Blog

  • Video of the Week: How the blockchain is changing money and business | Don Tapscott

    For our video of the week, watch How the blockchain is changing money and business | Don Tapscott. Enjoy!

    From YouTube:
    What is the blockchain? If you don’t know, you should; if you do, chances are you still need some clarification on how it actually works. Don Tapscott is here to help, demystifying this world-changing, trust-building technology which, he says, represents nothing less than the second generation of the internet and holds the potential to transform money, business, government and society.

  • Entrepreneur Evolution Over Time

    One of the amazing experiences that comes with investing in entrepreneurs is seeing the entrepreneurs evolve over time. Early on, the entrepreneur is blissfully ignorant about what lies ahead and grinds it out to (hopefully!) to an early milestone of a million recurring, willing the startup forward. Then, slowly, it becomes clear that the entrepreneur needs to go from doer to manager (see Maker’s Schedule, Manager’s Schedule).

    As a manager, the entrepreneur struggles. People require trust, and systems, and patience. The entrepreneur wants results, now. Slowly, after many mistakes, this whole people thing starts to come together. Culture starts to become important. More lessons, more learning.

    Then, the next challenge: becoming a manager of managers. More people, more processes. More debating whether to work in the business or on the business. Onward and upward.

    The entrepreneur evolution is fascinating. No two journeys are the same, but all are interesting.

    What else? What are some more thoughts on the entrepreneur evolution over time?

  • The 7 Words Entrepreneurs Should Use Frequently

    Entrepreneurs have a variety of leadership styles. One my favorites is servant leadership, defined as:

    …both a leadership philosophy and set of leadership practices. Traditional leadership generally involves the accumulation and exercise of power by one at the “top of the pyramid.” By comparison, the servant-leader shares power, puts the needs of others first and helps people develop and perform as highly as possible. Servant leadership turns the power pyramid upside down; instead of the people working to serve the leader, the leader exists to serve the people.

    Entrepreneurs that believe in servant leadership should use these seven words frequently:

    Let me know how I can help

    Pretty simple, right? These seven words show that you’re proactive and want to help. Many people want help. Fewer people ask for help. Servant entrepreneurs would do well to incorporate these seven words.

    What else? What are some more thoughts on servant entrepreneurs using these seven words?

  • Deliver a Simple Message

    Yesterday’s post Write Your Equivalent of The Secret Tesla Motors Master Plan drove home a really important point: deliver a simple message. The master plan is all of 35 words, in plain English, with no jargon. How many entrepreneurs deliver plans like that? Very few.

    Simple messages don’t mean incomplete messages. Take the Simplified One Page Strategic Plan as an example. The document has a wealth of information but it’s not verbose. Every word and every category matter. The fewer the words, the more likely it’ll be read, but the entire message still needs to be communicated.

    Entrepreneurs would do well to deliver a simple message, and repeat it often.

    What else? What are some more thoughts on the idea of delivering a simple message?

  • Write Your Equivalent of The Secret Tesla Motors Master Plan

    Exactly 11 years ago from tomorrow Elon Musk famously published The Secret Tesla Motors Master Plan (just between you and me). Few people read it then and most that did didn’t take it seriously. Only, now, over a decade later, it’s come to fruition. And, from that, entrepreneurs should learn an important lesson.

    But first, from the post, the master plan is:

    1. Build sports car
    2. Use that money to build an affordable car
    3. Use that money to build an even more affordable car
    4. While doing above, also provide zero emission electric power generation options
    5. Don’t tell anyone.

    Entrepreneurs should take this concept — a simple long term master plan — and write one out for their startup. Make it clear, concise, and easily understood. Then, share it with everyone.

    The best way to see the future is to invent it.

    What else? What are some more thoughts on the Secret Tesla Motors Plan and entrepreneurs building their own plan?

  • Atlanta Startup Village #49

    Atlanta Startup Village #49 just finished up at the Atlanta Tech Village. The event is free and open to the public. Join us.

    Here were tonight’s presenting startups:

    • Fetch: Truck Rental Made Easy
    • Leadkit: Real Estate Technology & Lead Generation for the Modern Agent
    • Zenway: Data analytics for the next generation of super-efficient clean vehicles
    • Profound Studio: Expert home recording help
    • BashBlok: Make your Bash a Smash

    Visiting Atlanta in the future? Join us at an Atlanta Startup Village event.

  • Entrepreneurs that Can’t Sell

    Last month I was talking to an entrepreneur that lamented he can’t sell. No matter how hard he tries selling his prototype to prospects, his idea to investors, or his vision to potential employees, it’s just not clicking. After hearing this, I asked a few questions about his strategy and approach. It became clear that a little feedback was in order.

    Here are a few thoughts for entrepreneurs that are having a hard time selling:

    • Go with Passion – Emotion and passion are critical for entrepreneurial selling. Figure out what’s energizing and ensure it’s shared with the audience.
    • Know the Audience – Prospects, investors, and potential employees all warrant a different pitch. Think through what the audience wants to hear and map it out in a simple Google Doc. Ask a friend for feedback and constantly refine the message.
    • Read up on Sales – Start with the classic sales books like How to Win Friends and Influence People as well as many others. In addition, there are a number of excellent sales articles online.
    • Find a Co-Founder – Look for a co-founder that has a complementary skill set — plenty of people out there love to sell and are good at it. Take a look at The Co-Founder Complement.

    Entrepreneurs that can’t sell need to improve their skills to get them up to a modest level and find a partner that can help. Selling isn’t easy but with effort can always be improved.

    What else? What are some more thoughts for entrepreneurs that have a hard time selling?

  • Feature Death March

    Last week I talked to a pre-revenue startup that felt if they could just hire another developer and add one more important feature to their product, customers would start buying. In the book Angel by Jason Calacanis, he describes this as the “feature death march” where the entrepreneur has had limited success to date and feels if they just add one more major feature, customers will start buying.

    Prospects saying they’ll purchase the product when it has one more feature is often an excuse. If the prospect is serious, and the feature fits the entrepreneur’s vision, get the prospect to commit to buying the product now with a timeline for when the feature will be done. Ask for a signed contract. Once a contract is involved, and terms are negotiated, it gets serious. Too often, entrepreneurs go on a feature death march only to bring the new feature back to the prospect and have them still say “no” and ask for another, different feature or outright say they won’t buy it.

    Missing an important feature can be a legitimate reason for a prospect to say “no” but more often than not, it’s an excuse and they’ll never buy. Figure out the difference and don’t go on a blind feature death march.

    What else? What are some more thoughts on the idea of a feature death march?

  • Video of the Week – Zach King: The storyteller in all of us

    For our video of the week, watch Zach King: The storyteller in all of us. Enjoy!

    From YouTube: Zach is a filmmaker, born and raised in Portland. He started his film journey at age seven when his parents gave him a camera at a wedding. After being rejected from film school, he started the YouTube channel “FinalCutKing,” where he posted video editing tutorials. Zach has garnered more than 400,000 subscribers to his channel. In September 2013, he launched a Vine account based around his “magic” editing and has grown an audience of nearly 1 million fans.

  • SaaS 1,000 for Researching SaaS Startups

    Tom Blue and his company published a cool little micro-site today called SaaS 1000. From the site:

    The SaaS 1000 is a list of the top SaaS companies according to employee size growth. We have created a simple algorithm that tracks a SaaS company’s 6 month employee size growth and overall employee size to come up with the SaaS 1000 ranking.

    One of my recommendations for entrepreneurs researching competitors, prospects, etc. is to go on LinkedIn and check out the respective employee count for the company. This SaaS 1000 list has that data and goes one step further showing the six month employee growth rate, which is great for understanding how fast the business is growing.

    For entrepreneurs researching potential business ideas, this is a great way to understand companies that are hiring fast, and thus potential markets to build a competitor.

    For entrepreneurs looking for peer groups of other entrepreneurs in their city, this is an excellent starting point (e.g. it lists 25 startups in Atlanta).

    Interested in Software-as-a-Service? Check out SaaS 1000.