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Most companies overlook the most basic of all training functions: the onboarding of new employees into their corporate culture.
Jay Samit -
Entrepreneurs always begin the journey believing that they have the next big idea. They dream of the fame and fortune that awaits them if only they had the funding to pursue it. But the reality is that as the product is built and shared with customers, flaws in their concept are discovered that - if not overcome - will kill the business.
Jay Samit
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Onboarding starts with satisfying the most basic of Maslow's psychological needs: belonging. New hires shouldn't arrive to an empty cube and be forced to forage through corridors searching for a computer and the bare necessities of office life. A new hire isn't a surprise visitor from out of town. Plan for their arrival.
Jay Samit -
Some incubators, like Y Combinator and TechStars, were started by successful entrepreneurs wishing to help the next generation learn from their experiences. Other programs, such as Viterbi Startup Garage and Austin Technology Incubator, were created by universities to help young entrepreneurs bridge the knowledge gap from student to funded company.
Jay Samit -
Too many startups get in the habit of continually raising more and more money, which has the deleterious effect of both pushing out profitability and limiting your exit options. The less rounds of capital you need to raise, the more of your company you get to own.
Jay Samit -
Historically, more media has been consumed sitting in front of the television than any other device. Controlling this screen has been the goal of major technology, consumer electronic, and telecommunications companies.
Jay Samit -
No matter how much we tweet, blog and post, nothing in business is as powerful as actual face time with prospective business partners and customers.
Jay Samit -
Silicon Valley's long-running track record of creating globally disruptive startups is the envy of the world.
Jay Samit
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YouTube began as a failed video-dating site. Twitter was a failed music service. In each case, the founders continued to try new concepts when their big ideas failed. They often worked around the clock to try to overcome their failure before all their capital was spent. Speed to fail gives a startup more runway to pivot and ultimately succeed.
Jay Samit -
You need to begin to network with angels and VCs while you are still ideating. It is easier to ask someone you know for funding than a stranger. Build your financial network by attending as many industry functions and reaching out for advice from experts online.
Jay Samit -
Consumers value their personal time and are loyal to those companies that make their lives more productive. Brands gaining some of the biggest successes in social media are engaging with millions of consumers through value exchange.
Jay Samit -
To effectively reach consumers in the new social environment, brand managers need to learn how to translate their budgets into the digital realm, which also means understanding the advantages that digital can provide over television advertising.
Jay Samit -
So many of the major decisions that affect the entire future of your enterprise happen during its first year in business. In fact, most don't make it because they don't know how to get the resources they need to survive.
Jay Samit -
Every product you have ever loved was a compromise from the ideal vision of its creators to the realities of shipping on time, on budget, and on price point. Anyone who has ever manufactured a physical product that had to be on the shelves for Christmas shopping knows how painful these choices can be.
Jay Samit
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A successful entrepreneur is one who recognizes her blind spots. You may be the world's best engineer, but you probably have never run a 10-person sales force. You may be a brilliant marketer, but how do you structure a cap table?
Jay Samit -
Every company, regardless of size, is competing for the same pool of talent, which is why top recruiters can even command equity for finding key hires. Internships give startups a chance to hire the best and brightest from our universities at a fraction of the cost that these same minds will command when they receive their degrees.
Jay Samit -
Founding a successful startup is no different than forming a rock band.
Jay Samit -
Instead of focusing the traditional planning cycles where companies benchmark their businesses against existing competition, teams need to be developed to foster internal change and disruption. Self-disruption is akin to undergoing major surgery, but you are the one holding the scalpel.
Jay Samit -
Instagram, Swiffer, and Nest had to compete with consumer habits and perceptions. Breakout products face competition from the formidable inertia powering the status quo.
Jay Samit -
Founders need sizable egos to believe that what they are creating is good enough to change the world. What makes for great co-founders is having those egos focused on complementary, not competing, skills.
Jay Samit
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To thrive, all businesses must focus on the art of self-disruption. Rather than wait for the competition to steal your business, every founder and employee needs to be willing to cannibalize their existing revenue streams in order to create new ones. All disruption starts with introspection.
Jay Samit -
The secret to fundraising comes down to three magic words: before, more, and strategic.
Jay Samit -
Never expect that your startup can cover every aspect of the market. The key is knowing what segment will respond to your unique offering. Who your product appeals to is just as important as the product itself.
Jay Samit -
While commercials interrupt consumers' enjoyment of a TV program, social media allows video to enter the conversation between friends in a non-intrusive way with an opt-in choice.
Jay Samit