More on Entrepreneurship/Creators
SAHIL SAPRU
3 years ago
How I grew my business to a $5 million annual recurring revenue
Scaling your startup requires answering customer demands, not growth tricks.
I cofounded Freedo Rentals in 2019. I reached 50 lakh+ ARR in 6 months before quitting owing to the epidemic.
Freedo aimed to solve 2 customer pain points:
Users lacked a reliable last-mile transportation option.
The amount that Auto walas charge for unmetered services
Solution?
Effectively simple.
Build ports at high-demand spots (colleges, residential societies, metros). Electric ride-sharing can meet demand.
We had many problems scaling. I'll explain using the AARRR model.
Brand unfamiliarity or a novel product offering were the problems with awareness. Nobody knew what Freedo was or what it did.
Problem with awareness: Content and advertisements did a poor job of communicating the task at hand. The advertisements clashed with the white-collar part because they were too cheesy.
Retention Issue: We encountered issues, indicating that the product was insufficient. Problems with keyless entry, creating bills, stealing helmets, etc.
Retention/Revenue Issue: Costly compared to established rivals. Shared cars were 1/3 of our cost.
Referral Issue: Missing the opportunity to seize the AHA moment. After the ride, nobody remembered us.
Once you know where you're struggling with AARRR, iterative solutions are usually best.
Once you have nailed the AARRR model, most startups use paid channels to scale. This dependence, on paid channels, increases with scale unless you crack your organic/inbound game.
Over-index growth loops. Growth loops increase inflow and customers as you scale.
When considering growth, ask yourself:
Who is the solution's ICP (Ideal Customer Profile)? (To whom are you selling)
What are the most important messages I should convey to customers? (This is an A/B test.)
Which marketing channels ought I prioritize? (Conduct analysis based on the startup's maturity/stage.)
Choose the important metrics to monitor for your AARRR funnel (not all metrics are equal)
Identify the Flywheel effect's growth loops (inertia matters)
My biggest mistakes:
not paying attention to consumer comments or satisfaction. It is the main cause of problems with referrals, retention, and acquisition for startups. Beyond your NPS, you should consider second-order consequences.
The tasks at hand should be quite clear.
Here's my scaling equation:
Growth = A x B x C
A = Funnel top (Traffic)
B = Product Valuation (Solving a real pain point)
C = Aha! (Emotional response)
Freedo's A, B, and C created a unique offering.
Freedo’s ABC:
A — Working or Studying population in NCR
B — Electric Vehicles provide last-mile mobility as a clean and affordable solution
C — One click booking with a no-noise scooter
Final outcome:
FWe scaled Freedo to Rs. 50 lakh MRR and were growing 60% month on month till the pandemic ceased our growth story.
How we did it?
We tried ambassadors and coupons. WhatsApp was our most successful A/B test.
We grew widespread adoption through college and society WhatsApp groups. We requested users for referrals in community groups.
What worked for us won't work for others. This scale underwent many revisions.
Every firm is different, thus you must know your customers. Needs to determine which channel to prioritize and when.
Users desired a safe, time-bound means to get there.
This (not mine) growth framework helped me a lot. You should follow suit.
Jenn Leach
3 years ago
What TikTok Paid Me in 2021 with 100,000 Followers
I thought it would be interesting to share how much TikTok paid me in 2021.
Onward!
Oh, you get paid by TikTok?
Yes.
They compensate thousands of creators. My Tik Tok account
I launched my account in March 2020 and generally post about money, finance, and side hustles.
TikTok creators are paid in several ways.
Fund for TikTok creators
Sponsorships (aka brand deals)
Affiliate promotion
My own creations
Only one, the TikTok Creator Fund, pays me.
The TikTok Creator Fund: What Is It?
TikTok's initiative pays creators.
YouTube's Shorts Fund, Snapchat Spotlight, and other platforms have similar programs.
Creator Fund doesn't pay everyone. Some prerequisites are:
age requirement of at least 18 years
In the past 30 days, there must have been 100,000 views.
a minimum of 10,000 followers
If you qualify, you can apply using your TikTok account, and once accepted, your videos can earn money.
My earnings from the TikTok Creator Fund
Since 2020, I've made $273.65. My 2021 payment is $77.36.
Yikes!
I made between $4.91 to around $13 payout each time I got paid.
TikTok reportedly pays 3 to 5 cents per thousand views.
To live off the Creator Fund, you'd need billions of monthly views.
Top personal finance creator Sara Finance has millions (if not billions) of views and over 700,000 followers yet only received $3,000 from the TikTok Creator Fund.
Goals for 2022
TikTok pays me in different ways, as listed above.
My largest TikTok account isn't my only one.
In 2022, I'll revamp my channel.
It's been a tumultuous year on TikTok for my account, from getting shadow-banned to being banned from the Creator Fund to being accepted back (not at my wish).
What I've experienced isn't rare. I've read about other creators' experiences.
So, some quick goals for this account…
200,000 fans by the year 2023
Consistent monthly income of $5,000
two brand deals each month
For now, that's all.
Aaron Dinin, PhD
2 years ago
The Advantages and Disadvantages of Having Investors Sign Your NDA
Startup entrepreneurs assume what risks when pitching?
Last week I signed four NDAs.
Four!
NDA stands for non-disclosure agreement. A legal document given to someone receiving confidential information. By signing, the person pledges not to share the information for a certain time. If they do, they may be in breach of contract and face legal action.
Companies use NDAs to protect trade secrets and confidential internal information from employees and contractors. Appropriate. If you manage a huge, successful firm, you don't want your employees selling their information to your competitors. To be true, business NDAs don't always prevent corporate espionage, but they usually make employees and contractors think twice before sharing.
I understand employee and contractor NDAs, but I wasn't asked to sign one. I counsel entrepreneurs, thus the NDAs I signed last week were from startups that wanted my feedback on their concepts.
I’m not a startup investor. I give startup guidance online. Despite that, four entrepreneurs thought their company ideas were so important they wanted me to sign a generically written legal form they probably acquired from a shady, spam-filled legal templates website before we could chat.
False. One company tried to get me to sign their NDA a few days after our conversation. I gently rejected, but their tenacity encouraged me. I considered sending retroactive NDAs to everyone I've ever talked to about one of my startups in case they establish a successful company based on something I said.
Two of the other three NDAs were from nearly identical companies. Good thing I didn't sign an NDA for the first one, else they may have sued me for talking to the second one as though I control the firms people pitch me.
I wasn't talking to the fourth NDA company. Instead, I received an unsolicited email from someone who wanted comments on their fundraising pitch deck but required me to sign an NDA before sending it.
That's right, before I could read a random Internet stranger's unsolicited pitch deck, I had to sign his NDA, potentially limiting my ability to discuss what was in it.
You should understand. Advisors, mentors, investors, etc. talk to hundreds of businesses each year. They cannot manage all the companies they deal with, thus they cannot risk legal trouble by talking to someone. Well, if I signed NDAs for all the startups I spoke with, half of the 300+ articles I've written on Medium over the past several years could get me sued into the next century because I've undoubtedly addressed topics in my articles that I discussed with them.
The four NDAs I received last week are part of a recent trend of entrepreneurs sending out NDAs before meetings, despite the practical and legal issues. They act like asking someone to sign away their right to talk about all they see and hear in a day is as straightforward as asking for a glass of water.
Given this inflow of NDAs, I wanted to briefly remind entrepreneurs reading this blog about the merits and cons of requesting investors (or others in the startup ecosystem) to sign your NDA.
Benefits of having investors sign your NDA include:
None. Zero. Nothing.
Disadvantages of requesting investor NDAs:
You'll come off as an amateur who has no idea what it takes to launch a successful firm.
Investors won't trust you with their money since you appear to be a complete amateur.
Printing NDAs will be a waste of paper because no genuine entrepreneur will ever sign one.
I apologize for missing any cons. Please leave your remarks.
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Josh Chesler
3 years ago
10 Sneaker Terms Every Beginner Should Know
So you want to get into sneakers? Buying a few sneakers and figuring it out seems simple. Then you miss out on the weekend's instant-sellout releases, so you head to eBay, Twitter, or your local sneaker group to see what's available, since you're probably not ready to pay Flight Club prices just yet.
That's when you're bombarded with new nicknames, abbreviations, and general sneaker slang. It would take months to explain every word and sneaker, so here's a starter kit of ten simple terms to get you started. (Yeah, mostly Jordan. Does anyone really start with Kith or Nike SB?)
10. Colorways
Colorways are a common term in fashion, design, and other visual fields. It's just the product's color scheme. In the case of sneakers, the colorway is often as important as the actual model. Are this year's "Chicago" Air Jordan 1s more durable than last year's "Black/Gum" colorway? Because of their colorway and rarity, the Chicagos are worth roughly three pairs of the Black/Gum kicks.
Pro Tip: A colorway with a well-known nickname is almost always worth more than one without, and the same goes for collaborations.
9. Beaters
A “beater” is a well-worn, likely older model of shoe that has significant wear and tear on it. Rarely sold with the original box or extra laces, beaters rarely sell for much. Unlike most “worn” sneakers, beaters are used for rainy days and the gym. It's exactly what it sounds like, a box full of beaters, and they're a good place to start if you're looking for some cheap old kicks.
Pro Tip: Know which shoes clean up nicely. The shape of lower top sneakers with wider profiles, like SB Dunk Lows and Air Jordan 3s, tends to hold better over time than their higher and narrower cousins.
8. Retro
In the world of Jordan Brand, a “Retro” release is simply a release (or re-release) of a colorway after the shoe model's initial release. For example, the original Air Jordan 7 was released in 1992, but the Bordeaux colorway was re-released in 2011 and recently (2015). An Air Jordan model is released every year, and while half of them are unpopular and unlikely to be Retroed soon, any of them could be re-released whenever Nike and Jordan felt like it.
Pro Tip: Now that the Air Jordan line has been around for so long, the model that tends to be heavily retroed in a year is whichever shoe came out 23 (Michael Jordan’s number during the prime of his career) years ago. The Air Jordan 6 (1991) got new colorways last year, the Air Jordan 7 this year, and more Air Jordan 8s will be released later this year and early next year (1993).
7. PP/Inv
In spite of the fact that eBay takes roughly 10% of the final price, many sneaker buyers and sellers prefer to work directly with PayPal. Selling sneakers for $100 via PayPal invoice or $100 via PayPal friends/family is common on social media. Because no one wants their eBay account suspended for promoting PayPal deals, many eBay sellers will simply state “Message me for a better price.”
Pro Tip: PayPal invoices protect buyers well, but gifting or using Google Wallet does not. Unless you're certain the seller is legitimate, only use invoiced goods/services payments.
6. Yeezy
Kanye West and his sneakers are known as Yeezys. The rapper's first two Yeezys were made by Nike before switching to Adidas. Everything Yeezy-related will be significantly more expensive (and therefore have significantly more fakes made). Not only is the Nike Air Yeezy 2 “Red October” one of the most sought-after sneakers, but the Yeezy influence can be seen everywhere.
Pro Tip: If you're going to buy Yeezys, make sure you buy them from a reputable retailer or reseller. With so many fakes out there, it's not worth spending a grand on something you're not 100% sure is real.
5. GR/Limited
Regardless of how visually repulsive, uncomfortable, and/or impractical a sneaker is, if it’s rare enough, people will still want it. GR stands for General Release, which means they're usually available at retail. Reselling a “Limited Edition” release is costly. Supply and demand, but in this case, the limited supply drives up demand. If you want to get some of the colorways made for rappers, NBA players (Player Exclusive or PE models), and other celebrities, be prepared to pay a premium.
Pro Tip: Limited edition sneakers, like the annual Doernbecher Freestyle sneakers Nike creates with kids from Portland's Doernbecher Children's Hospital, will always be more expensive and limited. Or, you can use automated sneaker-buying software.
4. Grails
A “grail” is a pair of sneakers that someone desires above all others. To obtain their personal grails, people are willing to pay significantly more than the retail price. There doesn't have to be any rhyme or reason why someone chose a specific pair as their grails.
Pro Tip: For those who don't have them, the OG "Bred" or "Royal" Air Jordan 1s, the "Concord" Air Jordan 11s, etc., are all grails.
3. Bred
Anything released in “Bred” (black and red) will sell out quickly. Most resale Air Jordans (and other sneakers) come in the Bred colorway, which is a fan favorite. Bred is a good choice for a first colorway, especially on a solid sneaker silhouette.
Pro Tip: Apart from satisfying the world's hypebeasts, Bred sneakers will probably match a lot of your closet.
2. DS
DS = Deadstock = New. That's it. If something has been worn or tried on, it is no longer DS. Very Near Deadstock (VNDS) Pass As Deadstock It's a cute way of saying your sneakers have been worn but are still in good shape. In the sneaker world, “worn” means they are no longer new, but not too old or beat up.
Pro Tip: Ask for photos of any marks or defects to see what you’re getting before you buy used shoes, also find out if they come with the original box and extra laces, because that can be a sign that they’re in better shape.
1. Fake/Unauthorized
The words “Unauthorized,” “Replica,” “B-grades,” and “Super Perfect” all mean the shoes are fake. It means they aren't made by the actual company, no matter how close or how good the quality. If that's what you want, go ahead and get them. Do not wear them if you do not want the rest of the sneaker world to mock them.
Pro Tip: If you’re not sure if shoes are real or not, do a “Legit Check” on Twitter or Facebook. You'll get dozens of responses in no time.
Dmytro Spilka
3 years ago
Why NFTs Have a Bright Future Away from Collectible Art After Punks and Apes
After a crazy second half of 2021 and significant trade volumes into 2022, the market for NFT artworks like Bored Ape Yacht Club, CryptoPunks, and Pudgy Penguins has begun a sharp collapse as market downturns hit token values.
DappRadar data shows NFT monthly sales have fallen below $1 billion since June 2021. OpenSea, the world's largest NFT exchange, has seen sales volume decline 75% since May and is trading like July 2021.
Prices of popular non-fungible tokens have also decreased. Bored Ape Yacht Club (BAYC) has witnessed volume and sales drop 63% and 15%, respectively, in the past month.
BeInCrypto analysis shows market decline. May 2022 cryptocurrency marketplace volume was $4 billion, according to a news platform. This is a sharp drop from April's $7.18 billion.
OpenSea, a big marketplace, contributed $2.6 billion, while LooksRare, Magic Eden, and Solanart also contributed.
NFT markets are digital platforms for buying and selling tokens, similar stock trading platforms. Although some of the world's largest exchanges offer NFT wallets, most users store their NFTs on their favorite marketplaces.
In January 2022, overall NFT sales volume was $16.57 billion, with LooksRare contributing $11.1 billion. May 2022's volume was $12.57 less than January, a 75% drop, and June's is expected to be considerably smaller.
A World Based on Utility
Despite declines in NFT trading volumes, not all investors are negative on NFTs. Although there are uncertainties about the sustainability of NFT-based art collections, there are fewer reservations about utility-based tokens and their significance in technology's future.
In June, business CEO Christof Straub said NFTs may help artists monetize unreleased content, resuscitate catalogs, establish deeper fan connections, and make processes more efficient through technology.
We all know NFTs can't be JPEGs. Straub noted that NFT music rights can offer more equitable rewards to musicians.
Music NFTs are here to stay if they have real value, solve real problems, are trusted and lawful, and have fair and sustainable business models.
NFTs can transform numerous industries, including music. Market opinion is shifting towards tokens with more utility than the social media artworks we're used to seeing.
While the major NFT names remain dominant in terms of volume, new utility-based initiatives are emerging as top 20 collections.
Otherdeed, Sorare, and NBA Top Shot are NFT-based games that rank above Bored Ape Yacht Club and Cryptopunks.
Users can switch video NFTs of basketball players in NBA Top Shot. Similar efforts are emerging in the non-fungible landscape.
Sorare shows how NFTs can support a new way of playing fantasy football, where participants buy and swap trading cards to create a 5-player team that wins rewards based on real-life performances.
Sorare raised 579.7 million in one of Europe's largest Series B financing deals in September 2021. Recently, the platform revealed plans to expand into Major League Baseball.
Strong growth indications suggest a promising future for NFTs. The value of art-based collections like BAYC and CryptoPunks may be questioned as markets become diluted by new limited collections, but the potential for NFTs to become intrinsically linked to tangible utility like online gaming, music and art, and even corporate reward schemes shows the industry has a bright future.
Jennifer Tieu
3 years ago
Why I Love Azuki
Azuki Banner (www.azuki.com)
Disclaimer: This is my personal viewpoint. I'm not on the Azuki team. Please keep in mind that I am merely a fan, community member, and holder. Please do your own research and pardon my grammar. Thanks!
Azuki has changed my view of NFTs.
When I first entered the NFT world, I had no idea what to expect. I liked the idea. So I invested in some projects, fought for whitelists, and discovered some cool NFTs projects (shout-out to CATC). I lost more money than I earned at one point, but I hadn't invested excessively (only put in what you can afford to lose). Despite my losses, I kept looking. I almost waited for the “ah-ha” moment. A NFT project that changed my perspective on NFTs. What makes an NFT project more than a work of art?
Answer: Azuki.
The Art
The Azuki art drew me in as an anime fan. It looked like something out of an anime, and I'd never seen it before in NFT.
The project was still new. The first two animated teasers were released with little fanfare, but I was impressed with their quality. You can find them on Instagram or in their earlier Tweets.
The teasers hinted that this project could be big and that the team could deliver. It was amazing to see Shao cut the Azuki posters with her katana. Especially at the end when she sheaths her sword and the music cues. Then the live action video of the young boy arranging the Azuki posters seemed movie-like. I felt like I was entering the Azuki story, brand, and dope theme.
The team did not disappoint with the Azuki NFTs. The level of detail in the art is stunning. There were Azukis of all genders, skin and hair types, and more. These 10,000 Azukis have so much representation that almost anyone can find something that resonates. Rather than me rambling on, I suggest you visit the Azuki gallery
The Team
If the art is meant to draw you in and be the project's face, the team makes it more. The NFT would be a JPEG without a good team leader. Not that community isn't important, but no community would rally around a bad team.
Because I've been rugged before, I'm very focused on the team when considering a project. While many project teams are anonymous, I try to find ones that are doxxed (public) or at least appear to be established. Unlike Azuki, where most of the Azuki team is anonymous, Steamboy is public. He is (or was) Overwatch's character art director and co-creator of Azuki. I felt reassured and could trust the project after seeing someone from a major game series on the team.
Then I tried to learn as much as I could about the team. Following everyone on Twitter, reading their tweets, and listening to recorded AMAs. I was impressed by the team's professionalism and dedication to their vision for Azuki, led by ZZZAGABOND.
I believe the phrase “actions speak louder than words” applies to Azuki. I can think of a few examples of what the Azuki team has done, but my favorite is ERC721A.
With ERC721A, Azuki has created a new algorithm that allows minting multiple NFTs for essentially the same cost as minting one NFT.
I was ecstatic when the dev team announced it. This fascinates me as a self-taught developer. Azuki released a product that saves people money, improves the NFT space, and is open source. It showed their love for Azuki and the NFT community.
The Community
Community, community, community. It's almost a chant in the NFT space now. A community, like a team, can make or break a project. We are the project's consumers, shareholders, core, and lifeblood. The team builds the house, and we fill it. We stay for the community.
When I first entered the Azuki Discord, I was surprised by the calm atmosphere. There was no news about the project. No release date, no whitelisting requirements. No grinding or spamming either. People just wanted to hangout, get to know each other, and talk. It was nice. So the team could pick genuine people for their mintlist (aka whitelist).
But nothing fundamental has changed since the release. It has remained an authentic, fun, and helpful community. I'm constantly logging into Discord to chat with others or follow conversations. I see the community's openness to newcomers. Everyone respects each other (barring a few bad apples) and the variety of people passing through is fascinating. This human connection and interaction is what I enjoy about this place. Being a part of a group that supports a cause.
Finally, I want to thank the amazing Azuki mod team and the kissaten channel for their contributions.
The Brand
So, what sets Azuki apart from other projects? They are shaping a brand or identity. The Azuki website, I believe, best captures their vision. (This is me gushing over the site.)
If you go to the website, turn on the dope playlist in the bottom left. The playlist features a mix of Asian and non-Asian hip-hop and rap artists, with some lo-fi thrown in. The songs on the playlist change, but I think you get the vibe Azuki embodies just by turning on the music.
The Garden is our next stop where we are introduced to Azuki.
A brand.
We're creating a new brand together.
A metaverse brand. By the people.
A collection of 10,000 avatars that grant Garden membership. It starts with exclusive streetwear collabs, NFT drops, live events, and more. Azuki allows for a new media genre that the world has yet to discover. Let's build together an Azuki, your metaverse identity.
The Garden is a magical internet corner where art, community, and culture collide. The boundaries between the physical and digital worlds are blurring.
Try a Red Bean.
The text begins with Azuki's intention in the space. It's a community-made metaverse brand. Then it goes into more detail about Azuki's plans. Initiation of a story or journey. "Would you like to take the red bean and jump down the rabbit hole with us?" I love the Matrix red pill or blue pill play they used. (Azuki in Japanese means red bean.)
Morpheus, the rebel leader, offers Neo the choice of a red or blue pill in The Matrix. “You take the blue pill... After the story, you go back to bed and believe whatever you want. Your red pill... Let me show you how deep the rabbit hole goes.” Aware that the red pill will free him from the enslaving control of the machine-generated dream world and allow him to escape into the real world, he takes it. However, living the “truth of reality” is harsher and more difficult.
It's intriguing and draws you in. Taking the red bean causes what? Where am I going? I think they did well in piqueing a newcomer's interest.
Not convinced by the Garden? Read the Manifesto. It reinforces Azuki's role.
Here comes a new wave…
And surfing here is different.
Breaking down barriers.
Building open communities.
Creating magic internet money with our friends.
To those who don’t get it, we tell them: gm.
They’ll come around eventually.
Here’s to the ones with the courage to jump down a peculiar rabbit hole.
One that pulls you away from a world that’s created by many and owned by few…
To a world that’s created by more and owned by all.
From The Garden come the human beans that sprout into your family.
We rise together.
We build together.
We grow together.
Ready to take the red bean?
Not to mention the Mindmap, it sets Azuki apart from other projects and overused Roadmaps. I like how the team recognizes that the NFT space is not linear. So many of us are still trying to figure it out. It is Azuki's vision to adapt to changing environments while maintaining their values. I admire their commitment to long-term growth.
Conclusion
To be honest, I have no idea what the future holds. Azuki is still new and could fail. But I'm a long-term Azuki fan. I don't care about quick gains. The future looks bright for Azuki. I believe in the team's output. I love being an Azuki.
Thank you! IKUZO!
Full post here