There is a concept called MVP – Minimum Viable Product. Even though the name kind of says it all, the concept “MINIMUM” – “VIABLE” – “PRODUCT” indicates that there are as few features as possible, it must kind of work and it is a product – most entrepreneurs interpret MVP as the early iteration of […]
I’ve worked with over 100 startups in the past years and ran 5 businesses myself. My experience – in this order: No. 1) Weak execution Most failing startups could just not execute in a timely manner and/or showed a huge lack of judgment. They worked too hard on product features, too little with the market. […]
You have only 24 hours a day minus 10 to sleep, eat and recharge makes it 14 hours. I assume you are tackling a large market and want to conquer the world. I also assume you want to have about 30% market share of whatever billion dollar market with roughly 20 Million potential customers. This […]
The single best resource you as a founder can – and really really should – look for, is a co-founder. 1) Solopreneurs have the least success rates of all founders 2) A stellar business focused generalist will always be at best a mediocre product creator 3) The most talented developer is probably the least likely CEO […]
Forget it, passion is for pussycats. You need to be obsessed. You heard all that many times. But what does it actually mean? What constitutes such a great founders team? Team means team. A founders team is not one founder with a few people joining him or her somehow but multiple founders with more […]
You have a new business idea. You are so excited that it quickly becomes your best kept secret. You get almost paranoid about somebody stealing this great concept that apparently nobody else figured out yet. Now – one day you have to share the secret, when you hire somebody helping you to build the product […]
This post was inspired by a question on Quora “What are the most common mistakes first time entrepreneurs make?”. If seen these mistakes over and over again: Trying to be the nice guy – instead selfishly execute your vision because nobody will if not you. Being fearful, avoiding risks – instead stand up and be bold […]
Try to MAKE money before you TAKE money I was recently asked what ways I’d know how to get money to start a company before you really raise money. Except donations, I successfully tried all of them myself. There is a huge value in getting money from other sources than institutional investors in the first […]
I was ask what to do to motivate yourself to work harder. I was wondering why on earth you want to work hard. But obviously that is what most people tell others on their quest to success. When I was 28, somebody told me a bout Confucius’ saying: “Seek an activity you wholeheartedly love and […]