Book Posts
CategoryAgile Startup is a compilation of the most important startup lessons learned. Its pages contain crucial lessons from both successful ventures and those that have risen from the ashes of failed ideas. Ultimately, it’s meant to help founders navigate the tempestuous sea of startups.
Understand the Industry
When first starting up you have to de-risk your startup by eliminating as many unknowns as early as you can. The way the industry functions is one of key areas you should focus on, as there may be unspoken rules or norms that will heavily influence your strategy. Understanding these nuances will improve your chances … Continue Reading
You Need a Moat
A moat is a deep, broad ditch that surrounds a castle and provides it with a preliminary line of defense. In their heyday, moats rendered many of the enemies’ most effective weapons useless. You need a moat. In modern day terms, this is known as a sustainable competitive advantage. Of course, it’s possible to start … Continue Reading
10x Better
Nobody ever got fired for buying IBM When entering an established market, you have to worry about switching costs, or the cost to the potential customer to switch from a competing product to yours. These costs vary based on the nature of the switch, whether they’re intangible (brand to generic) or tangible (money spent to … Continue Reading
Fast Followers Finish First
Entrepreneurs always want to be first to market. There’s a sense of security about being first and not having any competitors to worry about. New founders brag about the lack of competition to potential investors, and attempt to demonstrate that they will dominate the market by virtue of being first. Unfortunately, the idea that being … Continue Reading
Stand on Their Shoulders
It’s not uncommon for founders to believe that they’re in a war with their competitors and they should despise everything about them. They dismiss competing strategies as foolish and incompetent. In actuality, chances are that your competitor’s teams is just as capable as yours, and they probably have solid justification for their chosen strategy. You … Continue Reading
Get a Job
The highest ratio for success in startupland comes from founders with strong experience in the industry they’re about to enter. This is well-known by professional investors, who often insist on industry experience before investing in a company. And this makes sense—if you don’t know an industry you’re likely to make rookie mistakes that could have … Continue Reading
Planes, Trains, and Automobiles
People are natural and creative problem solvers. If there are lingering problems, they’ll usually find solutions to reduce or eliminate them. The severity of the pain determines how far people will go to solve the problems. This is crucial to understand when considering your competition. You always have competition, whether they’re direct competitors offering similar … Continue Reading
Make a Competitive Matrix
When it comes to starting a new business you can’t overlook the competition. You have to know who you’re competing against and how you’re going to beat them in at least one segment of the market. A common mistake is to underestimate the competition, particularly when it comes to new markets and innovative products. Naïve … Continue Reading
Nice Guys Finish Last
When first starting out, it’s easy to get lost at sea without a compass. You’ll hear advice from everyone pushing you in all different directions. Ask 10 people for recommendations and you’ll get 10 completely different reactions. Especially with limited runway, it’s vital to focus on one product vision and one subset of the market. … Continue Reading
Early Adopters vs. Mass Market
Even within your target segment, different people and organizations have different purchasing patterns. Crossing the Chasm best captures the five different kinds of customers as you move along the product adoption lifecycle. However, at a very early stage, you can broadly categorize your segment into two very different customer groups– early adopters and the mass … Continue Reading
Rules? What Rules?
The journey of a startup is daunting. Think about everything that has to be overcome and you’ll quickly see that the odds are stacked heavily against you. Any serial entrepreneur can tell countless stories about the impossible feats and lucky breaks that happened along the way. Entrepreneurs have to beg, borrow, and steal to get … Continue Reading
Bad News Bears
There’s an inverse relationship between the amount of information published on a business or industry and the likelihood of succeeding with a new startup in that same space. In general, the more you can find on an opportunity, the later you are to the party and the harder it will be to enter the space. … Continue Reading
Understand the Industry
When first starting up you have to de-risk your startup by eliminating as many unknowns as early as you can. The way the industry functions is one of key areas you should focus on, as there may be unspoken rules or norms that will heavily influence your strategy. Understanding these nuances will improve your chances … Continue Reading
You Need a Moat
A moat is a deep, broad ditch that surrounds a castle and provides it with a preliminary line of defense. In their heyday, moats rendered many of the enemies’ most effective weapons useless. You need a moat. In modern day terms, this is known as a sustainable competitive advantage. Of course, it’s possible to start … Continue Reading