Category Archives: Success

Jeff Bezos on How To Start Up A Business

jeff-bezos

Jeffrey P. Bezos is an e-commerce internet entrepreneur, investor, and technology innovator – He has started ventures such as Amazon.com, Blue Origin, and other businesses within Amazon such as AWS cloud computing, music sales, clothing retail, etc.
As of 2017, Bezos is the 5th wealthiest person on the planet with a net worth ~70 Billion USD.

In this video, Bezos speaks on innovation in software and management, the definition of profitability and success in business, how to make money through online or offline opportunities, and the incredible increase of broadband usage leading to greater ability to provide better service than ever before

Video ::Jeff Bezos on How To Start Up A Business

 

Nice Video : Jack Dorsey at Startup School 2013

Square co-founder and Twitter chairman Jack Dorsey made an appearance at Y Combinator’s Startup School event where he spoke about acceptance and motivation in how you build a team and company. You can’t do something without a common share or purpose — you will wobble and not do anything that is timeless.

Reading from Robert Henri’s “The Art Spirit“, Dorsey made comparisons about what’s in the story with how it relates to startups. He said that entrepreneurs should build what they want and with purpose.

 

Transcript here : https://glose.com/book/startup-school-2013/jack-dorsey

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Lessons Every Startup Can Learn from Uber’s Growth

Uber was founded just six years ago, but it’s already one of the fastest growing companies in the world. As an illustration of just how massive the company’s growth has been, Uber has reportedlycreated over 160,000 jobs in the United States alone and plans to create over a million more in the next five years. In 2014, it raised over 60% of all funding going to on-demand startups.

But while Uber is often held up as a remarkable case study on the potential of growth hacking, the company has also faced some serious challenges stemming from the short cuts it’s taken. As a result, there are a number of different lessons for entrepreneurs to take from Uber’s growth–both successes and mistakes.

Uber 101

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Image by JD Lasica

Uber is a ride sharing company that was founded in 2009 by Travis Kalanick and Garrett Camp, a successful technology entrepreneur that had previously launched Stumbleupon. After selling his first startup to eBay, Camp decided to create a new startup to address San Francisco’s serious taxi problem.

Together, the pair developed the Uber app to help connect riders and local drivers. The service was initially launched in San Francisco and eventually expanded to New York in 2010, proving to be highly convenient great alternative to taxis and poorly-funded public transportation systems. Over time, Uber has since expanded into smaller communities and become popular throughout the world.

There are a number of factors driving Uber’s growing popularity:

  • The service is more convenient than traditional cab companies.
  • It offers an alternative for consumers who have become disenfranchised with traditional corporate service models offered by other transportation companies.
  • Uber offers a higher level of customer service than traditional cab companies by employing drivers with pleasant personalities.
  • The service allows customers to rate their drivers, which makes it easier for the company to hold drivers accountable and improve quality control.
  • Uber customers can monitor their driver on a screen to estimate when they’ll arrive – a far preferable alternative to waiting an indeterminate amount of time for a no-show taxi.

As a result, Uber has been able to rapidly expand into new markets around the world. The company is expected to generate an astonishing $10 billion in revenue a year, despite growing competition from alternative ride sharing companies such as Lyft. Given current trends, it’s expected that the company will continue growing over the next few years.

However, Uber also faces some challenges that it will need to overcome to meet its lofty growth goals:

Read more here : http://indianbizparty.com/learning/lessons-every-startup-can-learn-from-ubers-growth/

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The “PayPal Mafia”

The “PayPal Mafia,” as it is called, refers to the 14 ex-employees of PayPal who contributed towards shaping the company in its early days. We present to you pictures of these 14 gentlemen from those heady days (and now) and discuss how they went on to change the world even beyond PayPal.

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The PayPal Mafia Journey After PayPal:

Of the many people who were in the founding team (and/or with PayPal in the initial days), 14 went on to achieve some amazing things in the world of technology. The culture at PayPal was such that many of them were also good friends. The journey of the PayPal Mafia (the individuals) has inspired many entrepreneurs in FinTech and beyond. The PayPal Mafia went on to create seven different “unicorn” companies (>$1 billion valuation). These seven companies collectively enjoy a net worth of roughly $75 billion. Today, many successful startup companies are supported/backed by members of the PayPal Mafia. So what did these guys do at PayPal back then? And what are they doing now?

Peter Thiel: Founder and former CEO. Today, he is an investor in companies like Airbnb, Practice Fusion – a web-based electronic health records company, big-data company Palantir, spaceflight provider SpaceX and the payments company Stripe (four of the most valuable tech companies in Silicon Valley today).

Max Levchin: Founder and former Chief Technology Officer. Recently, he has started a payments company, Affirm, backed by several former colleagues.

David Sacks: Former PayPal CEO who later founded Geni.com and Yammer.

Roelof Botha: Former PayPal CEO who later became a partner at venture capital firm Sequoia Capital.

Steve Chen: Former PayPal engineer who co-founded YouTube.

Jawed Karim: Former PayPal engineer who co-founded YouTube.

Chad Hurley: Former PayPal web designer who co-founded YouTube.

Elon Musk: An early PayPal angel who later co-founded Tesla and SpaceX, and is the Chairman of SolarCity.

Russel Simmons: Former PayPal engineer who co-founded Yelp.

Jeremy Stoppelman: Former VP of Technology at PayPal who co-founded Yelp. He has invested in payments provider Square and also Uber, Pinterest, Airbnb and Palantir.

Reid Hoffman: Former Executive VP who later founded LinkedIn and was an early investor in Facebook.

Premal Shah: Product Manager at PayPal. After PayPal, he became President of non-profit organization Kiva, which allows people to lend money to struggling entrepreneurs and students in over 70 countries via the Internet.

Dave McClure: A former PayPal marketing director, he is now a super angel investor for startup companies and founder of 500 Startups which has made more than 500 investments.

Keith Rabois: Former head of business development at PayPal. He is now a partner at Khosla Ventures, holds shares in Airbnb, Stripe and Palantir, to name a few.

About The PayPal Mafia:
PayPal is one of the first and most successful online payment processing companies in the world. PayPal was founded by Peter Thiel, Max Levchin, Ken Howery and Luke Nosek. eBay acquired PayPal in October 2002 for $1.5 billion. The term “PayPal Mafia” has been coined by the media for this group of men.

 

Source : http://letstalkpayments.com/paypal-mafia-then-and-now/

 

If you want something new, you have to stop doing something old

“If you want something new, you have to stop doing something old”
Peter F. Drucker

A strategy is a plan of action to achieve a major aim and future result. It requires commitment because making change is difficult. To describe what’s involved, Peter Drucker said:

“Strategic planning is the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the results of these decisions against the expectations through organized, systematic feedback.”

So it’s not hard to see how businesses get off course, often unaware, and the commitment of a continuous process becomes a collection of words periodically reinforced.

To know if this is happening to your business, here at 11 signs when you don’t have a strategy

  1. STRATEGY IS A COLLECTION OF TACTICS: Often, we use the terms strategy and tactics interchangeably. They are interdependent but different. You need both. Sun Tzu, the Chinese general, philosopher and author of the Art of War said: The difference between strategy and tactics: strategy is done above the shoulder, tactics are done below the shoulders.
  2. STRATEGY IS MERELY AN OBJECTIVE: Increase awareness. Acquire new customers. Grow average order size. Inspire advocacy. These are not strategies. While they may explain the what of a strategy, they don’t explain the how, when, where and why where the heavy lifting is required.
  3. NO CONSISTENT EXPRESSION OF SUCCESS: A strategy is a plan of action designed to achieve a major future result. If your company isn’t clear what success looks like, you’re lacking the key ingredient of the strategy.
  4. NO CONSISTENT MESSAGE: Your brochure, website and sales collateral have inconsistencies. The content is even unclear to people in the company. When people within a company can’t understand it, neither can anyone else.
  5. IDEAL CUSTOMER ISN’T DEFINED: A buyer persona is a semi-fictional representation of your ideal customer based on market research and real data about your existing customers. It’s not uncommon to mention them in a strategy. Every business should know who they are.
  6. EVERYTHING IS A PRIORITY: When everything is a priority, nothing is a priority. A strategy focuses on a singular major future achievement.
  7. IGNORING COMPETITION: A strategy reinforces a competitive advantage. But the competition is not static and is not only direct competitors but innovations that could make your product or service obsolete. A good strategy takes the competition into account and maintains flexibility.
  8. NOT EVALUATING  POLICY FOR OPPORTUNITIES: A reason to have a strategy is to guide new opportunities. When a business is not using its strategy for this purpose, your not taking advantage of one of its major benefits.
  9. DON’T DO MARKET RESEARCH OR SOLICIT CUSTOMER FEEDBACK: A strategy has to be grounded in reality and the achievable. A sound strategy has been researched with quantitative data about the market and qualitative data from customers and prospects.
  10. NO KEY PERFORMANCE INDICATORS (KPIs): KPIs are the metrics that matter most to the achievement of the business objective. They are generally in the range of 6 to 8 metrics carefully chosen to keep a strategy on track. They are the actionable scorecard to help guide the desired result of a strategy.
  11. NO RAVING FANS: No business can survive without enthusiasts. If a strategy isn’t created around them, then your strategy isn’t going to work.

Do these signs help you determine if your business has a strategy?

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6 LESSONS FROM ELON MUSK THAT CHANGED MY LIFE [EXERCISES INCLUDED]

How does Elon Musk think?

That’s what I aimed to discover while researching the habits behind his unbelievable success. For those who aren’t aware, Elon Musk is arguably the most impressive living human being on earth. Here’s his track record: 

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Oh yeah … and he’s one of only two people to found three billion dollar companies. Not bad.

The crazy part is he doesn’t care that he’s worth billions. In fact, he’s annoyed with journalists asking about him. He wants them to ask about the bigger, worldly problems he’s trying to solve. He’s not focused on his existence, he’s focused on the existence of humanity — sustainable energy, clean transportation, and interplanetary space travel. 

So yes, again, he’s one of the most impressive people on earth. And because of this, I wanted to get inside his brain.

How does he think? What are his mental frameworks? What makes him tick? I scoured through dozens of interviews to unravel his six most compelling lessons … and turned them into actionable exercises. 

As a result, I created “worksheets” that ask questions derived from following lessons from Elon Musk. And quite frankly, these lessons (and accompanying exercises) have changed my life.

Complete the following exercises, based off the psychology of Elon Musk, and they might change your life, too.

http://www.getsidekick.com/blog/lessons-from-elon-musk

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What are the top reasons why startups fail?

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