A big temptation for startups is absorbing and executing on all the advice that comes their way. A very good example of this is popular opinion on the right metrics for a startup.
Identifying and monitoring the right startup metrics is of paramount importance to the fortunes of any startup. However, many entrepreneurs wrongly focus on metrics they think they should be monitoring just because everyone else they know is focusing on them. This could get you and your startup into a lot of trouble.
There are some popular startup metrics you will no doubt need to monitor for your startup. But when considering which startup metrics are right for you, it is important you think about metrics in the right way. Having an understanding about how to choose the right metrics is less well discussed but important to comprehend. Continue reading
Engagement and growth are two very different things for a startup. Engagement, according to Nir Eyal, who writes about products that move people, is about creating an experience designed to connect a solution to the user’s problems with enough frequency to form a habit. Growth on the other hand is about getting people to discover your product through ripples that have been caused by your product.
Engagement is not growth and vice versa. However, there is an intrinsic link between the two that needs to be nurtured to achieve success in your startup. The starting point for any entrepreneur is in understanding what comes first, engagement or growth, and in focusing efforts on the right priority at the right time. Continue reading
Not everyone starting a startup has a tech background or is comfortable with coding. However, given technology is a core part of your proposition, it makes a lot of sense to get to grips with certain aspects of tech in order to appear credible to customers, potential funders, and, most importantly, your team.
A recent post in reddit inspired me to think about what I think is important for a non-technical founder when learning about technology. Although I learnt some basic programming during my Aerospace degree at University, programming has never been something I needed to spend a lot of time on in my day-to-day job. This article is based on my own experiences as a non-tech guy who has advised and started tech businesses. Continue reading
Most businesses need to raise external funding from investors to take their company to the next level. An early stage startup will want to access funds to help further validate its business proposition.
A more established business that already has traction may be looking for funding to help accelerate growth. Whatever stage your business is in, if you are seeking investment, determining how much funding you should raise is absolutely critical. Continue reading
The reality is that a very high number of startups fail. What you are working on now will statistically, most likely fail. Well done for getting this far. From those who have studied startup failure in detail, the quantum of that failure is estimated anywhere between 75% and 90%+ of all businesses starting. The timing of when they fail depends on the circumstances of the business although there are some important trends.
The reasons for failure are complex and varied. In this article I will bring together all considered thinking into one place to present a holistic view. Continue reading