Jay Samit Quotes
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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 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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For all founders, going public is a momentous milestone that has to be experienced to be fully understood. It is the culmination of years of hard work and personal sacrifice.
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It doesn't matter how good your product solution is if users don't enjoy or understand how to use it.
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Targeted marketing delivers a lower customer acquisition cost and gets you to profitable growth faster. The goal is to quickly identify the costs associated with acquiring your most profitable segment of customers and the incremental value - if any - of going beyond your core.
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All disruption starts with introspection.
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Most startup entrepreneurs unnecessarily spend half their time and give up half their equity in search of funding from angel investors and venture capitalists. Tens of millions of dollars are available to them for free from partners who not only don't want their equity, they don't even want to be paid back.
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Companies with significant revenue (more than $100 million) have, by definition, significant traction. They have proven out their thesis and can scale up or down as investment capital becomes available.
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Some of the most lasting contacts and friendships that I have developed began by just grabbing a drink or breaking bread with a stranger at an industry event.
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Valuations are actually quite simple to grasp. A company is only worth what two acquirers are willing to pay for it. Don't you just need to find that one buyer? If there is only one potential company interested in buying your startup, chances are you won't be hearing the word 'billion' in the offer.
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To truly launch a great product, you need partners. Channel and marketing partners share in your success and share in the costs of reaching your target audience.
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I never understood why women wanted equality in the workplace when in fact, that would be selling them short.
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There is a huge difference between failing and failure. Failing is trying something that you learn doesn't work. Failure is throwing in the towel and giving up. True success comes from failing repeatedly and as quickly as possible, before your cash or your willpower runs out.
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Too many investors overvalue companies in the near term while undervaluing them in the long term.
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Betting all your funds on the belief that you know what consumers want and are willing to pay for is like jumping into a river to test its depth - you'll need a lot of luck to stay afloat. To have a truly successful product launch, the conversations with your customers must start long before you write your first line of code.
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Creating something that builds lasting value and changes the lives of millions of people requires forging a team that will work hard to overcome seemingly insurmountable obstacles, stand up to the pressures of fame and fortune, and stay true to the original vision long after others stop believing.
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Pick a co-founder that communicates in the same fashion that you do. If you are a screamer, then the only way you will ever listen to a conflicting point of view is to find someone who is passionate enough to yell back at you.
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In order to protect against being disrupted, startups also need to recruit employees that are committed to life-long learning. The skills that made your team members valuable may not be the skills needed to take your company to the next level or to compete in emerging markets.
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Venture-backed startups with billion dollar market caps are called 'unicorns' because they are supposed to be rare mythical creatures that few entrepreneurs will ever ride.
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For a startup to overcome obstacles and succeed, it must foster limitless thinking. By hiring students into their first career job, you get to set their framework for how a company functions and instill them with your values for your company's culture.
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Every time a twenty-something CEO turns down a multibillion-dollar offer for a company that has little or no revenues, it hits a raw nerve in me. Unlike most professionals, I am not shocked by the seemingly bizarre behavior of those founders who pursue their vision beyond all rational thought or monetary reward.
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The answers to all a startup's challenges are out there. By setting up the right mechanisms for gathering feedback, the road to success can be a less bumpy ride.
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Networking is all about connecting with people. But then again, isn't that what life is about? The more time you can find to get out of the office and build true friendships, the farther your startup will go. Entrepreneurs need to remember to spend as much time working on their business as they do in their business.
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Design is how you make your first impression with your consumers. Make sure it is a lasting one.