In this video, serial entrepreneur Jerry Kaplan describes the five biggest mistakes made by entrepreneurs. Read the transcript or check out related videos at Stanford University’s eCorner.
The Lean Startup focuses on how to manage entrepreneurial problems–any problem with unknown–whether in a small business or a large business. Contrary to what it may sound like, Lean Startups are not about doing things cheaply but instead focus on quickly discovering where you are right and where you are wrong so that you have more time to pivot to a solution that works. All ventures have limited resources and so how to efficiently use these resources to discover what to build before you run out of time and money is the key challenge.
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Jason Baptist at the OnStartups blog writes that the most underrated quality of a CEO is the ability to let go.
As a growing company, there is absolutely zero chance that you can do it all yourself. Even if you had 24 hours in a day, there’s no way to do it all. Eventually deals will start to take time, hiring will take numerous interviews, product will be in different divisions, and more. You need to realize this and find someone who can start taking over the burdens. As entrepreneurial CEOs, it’s in our DNA to feel like we can do everything. The great CEOs realize they actually can’t do everything all by themselves.
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Everybody needs to get their name out there on the social web. For entrepreneurs, however, it’s an even more critical aspect of the job. A social presence gives you the credibility to attract clients, partners and investors by making yourself available and demonstrating your personality and experience. Building your online brand in a meaningful way is no easy task, and there are many tools available to get you on the right path. Below, we’ve picked 10 tested methods and highlighted some of the best web tools to help your brand gain momentum in a crowded online marketplace.
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Looking for some recognition for your Startup? Colleen Taylor writes that the Kauffman Foundation is looking for the 50 most promising startups from around the world in its second annual “Startup Open” competition.
The Startup Open is a part of the Global Entrepreneurship Week (GEW), a Kauffman Foundation initiative aimed at fostering new business innovation through events in more than 100 countries. Applicants have from now until Sept. 15, 2011 to submit their startups for consideration for this year’s GEW, which will kick off on Nov. 15, 2011. Any entrepreneur worldwide who has had a “startup moment”– defined by the Kauffman Foundation as any action related to launching a new business — since the last GEW on Nov. 22, 2010 is eligible to apply for Startup Open 2011. The top 50 startups will be chosen based on their concept, growth projections, and demonstrated industry knowledge.
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Mark Suster over at TechCrunch writes that the conventional wisdom is wrong when it comes to Startups needing to be slow to hire. In fact, he contends that hiring decisions need to happen at the same rapid pace that drives the business day to day.
There’s a certain cadence that you can feel when you spend time hanging any well-run startup company. The management team has to have a bias toward making decisions. They know that a 70% accurate decision made quickly and based on sound principles is better than a 90% decision made after careful consideration. The startup entrepreneur knows that they’re going to be wrong often. They’re flexible and willing to admit when they’re wrong. They don’t create a culture of punishment for mistakes. They live be the credo that if you’re never making mistakes you’re not trying hard enough. In my mind the sign of a great entrepreneur is the one that spots the 30% scenario quickly and adjusts but doesn’t get gun shy about rapid decision-making in the future.
VC Exits: The total number of VC-backed exits soared upward in 2010 with 72 IPOs and 427 M&A transactions. The average VC-backed M&A transaction in 2010 was $150 million (according to the National Venture Capital Association Yearbook 2011).
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