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Data is meaningless until you’re focused on the user and the bottom line
A few months ago I signed up for the FDA’s email alerts about food recalls, blissfully unaware that the agency sends out anywhere from three to six of those a day for everything from tainted chicken salad with chives in Iowa to undeclared nut allergens in your cranberry juice. So far I’ve yet to see a recall that has affected me, but even if there was one I might miss it in the influx.
And anyway, who wants to track recalls of food in their email inbox? There’s really only one place where food recall data becomes useful: at the point of sale, when you are getting ready to pick up a product or perhaps as the cashier scans it at the check out. A recalled product might get flagged by the system set in place by the grocery store.
But this problem illustrates a huge opportunity looming with the…
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How Aligning Your Marketing and Sales Strategy Will Create More Business
How Aligning Your Marketing and Sales Strategy Will Create More Business
#business #marketing #strategy
How to Anticipate Cash-Flow Problems
Read this to glean the lesson that you don’t want to learn the hard way.
#business #startup
http://feedproxy.google.com/~r/entrepreneur/latest/~3/msiFtY8PSYU/236290
Inspiring Friday Quote
The Happiest People Don’t Have the Best of Everything… They Just Make the Best of Everything. Good Friday!
#quote
The Happiest People Don’t Have the Best of Everything… They Just Make the Best of Everything. Good Friday!
LinkedIn Blog “Entrepreneurs and Start Ups: Stop Waiting Launch Your Product. It’s a waste.”
Entrepreneurs and Start Ups: Stop Waiting Launch Your Product. It’s a waste.
#startup #lean #business
While I haven’t paid much attention to lean management lately, the more I think about it the more I like it. Why? Because in a start up it’s so hard to get things going while there are so many actions to undertake. What do you prefer: Value creation or waste?
(cover book “The Lean Startup from Eric Ries”)
Recently I had my last “Red Seat Session” at The Hub in Singapore. I was able to meet 6 energized and enthusiastic entrepreneurs at The Hub.
These entrepreneurs (start ups) have the same things in common: problems getting the right things done for the perfect product and product launch.
For example:
- Next step in product development
- Choosing the right distribution channel and partner
- Choosing the right marketing strategy and actions
- Choosing the right sales model
- Choosing the right business model.
Looking back I realised that most of these entrepreneurs’ products are actually ready for launch but they are hesitating and keep tweaking to get a perfect product.
And at this point, I remembered the book of Eric Ries “The Lean Startup”.
Here are a few of my thoughts regarding Lean Start Up:
- Be aware of leap of assumptions: ask for customer feedback
- Break down and establish the baseline: do an early smoke test
- Develop a “build – measure – lean” feedback loop (see also my other LinkedIn post about the feedback loop: ‘Why Modern Entrepreneurs need the 64 Years old Deming Feedback Wheel”)
- Hesitate? Do a split run test (A/B test)
- Set the right metrics.
With these small steps (baby steps), most entrepreneurs could have entered the acceleration stage at an earlier stage. They could have already collected their first feedback from customers. Instead of waiting until their product was “perfect”. So what should they have chosen instead of hesitating until now? Value creation or waste of time?
Conclusion:
Anything you cannot do to learn is a form of waste. It’s possible to learn the same things with less effort in an earlier stage. Eric Ries calls this “validated learning”:
- It demonstrates positives improvements
- You learn what your customers really want
- You learn what is really important.
Don’t hesitate. Collect your data from customers and launch your product today!
More information:
- The Lean Start Up Movement: “the Lean Startup.com”
- To meet other entrepreneurs, workshops and mentors: The Hub Singapore
- Harvard Business Review article: ”Why the Lean Start-Up Changes Everything”
- My LinkedIn post about KPIs and metrics: “Entrepreneurs 2014: Successful Business by Boiling Down to the Right KPIs”
FreshBiz Game
Rewind and expand your entrepreneurship. FreshBiz created a great game and a book. Download free chapter.
#business
What is winning in life and business? Discover a new and more profitable way by playing FresBiz Game! Changing the way you play live!
Introduction:
Mission: Solving the world’s greatest problem*, by elevating the universal mindset,one game at a time!
*Each time someone plays the FreshBiz game, he or she is rewiring their brain to a mindset that is more:
- collaborative
- open
- creative
- daring.
This creates a long lasting and real effect across the many dimensions of business and life. ?Yes, it is ‘just’ a game, but isn’t everything?
Playing The Game
Going through different sections across the board on the way to getting to The New Island, you get to start businesses form collaborations and leverage opportunities… to name a few. In 90 minutes or less, while going through a fun engaging experience, you will redefine what winning looks like and question some of your basic beliefs about life and business.
Infographic: What Makes Entrepreneurs Start Up?
Tipping Points: What Makes Entrepreneurs Start Up?
#entrepreneurs
Top 10 Places were Entrepreneurs had a EUREKA moment
41% of entrepreneurs have come up with the idea for a business while on the toilet! Best place to be?
#entrepreneur
Unlocking the Millennial Mystery: Career Motivations and Challenges
Unlocking the Millennial Mystery: Career Motivations and Challenges #hrm #business
Recognize Intrapreneurs Before They Leave
Recognize Intrapreneurs Before They Leave. Unleash Intrapreneur!
#intrapreneur #business
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patrick nelissen 