Archive for December, 2010

What Business Questions Keep You Up?

December 29th, 2010 by Dharmesh Shah

I frequently talk to entrepreneurs at pretty much every stage in the process.  When I get together with my fellow startup folks, there are some recurring “themes” that seem to keep coming up.  Here are a bunch of questions that entrepreneurs ask themselves late at night.  Some of them are real doozies.

Of course, having answers to some of these would be useful — but that’s where you come in.  If you’ve got ideas on any of these, please share your experiences and insights.  If a particular question is of interest to you, let me know somehow, and I’ll put it on the schedule for a full blog article.  You can either leave a comment here, or tweet it, or post to the OnStartups Facebook page.

Note:  I sat down and wrote all of these in one sitting in a “stream of consciousness”.  I could have kept going for hours.  Turns out, we entrepreneurs have many questions that keep us up at night.

23 Questions That Keep Entrepreneurs Up At Night

1. Is my idea good enough to quit my job?

2. Should I try to raise outside funding?

3. Did I make a mistake picking my co-founder?

4. Is it wise to take angel investing from my Uncle Larry?

5. Do I need office space to be seen as a “real” business?

6. I need help.  Is it ok to bring my spouse/sibling into the business?

7. How much should I really worry about my company name?

8. One of my co-founders needs cash to pay the bills, do we give him a salary?

9. I’m passionate about our vision, but it’s been really hard getting users.  Should I pivot?

10. What should I charge for my product?  Will I be able to change my price later?

11. I have investor “interest”, but no checks.  What should I do?

12. Someone from the early team is not as valuable as we though.  Should we let them go?

13. A customer wants to pay us a bunch of money for some custom features, what do we do?

14. One of our competitors is getting all the publicity (and capital) — but our product is better.  What do I do about it?

15. I keep hearing about the importance of “work life balance”, but don’t know any successful entrepreneur that’s pulled that off.  Is it a myth or am I doing something wrong?

16. One of our board members is a real pain in the ass, is there anything I can do?

17. How do I recruit a great product manager?  What does a product manager do anyways?

18. I’ve already tried to hire every super-smart person I know.  Where else do I look?

19. Things are going reasonably well, but not great.  Should I try to sell the company?

20. I’m no longer passionate about the idea, do I stick with it?

21. There’s no startup ecosystem where I live.  Should I move somewhere there is?

22. How long should I work on my startup while I’m still employed by someone else?

23. I’ve been at it for a couple of years but nothing is happening.  What’s wrong with me?

Bonus

24. I love my company, but most of my time is spent doing things I don’t love.  How do I fix this?

What do you think?  Care to add some more quetions to the list — or try and answer one of these?  Which question do you think is the most common — or the most difficult to answer?

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Local Business Search Strongly Influences Purchasing

December 22nd, 2010 by Stephen Pitts

The Internet has long been a source of research for finding or learning about products. It has always been a way to find things and even purchase something that you don’t have access in a local store. Many have stopped looking at local stores and only purchase what they need online.

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Selecting A Higher Quality Client Base

December 15th, 2010 by Jim Connolly

How selective are you, regarding the people you work with?  Many small business owners make the costly mistake, of working with anyone, who has the ability to pay them. 

In this post, I explain why this is a bad idea and how you can avoid wasting YOUR time and money working with low value clients.

Many small business owners attract too few good quality inquiries and end up building a client base that’s of little real value.  Even though they know from their conversations with a prospective new client, that this person will be a total nightmare to work with, they still decide to work with them because they need the money.

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Focusing Your Business Where You Want To Go

December 8th, 2010 by Stacy Karacostas

I’ll admit it…Since the snow has started flying here in the Cascades I have skiing on the brain. And as is true with all the crazy outdoor sports I do, there are some powerful lessons to be learned from skiing that apply equally to growing your business.

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American Express Opens Small Business Saturday

December 1st, 2010 by Rohit Bhargava

This morning as most Americans will wake up after the busiest “Black Friday” shopping day of the year, a weekend of buying and saving is likely to continue as people start to catch up on buying things they need and things they don’t. This year, however, Black Friday will be followed by the newly named “Small Business Saturday.” Heavily promoted by American Express* along with thousands of partnering small businesses, this is an integrated effort to get more Americans to choose to shop at smaller establishment on one day. Aside from being exactly the kind of promotion anyone should love to see from a big company like American Express, there are a few other points that make this a marketing effort that could easily be one of the most inspired from a company who has some of the best marketing and communications of any brand in any industry. Here are a few things I love about this concept (and lessons you can take away from it):

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