This post applies the moral of James Thurber‘s “The Fairly Intelligent Fly” that there is “no safety in numbers, or in anything else” to entrepreneurship.
Q: I am in the process of forming a scientific advisory board for my startup in the healthcare / facility management space and I would welcome any insights or suggestions.
Some quick answers to common questions about how to protect your intellectual property (IP) and when to incorporate.
Here are some questions to ask yourself before you start negotiating a complex business relationship: for example a software license, SaaS subscription, or a reseller or OEM relationship. Entire books are written on negotiation, I am trying to highlight some questions that can get overlooked.
Sean Murphy will moderate a panel of three experienced startup attorneys on November 29 for a Silicon Valley Cofounder Academy event at Hacker Dojo on “Cofounder Legal Challenges and Solutions.”
Offering expert consulting means developing a specialization and focus that enable you to execute with distinction. The phrases “finding the niche for your product” and “product market fit” are essentially equivalent. A key definition of a market is that members reference each other’s buy decisions and therefore building up a set of references lowers your next prospect’s perception of the risks in your product or service (not just will it work or will you do what you say you can do but are you going to offer them significant value.
Painful cofounder experiences are more common than happy ones, and especially so when the parties don’t know each well to begin with and the business startup fails. Here is a real email exchange that explores some ways to minimize the risks.
To make effective use of your advisory board you have to provide them written material in advance that offers context on your situation and the questions you want to explore with them.
A panel of four entrepreneurs will address the practical considerations for evaluating and joining a startup as a co-founder or early employee at a Wednesday, August 17 event at the Silicon Valley Cofounder Academy.
Here are fifteen quotes that each communicate a different truth about negotiation. I have added some commentary to suggest how to apply them.
Entrepreneurs can be paralyzed by the rich set of possibilities they face. It seems almost paradoxical that when you have one choice you can start immediately, when you have two you can flip a coin, but as possibilities multiply the desire to make the best choice can paralyze you. To fully embrace your creativity you must master your dread of the unknown.
I have learned the hard way whenever I wish for smarter prospects it means I need to improve my presentation, demo, or proposal: whatever it is that I have offered them that they didn’t understand, or believe, or decide to act on.
Each interaction with a business prospect or a customer has to promise an exchange of value: their time or money for at least the strong possibility of benefit. Many of the startup fantasy camp customer development training models neglect this and teach beginning entrepreneurs to rely on the kindness of strangers. This may work in certain consumer verticals but it rarely works in B2B markets.
A recent question from an office hours session on how to handle a prospect asking you to critique a competitor when both of you have new offerings in a new application area.
Getting better at customer discovery conversations requires preparation, practice, note taking, and follow-up. It can also be tremendously helpful if you can arrange for a partner who can observe, contribute, take notes, and de-brief with you. Even if you are a solo entrepreneur “trade interviews” with another entrepreneur: agree to help them with one of their interviews if they will help you with one of yours. Here is a recent exchange I had during an office hours edited for clarity.
One of the most common questions I hear in conversations with entrepreneurs at a Bootstrapper Breakfasts, in Office Hours calls, or with clients–and not infrequently from myself when comparing notes with peers–is, “Am I making a fool of myself?” Here are some questions you can use to clarify your situation when you are starting to feel like a fool.
An entrepreneur who succumbs to the illusion of progress does a startup more self-inflicted damage than almost anything else. Working on the wrong things squanders effort and irreplaceable time without gaining the learning needed for the actual efforts required.