Edition 46 - 5 Points Every Startup Should Know
Cash is the lifeblood of business. If you run out of it and lack access to additional resources, the game is over. As the founder of a startup, you’ll find that raising funds is a significant part of your efforts and, for better or worse, a major challenge. Unless you have a clearly defined plan and a path to follow, you’re going to end up wasting precious time that could have been spent elsewhere.
“Start With Why: How Great Leaders Inspire Everyone to Take Action.” book of Simon Sinek, an author, ethnographer and speaker, is best known for popularizing the concept of Why and for the talk he gave on the subject that became the second most watched talk of all time on TED.com. In Start With Why, Sinek explains why some people and organizations are more innovative, more profitable and command greater loyalties from customers and employees alike.
Scaling a startup is the ultimate test for founders and management teams. From an organizational perspective, I believe there are distinct phases in a company’s life, with unique challenges. Before I joined HV Holtzbrinck Ventures as a partner in Berlin, I started my own company (Hitmeister), was active as an angel investor and was the COO at Wooga. While in the startup trenches myself, I witnessed critical operational growth points trip some leadership teams. Culture, information sharing and the role of the managers evolve as companies scale.
In the world of customer service things don’t always got to plan. Your business is rolling. Your products are getting to your customers on time. Everything is working just the way you promised it would. Your customers pay their bills on time. No complaints. The bond between you and your customers could not be stronger. Then something happens. Trouble can come from any direction. A delayed product shipment causes a customer to miss a deadline. A salesperson promises more than your company could deliver.
When mobile app professionals are asked this simple question: “What do you think is the best advantage that a mobile app can have?” Most people will respond by saying, “offering a feature that is totally new and innovative” or maybe even “taking a concept that was originally just for desktop and successfully bringing it to mobile.” These are all fair answers, but the truth is that a team of mobile app creators who successfully identify a ‘hungry’ audience that isn’t getting a particular need or needs met is sure to increase their chances of a more successful business going forward. A hungry audience demands something that the current marketplace isn’t offering. This could be a pain that they want to solve, a problem that they want to fix, or a biological urge that they need to have fulfilled.
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