Tag Archives: Startup company

Most Important Capital Source for A Startup

Customer revenues are a great source of funding because they don’t dilute equity. #equity #capital #customer

But more importantly, the best customers provide smart revenue. They understand the market because they are the market. They are the ones who have the problems to which you can provide the solution. Unless you’re Steve Jobs, they understand their own needs and tastes better than you do. If you let them, if you listen right, they will help you design your products and they will even tell you how to sell them. Good customers are interested in quality, not just price. And they are also interested in your long-term success, because they want you to continue providing service and support – and future follow-on products and services.

Good customers will tell you what the market wants. I have just been traveling through Azerbaijan and Russia, talking about how to foster an entrepreneurial economy.* Generally, the conversation goes

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What is the best advice for a young, first-time startup CEO?

Answer by Emil Lamprecht:

Hard knocks: My top 10 lessons for surviving at a startup

Know Thy Self…
seriously, you have to be very honest about what you can and can’t do, and be ready to pick up the slack regardless if someone doesn’t pull through.

Surround yourself with motivating people you can trust…
basically your company/product is your life. You have to hire people you can trust your life to, people that you know can be diverse and get the job done, but they also have to excite you and make you think!

Product and Marketing synergy…
most of my clients have made the mistake of building a product from the ground up, and then trying to figure out how to market it. Don’t do that. Seriously, just don’t. Envision your idea, and design it together with your marketing plan. These two sides must always play off each other, as the product dictates the direction, but the marketing dictates the function/look/feel. Also key to designing and justifying the business model.

Take a step back…
its really easy to get sucked into your idea, your ideal, and forget that you’re probably not always right, and that most people don’t like being micromanaged. Always take the time to step out of the office, clear your head, let people do their thing, and whether its your own or someone else’s try to actively test every theory before taking action

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