Jay Samit Quotes
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You will always need more capital than you think, because it will always take you longer to reach profitability than you can imagine.
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When Thomas and John Knoll launched Photoshop 1.0 in 1990, the software couldn't even handle color images. But their offerings got the startup noticed by Apple and Adobe, both of whom became key to the fledgling company's later success.
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Television programming is the number one topic on Twitter, and dozens of start-ups in the social space are linking second-screen experiences. People no longer need to sit on the same couch to enjoy a show together.
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Numerous studies, and my own experience as a serial entrepreneur, have proven that companies with a diverse management team provide greater financial returns to investors.
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What most entrepreneurs don't understand is that it isn't the economy that bursts a bubble, but investor psychology.
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Get your product into users' hands as quickly as possible and incorporate the crowd's feedback to iterate. Your customers will provide the data you need to chart the best course for your company and bury any competitor that goes it alone.
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For those that fear being taken advantage of by people working from home or on flexible schedules, I can say my experience is quite the opposite. Employees are so appreciative of these accommodations that they outperform their coworkers and are less likely to be poached by the competition.
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Distributers don't need massive amounts of square feet to stock digital products. Retailers don't need brick-and-mortar stores to sell them. The entire supply chain for these select items has been permanently dematerialized. The marketplace has been blown to bits.
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As every entrepreneur and investor sifts through year-end data to predict the next trend or opportunity for financial success, there is a much easier way to accurately predict the future: hang out with those who are creating it.
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The very first thing I tell every intern on the first day is that their internship exists solely on their resume. As far as I am concerned, they are a full-time member of my team. For all the negative stereotypes about millennials, you would be astounded by how hard they work when they believe their contribution matters.
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Zuckerberg rejected $2 billion for Facebook and has successfully created a company worth nearly $200 billion.
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There is no better feeling than doing well while you are doing good. If you really want to meet the nicest, most caring people in your field, get involved with charity work. The thankless hours that go into planning charity dinners, running a carnival, and gathering donations for silent auctions are noticed and appreciated.
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My job is to hire the best and brightest employees and empower them to do their best work. As a manager, I am not a mind reader nor an expert at every job function. Therefore, it is incumbent on all hires to feel empowered to tell me what resources they need to do their job.
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The strength of brand loyalty begins with how your product makes people feel.
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I tell people: walk around for one month and write down three problems in your life every day. At first it's easy - you got stuck in traffic, you missed your alarm - but by the end of the month you're looking really hard to get your 90 problems. The most common things on your list are now billion-dollar businesses.
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Use your development time to brief analysts and industry press. Use these influencers as your eyes and ears to let you know what else is being developed by competitors so that you can be the first to market, and don't make the mistake of launching an also-ran product.
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On average, it takes as much as $100 million in paid media for a brand to be a household name in America. Marketing partnerships are the best form of off-balance sheet financing one can ever find. Smart startups use this technique to scale their companies and build their brand equity.
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I always say the more problems you have, the more opportunities you have.
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As great as you believe your new product or company is, the world got along just fine without you. The greatest competition every startup faces is convincing consumers that there is a better solution to the problems that vex them.
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Cable and satellite businesses are competing against fixed-line telephone companies and wireless companies.
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Digital products are, for the most part, services that empower consumers to achieve something that they couldn't do before. Every screen must reflect your value proposition.
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All too often, new hires have a different expectation of their job and responsibilities than the organization does. Any miscommunication during the recruiting process needs to be cleared up ASAP. Whenever possible, give new employees a written plan of objectives and responsibilities.
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As a serial entrepreneur, angel investor and public company CEO, nothing irks me more than when a startup founder talks about wanting to cash in with an initial public offering.
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Whether you stay private or go public, after all is said and done, a CEO's job is to create lasting shareholder value.