform. I’ve been there myself from both the entrepreneur and venture capital side of the equation. There is the same pressure to perform on the startup as the pressure to perform as the investor.
You see it often—entrepreneurs raise capital from venture capital and they think they’ve made it. But in reality the pressure to perform has just escalated…Continue
Added by Damir Perge on November 16, 2012 at 10:00am — No Comments
I recently spoke about emotions in business, with a long-time entrepreneur friend. We are working on a few deals and it occurred to me last night that, no matter what the situation, this guy doesn’t get emotional. That’s the cool thing about hanging around great entrepreneurs. You can learn so much from them if you open your ears to listen.
One of the problems with having close entrepreneur friends is that you have a tendency to miss the obvious about their successful traits because…Continue
Added by Damir Perge on November 15, 2012 at 7:30pm — No Comments
In my opinion, entrepreneurs and investors are too focused on "time-to-market." Most of them consider this stage to be up to the point where you ship the product into the marketplace. Another market concept, which I discuss in detail in my book Entrepreneur Myths: The Startup Reality, is the concept of "first-to-market" and why being…Continue
Added by Damir Perge on November 15, 2012 at 1:00pm — No Comments
When you have a product, you want people to see it. On the Internet, the product in question is often your website, and besides the people who already know about it and visit it regularly, a sizable portion of your site traffic should be the result of search engine queries. Given the role search engines play in a site’s performance, it’s no wonder why everyone who works on the web is obsessed with search engine optimization (SEO). SEO is the process through which a site improves its position…Continue
Added by Joshua John on November 15, 2012 at 12:08pm — No Comments
One key question I ask entrepreneurs pitching me for money is “Hey, what’s your burn rate?” I previously introduced the concept of negapital, where startup entrepreneurs focus on the ideal state of starting, funding and growing their business with zero outside capital. It can be done but it is not easy. And in my book…Continue
Added by Damir Perge on November 14, 2012 at 7:00pm — No Comments
You can learn a lot about entrepreneurship from watching team sports like football, rugby, cricket, soccer, basketball, and baseball—as well as individual sports like tennis. Soccer is my game, but I am also a huge fan of tennis. My former country of Yugoslavia produced some great tennis players including Monica Seles and Goran Ivanisevich. I enjoy watching tennis because you can witness quite a few psychological roller coaster rides during a game. Just like startups, tennis is a mental…Continue
Added by Damir Perge on November 13, 2012 at 8:00pm — No Comments
Making perfect business decisions in launching new products or startups is hazardous to the well-being of your goal. Based on my empirical evidence while investing into more than 25+ entrepreneurs, too many entrepreneurs waste time trying to make that perfect decision about strategy, that perfect product specification, that perfect marketing message, that perfect branding, and that perfect look and feel of the website.
Trying to make it perfect…Continue
Added by Damir Perge on November 13, 2012 at 12:30am — No Comments