The June 2015 edition of Wired magazine leads with “41 lessons from Uber’s success”. Leading industry commentators shared their opinions, but Josh Elman from Greylock Partners shared the best piece of advice. Travis Kalanick may be a controversial founder, but Elman noted that the entrepreneur had the focus to:
Do one thing really well – then figure out what the second leap is.
Successful entrepreneurs heed this advice. Elman cites Facebook’s beginnings as a private social network at colleges, before the company realized that the news feed could help propel the site into a massive multi-billion-user, multi-billion-dollar company. Uber, he says, was the same thing:
For entrepreneurs, an inspiring idea and early validation of your business model are just the start of the journey. When it comes to scaling your startup, there are a thousand and one things that you could do, but you must focus on the one hundred and one things that you can actually do with limited available cash, resources and time. In Tren Griffin’s blog A Dozen Things I’ve Learned from Steve Jobs about Business, he references two quotes about focus from the great man.
I picked up my copy of The 7 Habits of Highly Effective People by Stephen Covey the other day. I remembered that one of Covey’s principles was to begin with the end in mind and I’ve been doing some detailed thinking recently about what my own end is, so to speak. It struck me that there’s some useful lessons in the book about how to grow a business in 2015.
Covey says that beginning with the end in mind is based on the principle that all things are created twice. First a mental creation, then a physical creation. He uses the example of building a house: “you create it in every detail before you ever hammer the first nail in place” he says. Continue reading →
Any startup that has successfully raised follow on funding (angel and beyond) is going to find itself with external investors to keep happy and to do this effectively requires some form of governance structure to be put in place. Achieving this is not actually that complicated but if you’ve never set up a startup Board before, or put any kind of governance structure in place, then it probably feels like a daunting task. Continue reading →
The Lean Startup, by Eric Ries, was first published in 2011 and has since become the bible for startup entrepreneurs around the world. More recently, the approach outlined in The Lean Startup has received criticism, but is that fair? In this post I argue that it is not, because that is all it is, an approach, albeit a very good one.
The Lean Startup is not a prescribed formula that guarantees business success. Sadly, “management is complicated”, something that Eric Ries makes very clear in this video where he discusses how the principles and processes explained in The Lean Startup can be used to gain competitive advantage.
In a recent workshop with startups, I discussed the concept of risk and risk management. I learnt that startups and early-stage businesses don’t really do risk management. There’s just too much other stuff going on. But managing risk within a business is essential because, as the saying goes, “shit happens”.
Did you manage to make it to the acclaimed ‘David Bowie is’ exhibition at the Victoria & Albert Museum in London? Bowie is an incredible talent, combining undeniable song writing ability with outstanding creative flair. He is a true innovator, whose fame has real momentum through constant reinvention. Whilst the days of the Thin White Duke, Ziggy Stardust or Aladdin Sane may be over, Bowie is arguably as well known now as he has ever been.
Whilst exploring the exhibition my mind turned to thinking about what business might be able to learn from him. In a world where pop stars increasingly come and go, David Bowie’s (talent based) fame has endured. This post takes a look at why, and what lessons business can learn. Continue reading →