Why speed wins

In start up land the most important thing we can do is do things fast. It’s the opposite of the perfectionism we learn in graduate school and large corporations especially as it pertains to marketing.

Here’s why:


So the startup blog explanation of my above chart goes something like this:

No project, task or strategy is ever perfect. Even if we spend a large amount of time developing it. At best it will be around 90% of what we need or imagine. If we cut the available amount of time in half (which is this example is 6 weeks) we may be able to achieve 70% of the desired outcome. But what option 2 presents for us is the ability to learn and revise quickly. In fact we can launch another version (version 2.0) of said project for another 70% progression.

The net result is pretty simple – we’ll be a progression of 140 vs 90. Pretty simple. And in startup land the reality is we often don’t know how effective something will be until it is implemented, and from here the lessons will emerge. In addition it moves us up the learning curve and in all probability the next implementation will be far more effective than the first.

The other fact we have to consider is that speed is important for our customers. They like to see progression, even if it is less than perfect. They know things are improving and that we are making stuff better for them. It’s also far less confusing to deal with incremental consistent change than it is a total re-design. We also remove the risk of better ideas and methods putting a kibosh on doing anything at all and creating inertia.

And this is why in startup land, speed wins.

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When seeking investors

Here’s some simple advice when seeking investors for your startup.

Never use the words ‘The Next’…

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Regardless of the uber successful business which follows these two words it just isn’t going to happen. For two reasons. The first is our probability of being this successful is almost non existent. Secondly if we are this successful, we wont be the next, but something new.

The main point is when people use the words the next, they lose credibility. And when someone says it to me regarding their new business venture, I find it hard to believe anything they say after that.

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Entrepreneurial Chat

Here’s a Skype chat I had with a fellow entrepreneur I am fortunate to know (Michelle) who runs the super terrific Deck of Secrets business:

The chat revolved around a few topics, But I thought I’d share my pearls of wisdom from the chat, as they were written. There is some Adult content – a little swear word or two… but who am I to censor reality?

Steve Sammartino
Yeh, Here’s my new web marketing policy… are you ready?
Michelle Matthews
hit me with it.
Steve Sammartino
It comes with a warning of Adult content…. Still wanna hear it?
Michelle Matthews
now you’ve got me scared but yes i’m ready
Steve Sammartino
do lot’s of sh*t… do it quick as f**k
Eventually something will stick….
and be a tight arse… get that shit free
Michelle Matthews
I like it. Its suits my non-planning, do what you feel like ways.
Steve Sammartino
Planning is a joke – I’m serious. rentoid plan. 1 page.
Companies do it to justify wages… of people who do f**k all
Michelle Matthews
Planning looks good and big companies do it longish term to mess with the small players who can make things happen over night except that they weren’t booked in 18 months earlier.
Steve Sammartino
Well here’s my view on plainning….. This is serious. 1 page per million of revenue. No more than 10 pages of planning regardless of revenue.
Otherwise It simply cannot be strategic.
Michelle Matthews
A friend of mine wrote a book a while ago called Things Big Businesses Do , subtitle that small businesses should do (Mark Brownley) When will you publish the reverse?
Steve Sammartino
I will publish the reverse…. (personal view is I disagree with that maxim…) Companies over plan when they don’t know what to do, how to do it, or how to motivate people to get it done….. Do is key. Mistake quick and often. Find what works, the truth is no one really knows what works because we live in a state of flux.
Michelle Matthews
it must be illustrated
Steve Sammartino
Most of the good shit that has happened in life and business for me has been through experimentation, not planning. Even my life plan is a simple Venn diagram…. wanna see it….
?
Michelle Matthews
Mark had some good lessons but with the pace of change now and the loss of confidence in big companies and governments there has never been a better time to learn from dynamic, nimble companies.
Steve Sammartino
Agreed
Michelle Matthews
yes, please show it to me.
Steve Sammartino
Like you – rockstar… Hoping some will rub off
Michelle Matthews
When I start raking in the $ then I will feel like I’ve made it. Because then I can indulge in more of my ideas.
It’s not about the $ though.
Steve Sammartino
Just look at the visual: Venn
Success = The progressive realization of a worthwhile ideal (as you say $ is not mentioned)
Michelle Matthews
I’d like the $ so I can scoop up all the talented people out there and pay them good $ for them to put their talent to satisfying projects.
Steve Sammartino
Scoop them up now so they can share your success and make it inevitable….
provide ‘options’ for sharing wealth… while you share your dream.
Michelle Matthews
I like your diagram. I think I saw it at breakfast that morning. I should have a crack at my own but Ross keeps distracting me with places to visit on the internet.
Steve Sammartino

Yes – Ross…
hmmm me too – I’ve been getting a bit hungrier lately…. gotta make it happen this year…. my opportunity cost is very high to forgo wages….

Some interesting insightsin the chat. Take from them what you will.

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How to advertise for free

The next post on startup blog will talk more about this whole ‘free advertising’ on the internet stuff: In the interim, here’s the latest episode in rentoid.com free advertising. Which is pretty funny.

By the way, it took 15 minutes and zero dollars and was a great deal of fun after lunch. (and yes, I am on the bike)

[youtube=http://www.youtube.com/watch?v=B1J9EIhCV-k]

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