According to CB Insights there are 361 Unicorns in the world. A recent report in Strategy + Business reveals China has about 200 startups less than 10 years old and have valuations of 1B or more. 70% of them are preparing to go global.
When I was attending the BMC course at Mars Discovery District one in my cohort referred to The Mom Test. This book on customer discovery by Rob Fitzpatrick asks entrepreneurs to doggedly pursue the truth. Even if it says your idea sucks. If you are concerned about feelings and a fragile ego, talk to your Mom.
We all need to have these – Difficult Conversations. Most of us avoid it till the point it cannot be avoided anymore. And we all know the delay hurts the organisation and relationships. Joel Garfinkle, an executive leadership coach wrote in this piece in Harvard Business Review and it provides simple framework that will help with those otherwise dreaded moments.
What is the right price? Are you charging too high leading to fiction in conversion, long sales cycles thereby reducing the revenue velocity? You need to closely examine if the extra per deal is worth it in terms of the friction it adds to the sales process.
I have been a fan of Guy Raz and How I Built this from NPR. I look forward to its episodes and have heard some truly fascinating stories of grit, determinations and growth. This is where I heard the Whole Foods Story from John Mackey ( remember the multibillion dollar Amazon acquisition?), of Jerry Murrell of Five Guys and a Burger, Melanie Perkins of Canva and today James Dyson and his vacuum cleaner story.
I came across this 2015 article in Mashable by Seth Fiegerman on why and how Google jumped into the Social bandwagon, created a non starter and sort of Me-too product, copying Facebook and lost the plot. It is a back story of how Vic Gundotra, then close to Larry page, built up a threat frenzy within where apparently none existed (at this point FB was valued at 14B and Google 200Bn – not any more). Although the security lapses gave the immediate reason for Google to decide on shutting down G+ the broader issues, primarily of non adoption, and blowback for coercion ( remember when you had to have a G+ account to sign into other Google services?) hastened the end.
As an entrepreneur you need time to just sit and do nothing. Sleep. Read a book. And not go out and party. Or group watch a movie. Or even take care of the kids. Managing ones scarce unscheduled time is crucial. It is one of the most valuable resource that you have.