The only way to win is to learn faster than anyone else.
If an MVP fails, teams are liable to give up hope and abandon the project altogether. But this is a solvable problem. The solution to this dilemma is a commitment to iteration. You have to commit to a locked-in agreement—ahead of time—that no matter what comes of testing the MVP, you will not give up hope. Successful entrepreneurs do not give up at the first sign of trouble, nor do they persevere the plane right into the ground. Instead, they possess a unique combination of perseverance and flexibility. The MVP is just the first step on a journey of learning. Down that road—after many iterations—you may learn that some element of your product or strategy is flawed and decide it is time to make a change, which I call a pivot, to a different method for achieving your vision. At the beginning, a startup is little more than a model on a piece of paper. The financials in the business plan include projections of how many customers the company expects to attract, how much it will spend, and how much revenue and profit that will lead to. It’s an ideal that’s usually far from where the startup is in its early days. A startup’s job is to (1) rigorously measure where it is right now, confronting the hard truths that assessment reveals, and then (2) devise experiments to learn how to move the real numbers closer to the ideal reflected in the business plan. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries To optimize your LinkedIn experience, begin with these fundamental steps:
• Create a consistent profile that actively works for you. Most LinkedIn profiles fail to create business and networking opportunities. You want a strong profile that works to your benefit. A key to making this happen is consistency. Your LinkedIn details should mirror those of your other social media accounts and your marketing materials. For example, if your Facebook page says you’re a real estate investor but your LinkedIn profile says you’re looking for a job as an office manager, prospective employers and networking allies are likely to notice the discrepancy. • Create a strong headline. People steer away from boastfulness and are attracted to those who can help them. Your headline should therefore emphasize your skills rather than your job title. For example, Dean is CEO of his company Forward Progress, but his headline simply says, “Author and Speaker.” As a result, Dean is frequently contacted about speaking and writing opportunities. • Complete the entire LinkedIn profile. You don’t need to write a dissertation for each section, but do fill in all the blanks, ranging from work experience to personal details. This includes posting your photo. People want to work with someone they trust. Including a warm, inviting face enables visitors to connect your name to a real person. And while it may be cute to show how you looked when you were 10, it’s not a helpful representation of who you are now. Unlike Facebook and other social media sites, LinkedIn is a business network. Save the shtick for the other platforms. • Create both a personal and business LinkedIn profile. Your personal profile should tell the story of who you are, what your interests are, and why others should connect with you. Your business profile should focus on your professional skills and/or the capabilities of your company. Keep these profiles distinct, and connect them with links to each other. This allows visitors to read about your business without being distracted by personal information, and vice versa, while giving them the option of learning more about you. The 20-Minute Rule Many people avoid LinkedIn because they can’t bear the thought of spending hours upon hours adding connections, sending emails, and updating profiles. Dean recommends investing just 20 minutes each workday to effectively cultivate meaningful relationships on LinkedIn. By limiting your participation to 20 minutes, you can set specific daily and weekly goals while avoiding social media overload. After Meeting Someone, Connect Via LinkedIn Most people fail to do this. Whether it’s at a networking event, social gathering, or online forum, connections made should become connections kept. Ask for permission to connect via LinkedIn and then send an invitation. Most initial conversations simply scratch the surface as to what someone does or how you may be able to help one another. By connecting, you’ll gain immediate access to the person’s work and personal experience, allowing you to further develop the relationship as you learn more about the person’s capabilities and business. One of the best ads ever, stated, “The difference between a friend and a stranger is a conversation.” Begin enough conversations and you’ll end up with a lot of quality friends and referrals. Ask For Introductions It’s often been said that you’re just six connections away from anyone in the world. On LinkedIn, this number is substantially reduced. One of the most powerful aspects of LinkedIn is the ability to easily connect with others. People you’d like to speak with are often no more than one or two connections away. Ask your connections for an introduction by choosing the “Get introduced through a connection” option when viewing the desired contact’s profile. Always Look For Potential Interactions When you log into LinkedIn, scan your homepage, This provides instant updates on your network of connections. Post a substantive status update; or ‘Comment’ or ‘Share’ regarding what your connections are talking about. Your words will become visible to both your network and theirs. Add value to a conversation by posting interesting content from which you feel others would benefit. To be successful on LinkedIn, you must interact. Providing helpful tips or other valuable information can lead to several thousand people seeing your message. Even if just one person contacts you from your post and you’re able to convert that connection into a customer, you’ve come out ahead. What are the odds that one in several thousand people might need your expertise or product? Join And/Or Form Groups Among LinkedIn’s most powerful networking opportunities are its groups. The service has over one million groups, and the most popular groups have hundreds of thousands of members. Groups can be private or public, and are moderated by the group’s owner. You must be a member of the group to post messages and interact. Groups run the gamut from Sewing to Technology to University Alumni, with the largest groups focusing on employment-related topics. No matter what you’re looking for, you’ll find a group that caters to your area of interest. Consider joining as many groups as possible (you can join up to 50), as long as they’re related to your business or personal interests. In summary, these are the ways to achieve success on LinkedIn: • Build and Consistently Monitor Your Profile: Your profile isn’t a “one-and-done” deal. It needs to be continually updated. When your business evolves, update your profile. Land a new job? Update your profile. Receive an award or close a huge deal? Update your profile. Keep your profile current to reflect your current skills and accomplishments. • Keep Adding New and Meaningful Connections: Look for people who add value to your network and/or may become customers (e.g., who you may be able to help professionally). Always choose quality over quantity. Even if you just add one or two connections a week, this will keep your profile active and maintain position on the LinkedIn radar. • Be Interactive: Regularly scan your homepage looking for interesting content. Comment on or Share what others are posting. And post your own content that adds value for others. • Ask for Introductions: LinkedIn is designed to help you access the people you’d like to meet. Take advantage of its inherent structure to make powerful connections. • Twenty Minutes a Day: That’s all it takes. Proactively use LinkedIn for just 20 minutes each workday. Your investment of time is likely to pay off. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher Category-dominating sites are difficult to create and there’s little doubt why. Creating a formidable entity not only takes time, energy, and resources, but it also takes an in-depth understanding of oneself. There are seven crucial factors for success that must be mastered in order to establish front-runner position. Most would-be industry leaders find it nearly impossible to master one of these areas, let alone all seven. The requisite success factors—in no particular order—are:
• Specific Area of Focus: Identify your core interests and desired target market. In other words, what do you have innate love for and whom do you want to serve? From forensic accountants and third grade teachers to underwater welders and golf coaches, exhaustively providing relevant information and continuously adding beneficial, focused content to one specific subset of the population often equates to long-term success. This is not to say that expansion to other products and services is forever removed from the equation; however, this should only happen after market dominance has been established (think Amazon). • Professional Website Design: Clearly a no-brainer, but there are so many poorly designed sites it bears repeating. Model competitive and other category-leading sites that receive significant traffic. Customers flock there for a reason. • Visibility to Target Market: Where do potential customers gather and how can they be reached? One can have the best products and services in the world, but if no one knows about them, their business is irrelevant. Identifying high-return opportunities to spread the word is crucial. • Expert, Valuable Content: Nothing breeds credibility and stickiness (the amount of time a visitor stays on the site) as will pertinent, well crafted content from both contributors the clientele knows and up-and-coming game changers. To establish authority, combine cutting-edge, exciting ideas and information with proven industry products and services. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher • Interactive/Social Visitor Experience: Leading sites encourage visitors to contribute content, comment on articles and products, and share thoughts via social networks with their tribe. From Facebook and Twitter to StumbleUpon and LinkedIn, today’s customers insist upon leveraging social media to disseminate positive and negative feedback while cutting the learning curve down for fellow surfers. • Free High-Value Products: Like it or not, free is mandatory. To drive traffic, one must offer something of inherent value that pushes beyond articles, helpful resources, and videos. Doing so not only enables site owners to capture leads as the customer typically opts in to receive the free product, it also fulfills the unwritten obligation they have to connect with their audience in a deeper manner than simply posting relevant content. • Products/Services for Sale: Without products and services to sell, the rest of the equation is moot. Even not-for-profits ask for donations. Why? Because hosting, updating, and maintaining even the simplest of sites has related expenses. Creating for-sale products and services is a necessary part of doing business. the recommended manner for establishing authority is to first gain credibility within one specific aspect of the industry and then, if desired, seek to expand. Although it may seem counterintuitive, the more narrow your focus, the wider a net you can cast. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher Forget about blending in.
When you run a blog, you want to stand out from the crowd. To become one-of-a-kind as opposed to one-of-many, get comfortable with taking a stand and having people line up on either side of you. Dr. Theodor Seuss Geisel (a.k.a. Dr. Seuss) said it best: “Be who you are and say what you feel, because those who mind don’t matter and those who matter don’t mind.” Once your blog is operational, meaningful content has been added, and you’ve begun cultivating traffic, Pat (Flynn) offers three powerful rules for creating momentum and generating income: find partners, sell products and/or services, and spread your wings. One of the most effective strategies for building major traffic is to contact top bloggers in your niche. First, tell them you’re an up-and-coming blogger who respects their work and enjoys their content. Then, add you’re writing an article and would love to get quotes from industry experts like them. The vast majority will take time out of their schedule to answer your questions. Once the article is published, send each contributor a follow-up thank you note with a link to the article. Most will post the link on their site and/or offer a link to your homepage, thereby introducing their audience to your work. This provides you with free exposure and credibility as these top bloggers are effectively endorsing your content. Few things establish brand recognition faster than endorsements from renowned peers. With significant effort and patience it is certainly possible that your blog may become so popular that other bloggers will get in touch to obtain quotes from you. Offer Products And Services For Sale To profit from your blog traffic, you can create products and/or services that best serve your tribe. Examples of content-based products include books, interviews (in video, audio, and/or transcript form), white papers, and research studies. Alternatively, you can become an affiliate by offering products and services created by others for sale and receive a percentage of each transaction. A growing trend is to create a membership program. Some memberships require a one-time fee and provide access for life. Others, known as continuity programs, provide ongoing content and require subscribers to pay a monthly, quarterly, or annual fee. The membership model works great for certain industries—e.g., finance, in which many customers will gladly pay for ongoing news and analysis. One of the great things about a blog is its flexibility. For example, it’s simple to update text and photos so information remains current without the need for relying on an expensive programmer to update the site. It’s also easy to modify on the fly to adapt to the changing needs of your audience. You can even run A/B Split tests, in which you post two versions of the blog to determine which strategies are most effective for achieving higher conversion rates. Remember, online, no one builds monuments. Be willing to periodically play around with layout, content, and structure in order to keep attracting the largest number of potential customers for your message. You should also consider including advertising to generate additional passive income and/or to capture your audience’s contact information. Options include: • Google AdSense (and other ad networks) • Banner ads • Ads for training or certification programs related to your field • Paid guest posts • Ads for teleseminars and webinars that compliment your offerings • Advertorials which feature beneficial products and services • Ads for personal and group coaching • Ads for on-and off-site consulting • Ads for newsletters (often free in exchange for a visitor’s contact information) Internet Prophets: The World's Leading Experts Reveal How to Profit Onlinee by Steve Olsher Study your reader first—your product second.
Thousands of articles have been written about the way to use letters to bring you what you want, but the meat of them all can be compressed into two sentences: "What is the bait that will tempt your reader? How can you tie up the thing you have to offer with that bait?" For the ultimate purpose of every business letter simmers down to this: The reader of this letter wants certain things. The desire for them is, consciously or unconsciously, the dominant idea in his mind all the time. You want him to do a certain definite thing for you. How can you tie this up to the thing he wants, in such a way that the doing of it will bring him a step nearer to his goal? In each case, you want him to do something for you. Why should he? Only because of the hope that the doing of it will bring him nearer his heart's desire, or the fear that his failure to do it will remove that heart's desire farther from him. Every mail brings your reader letters urging him to buy this or that, to pay a bill, to get behind some movement or to try a new device. Time was when the mere fact that an envelope looked like a personal letter addressed to him would have intrigued his interest. But that time has long since passed. Letters as letters are no longer objects of intense interest. They are bait neither more nor less—and to tempt him, they must look a bit different from bait he has nibbled at and been fooled by before. They must have something about them that stands out from the mass—that catches his eye and arouses his interest—or away they go into the wastebasket. Your problem, then, is to find a point of contact with his interests, his desires, some feature that will flag his attention and make your letter stand out from all others the moment he reads the first line. But it won't do to yell "Fire!" That will get you attention, yes of a kind but as far as your prospects of doing business are concerned, it will be of the kind a drunken miner got in the days when the West wore guns and used them on the slightest provocation. He stuck his head in the window of a crowded saloon and yelled "Fire!" Study your reader. Find out what interests him. Then study your proposition to see how it can be made to tie in with that interest. The Robert Collier Letter Book by Robert Collier When reviewing a new business opportunity, there are six crucial questions. These apply to any industry and almost any type of business.
• Is the market large enough? Is there money in it, are there competitors making money, can you? • Is there an existing customer base? If people are buying, then you know it can be sold, creating a new market means you have to teach the customer why to buy from you. You want a market that knows what you are selling and knows they need it.. • Is there an opportunity to dominate the market? What is your unique advantage or selling proposition? Is there something you have that gives you an edge over your competitors? • Can existing technology be used to rapidly grow the business? Taking new technology into a an old market can give an advantage, and can you business scale? • Can the company be profitable and will investors participate? Can you make money at this, how? • Is there a meaningful exit opportunity? You will want to set up be able to sell your business one day; either to exit and move on, retire, or just doing that so your business systems are stable. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher If a competitor can outexecute a startup once the idea is known, the startup is doomed anyway.
The reason to build a new team to pursue an idea is that you believe you can accelerate through the Build-Measure-Learn feedback loop faster than anyone else can. If that’s true, it makes no difference what the competition knows. If it’s not true, a startup has much bigger problems, and secrecy won’t fix them. Sooner or later, a successful startup will face competition from fast followers. A head start is rarely large enough to matter, and time spent in stealth mode—away from customers—is unlikely to provide a head start. The only way to win is to learn faster than anyone else. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries Modern production processes rely on high quality as a way to boost efficiency. They operate using W. Edwards Deming’s famous dictum that the customer is the most important part of the production process. This means that we must focus our energies exclusively on producing outcomes that the customer perceives as valuable.
Allowing sloppy work into our process inevitably leads to excessive variation. Variation in process yields products of varying quality in the eyes of the customer that at best require rework and at worst lead to a lost customer. Most modern business and engineering philosophies focus on producing high-quality experiences for customers as a primary principle; it is the foundation of Six Sigma, lean manufacturing, design thinking, extreme programming, and the software craftsmanship movement. Thus, for startups, I believe in the following quality principle: If we do not know who the customer is, we do not know what quality is. The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries In the course of your life you will be continually encountering fools. There are simply too many to avoid. We can classify people as fools by the following rubric: when it comes to practical life, what should matter is getting long-term results, and getting the work done in as efficient and creative a manner as possible. That should be the supreme value that guides people’s actions. But fools carry with them a different scale of values. They place more importance on short-term matters—grabbing immediate money, getting attention from the public or media, and looking good. They are ruled by their ego and insecurities. They tend to enjoy drama and political intrigue for their own sake. When they criticize, they always emphasize matters that are irrelevant to the overall picture or argument. They are more interested in their career and position than in the truth. You can distinguish them by how little they get done, or by how hard they make it for others to get results. They lack a certain common sense, getting worked up about things that are not really important while ignoring problems that will spell doom in the long term.
The natural tendency with fools is to lower yourself to their level. They annoy you, get under your skin, and draw you into a battle. In the process, you feel petty and confused. You lose a sense of what is really important. You can’t win an argument or get them to see your side or change their behavior, because rationality and results don’t matter to them. You simply waste valuable time and emotional energy. In dealing with fools you must adopt the following philosophy: they are simply a part of life, like rocks or furniture. All of us have foolish sides, moments in which we lose our heads and think more of our ego or short-term goals. It is human nature. Seeing this foolishness within you, you can then accept it in others. This will allow you to smile at their antics, to tolerate their presence as you would a silly child, and to avoid the madness of trying to change them. It is all part of the human comedy, and it is nothing to get upset about or lose sleep over. If, like Graham, you simply do not have the patience that is required for managing and mastering the more subtle and manipulative sides of human nature, then your best answer is to keep yourself away from those situations as best as possible. This will rule out working in groups larger than a handful of people—above a certain number, political considerations inevitably rise to the surface. This means working for yourself or on very small startups. Even still, it is generally wise to try to gain the rudiments of social intelligence—to be able to read and recognize the sharks, and to charm and disarm difficult people. The reason is that no matter how hard you might try to avoid situations that call for such knowledge, the world is one large teeming court of intrigue, and it will inevitably pull you in. Your conscious attempt to opt out of the system will retard your apprenticeship in social intelligence and can make you vulnerable to the worst forms of naïveté, with all of the disasters that are likely to ensue. Mastery by Robert Greene First off, reality check.
Very few apps make real—if any—money. There are two key reasons for this: 1. Competition: Tens of thousands of apps have been created and more are released daily. Working through the muddle of options and being noticed is difficult. 2. Price: The majority of apps are available for free, and many are them are quite useful. This has made it increasingly difficult to get customers to pay for an app. And even if you sell an app, your marketplace will receive a commission on each sale. That means you need to sell a ton of product to earn real money. You should absolutely think twice before spending substantial cash creating an app, because recouping your investment is far from a sure thing. But if you are ready and committed: First, you must be clear about what app you’d like to create. Ideally, the app should compliment your business or reflect your unique abilities and/or interests. It is crucially important to understand your audience, what they can most benefit from, and deliver desired content via preferred learning modes. Three proven ways to start include: • Determining your client’s needs. • Researching existing apps serving this market. • Drafting your plan. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher The first point is self-explanatory. The second may seem basic, but it’s surprising how many skim past this step with a mere cursory glance, only to find out after significant time and resources have been expended that a more sophisticated tool exists. Do not be afraid to identify competitive products that may thwart your plans. Successful entrepreneurs embrace similar products and focus on what they can do better and more effectively. The third point is essential. You want to strategize and formulate your vision before the clock begins ticking. Thinking on someone else’s dime is not only expensive, but also unnecessary. Instead, brainstorm with partners, friends, and other trusted sources and create and refine an outline of how the product will look and how it will work. Unless you have money to burn, start the fire with the kindling of your efforts and let the professionals toss in the heavy logs. Finding A Programmer With your idea formalized, the next step is identifying a suitable programmer to bring the concept to fruition. There are multiple options. FREE Numerous free development options exist. However, it’s important to note that in app-land, you really do get what you pay for. That said, if giving things a test run before fully committing is your preference, consider the following: • Sencha: Sencha.com/Touch • AppMakr: AppMakr.com • Free iPhone App Maker: FreeIphoneAppMaker.com • Free Android App Maker: FreeAndroidAppMaker.com Each enables you to create a functional app which can be a great tool for creating a working prototype and begin securing feedback. The downside to free is that, once your name and brand is associated with the app you’ve put forth, an impression has been made and there’s no turning back. If the app’s functionality, appearance, or value is minimal, the consumer will tie this directly to you. Make 100% sure the app is fully representative of the impression you want to make before hitting the “release” button. Minimize costs to produce your app A fully functional, cost-effective app can be built for less than $5,000. Many capable developers have the ability to create a professional looking product that represents your brand and image well. Three sites are solid resources to consider when searching for a developer: • ELance: Elance.com • ODesk: oDesk.com • Freelancer: Freelancer.com Each enables you to provide various criteria such as developer location, experience, and total budget. Talent, of course, varies so be sure to check references and ratings. The caliber of developers available can be outstanding as many have salaried positions and moonlight to make extra cash. Ask for examples of their work and, contrary to popular belief, do not be afraid to select the lowest bid. HIGH-END Developing a full-blown, highly robust app can be prohibitively expensive. It is not unusual for companies to spend upwards of $1 million to create an app with virtually every bell and whistle. Such apps typically involve detailed, interactive components and move far beyond the options offered by template-oriented products. For most, developing a high-end app is not an option. When it is, there are multiple companies who are more than capable of delivering per your specifications. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher How to monetize your app Not every app is created to generate income. Many companies seek to spread goodwill and garner exposure by giving their apps away for free. This is not unusual as thousands of firms implement this approach. If generating awareness is the core objective, the app typically serves the singular purpose of being a digital brochure. If the plan is to monetize your efforts, there are three proven tactics to consider. 1. Sell It! Fees typically range from .99 to $2.99 with more robust apps costing significantly more, such as VIPorbit’s Business version which sells for $9.99 on the iPhone and $19.99 for the iPad. While seemingly expensive, the robust functionality ofVIPorbit is equivalent to desktop software that can cost significantly more. Additionally, it is available at your fingertips 24/7, which no desktop software can claim. For example, Sage ACT! was recently available for $466.99.…on sale! 2. Sell Ads Within Your App In similar fashion to AdSense, Google’s AdMob.com has made it extraordinarily simple to place ads on your app via their proprietary platform. AdMob “allows earnings to be generated by placing targeted ads based on the site’s content and users.” Additional options include Greystripe.com and Smaato.com. Revenue is directly tied to traffic. Therefore, as more ads are shown, income will increase accordingly. And, while a significant number of views and clicks are required before more than just pocket change will be generated, each provides a reasonable opportunity to offset a portion of development costs. 3. Offer A “Light” Version And Encourage Upgrading This strategy can be very effective. VIPorbit offers a free “light” version, as do thousands of other apps. The free version typically provides customers with a solid user experience, but refrains from allowing access to many key components. In consumer product marketing, this is often referred to as sampling, whereby a taste is offered to whet the consumer’s appetite and, hopefully, leads to the product being purchased. Remember: • Modern technology has largely killed the intimacy associated with developing tangible rapport with vendors, clients and even, employees. • Few apps make real money due to competition and price. • Ideally, your app should compliment your business or reflect your unique abilities and/or interests. • It is crucially important to understand your audience, what they can most benefit from, and deliver desired content via preferred learning modes. • Over 300,000 apps were developed between 2008 and 2010, translating to an astonishing 10.9B downloads. • By the end of 2011, more than 25 percent of mobile web users reported owning no other device to access the Internet. • Apps can be lucrative but must be viewed as a component of the overall marketing/branding mix. Internet Prophets: The World's Leading Experts Reveal How to Profit Online by Steve Olsher |
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Some of the links in the post above are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.” |