More on Entrepreneurship/Creators
Pat Vieljeux
3 years ago
The three-year business plan is obsolete for startups.
If asked, run.
An entrepreneur asked me about her pitch deck. A Platform as a Service (PaaS).
She told me she hadn't done her 5-year forecasts but would soon.
I said, Don't bother. I added "time-wasting."
“I've been asked”, she said.
“Who asked?”
“a VC”
“5-year forecast?”
“Yes”
“Get another VC. If he asks, it's because he doesn't understand your solution or to waste your time.”
Some VCs are lagging. They're still using steam engines.
10-years ago, 5-year forecasts were requested.
Since then, we've adopted a 3-year plan.
But It's outdated.
Max one year.
What has happened?
Revolutionary technology. NO-CODE.
Revolution's consequences?
Product viability tests are shorter. Hugely. SaaS and PaaS.
Let me explain:
Building a minimum viable product (MVP) that works only takes a few months.
1 to 2 months for practical testing.
Your company plan can be validated or rejected in 4 months as a consequence.
After validation, you can ask for VC money. Even while a prototype can generate revenue, you may not require any.
Good VCs won't ask for a 3-year business plan in that instance.
One-year, though.
If you want, establish a three-year plan, but realize that the second year will be different.
You may have changed your business model by then.
A VC isn't interested in a three-year business plan because your solution may change.
Your ability to create revenue will be key.
But also, to pivot.
They will be interested in your value proposition.
They will want to know what differentiates you from other competitors and why people will buy your product over another.
What will interest them is your resilience, your ability to bounce back.
Not to mention your mindset. The fact that you won’t get discouraged at the slightest setback.
The grit you have when facing adversity, as challenges will surely mark your journey.
The authenticity of your approach. They’ll want to know that you’re not just in it for the money, let alone to show off.
The fact that you put your guts into it and that you are passionate about it. Because entrepreneurship is a leap of faith, a leap into the void.
They’ll want to make sure you are prepared for it because it’s not going to be a walk in the park.
They’ll want to know your background and why you got into it.
They’ll also want to know your family history.
And what you’re like in real life.
So a 5-year plan…. You can bet they won’t give a damn. Like their first pair of shoes.
Alana Rister, Ph.D.
3 years ago
Don't rely on lessons you learned with a small audience.
My growth-killing mistake
When you initially start developing your audience, you need guidance.
What does my audience like? What do they not like? How can I grow more?
When I started writing two years ago, I inquired daily. Taking cues from your audience to develop more valuable content is a good concept, but it's simple to let them destroy your growth.
A small audience doesn't represent the full picture.
When I had fewer than 100 YouTube subscribers, I tried several video styles and topics. I looked to my audience for what to preserve and what to change.
If my views, click-through rate, or average view % dropped, that topic or style was awful. Avoiding that style helped me grow.
Vlogs, talking head videos on writing, and long-form tutorials didn't fare well.
Since I was small, I've limited the types of films I make. I have decided to make my own videos.
Surprisingly, the videos I avoided making meet or exceed my views, CTR, and audience retention.
A limited audience can't tell you what your tribe wants. Therefore, limiting your innovation will prohibit you from reaching the right audience. Finding them may take longer.
Large Creators Experience The Same Issue
In the last two years, I've heard Vanessa Lau and Cathrin Manning say they felt pigeonholed into generating videos they didn't want to do.
Why does this happen over and over again?
Once you have a popular piece of content, your audience will grow. So when you publish inconsistent material, fewer of your new audience will view it. You interpret the drop in views as a sign that your audience doesn't want the content, so you stop making it.
Repeat this procedure a few times, and you'll create stuff you're not passionate about because you're frightened to publish it.
How to Manage Your Creativity and Audience Development
I'm not recommending you generate random content.
Instead of feeling trapped by your audience, you can cultivate a diverse audience.
Create quality material on a range of topics and styles as you improve. Be creative until you get 100 followers. Look for comments on how to improve your article.
If you observe trends in the types of content that expand your audience, focus 50-75% of your material on those trends. Allow yourself to develop 25% non-performing material.
This method can help you expand your audience faster with your primary trends and like all your stuff. Slowly, people will find 25% of your material, which will boost its performance.
How to Expand Your Audience Without Having More Limited Content
Follow these techniques to build your audience without feeling confined.
Don't think that you need restrict yourself to what your limited audience prefers.
Don't let the poor performance of your desired material demotivate you.
You shouldn't restrict the type of content you publish or the themes you cover when you have less than 100 followers.
When your audience expands, save 25% of your content for your personal interests, regardless of how well it does.
Raad Ahmed
3 years ago
How We Just Raised $6M At An $80M Valuation From 100+ Investors Using A Link (Without Pitching)
Lawtrades nearly failed three years ago.
We couldn't raise Series A or enthusiasm from VCs.
We raised $6M (at a $80M valuation) from 100 customers and investors using a link and no pitching.
Step-by-step:
We refocused our business first.
Lawtrades raised $3.7M while Atrium raised $75M. By comparison, we seemed unimportant.
We had to close the company or try something new.
As I've written previously, a pivot saved us. Our initial focus on SMBs attracted many unprofitable customers. SMBs needed one-off legal services, meaning low fees and high turnover.
Tech startups were different. Their General Councels (GCs) needed near-daily support, resulting in higher fees and lower churn than SMBs.
We stopped unprofitable customers and focused on power users. To avoid dilution, we borrowed against receivables. We scaled our revenue 10x, from $70k/mo to $700k/mo.
Then, we reconsidered fundraising (and do it differently)
This time was different. Lawtrades was cash flow positive for most of last year, so we could dictate our own terms. VCs were still wary of legaltech after Atrium's shutdown (though they were thinking about the space).
We neither wanted to rely on VCs nor dilute more than 10% equity. So we didn't compete for in-person pitch meetings.
AngelList Roll-Up Vehicle (RUV). Up to 250 accredited investors can invest in a single RUV. First, we emailed customers the RUV. Why? Because I wanted to help the platform's users.
Imagine if Uber or Airbnb let all drivers or Superhosts invest in an RUV. Humans make the platform, theirs and ours. Giving people a chance to invest increases their loyalty.
We expanded after initial interest.
We created a Journey link, containing everything that would normally go in an investor pitch:
- Slides
- Trailer (from me)
- Testimonials
- Product demo
- Financials
We could also link to our AngelList RUV and send the pitch to an unlimited number of people. Instead of 1:1, we had 1:10,000 pitches-to-investors.
We posted Journey's link in RUV Alliance Discord. 600 accredited investors noticed it immediately. Within days, we raised $250,000 from customers-turned-investors.
Stonks, which live-streamed our pitch to thousands of viewers, was interested in our grassroots enthusiasm. We got $1.4M from people I've never met.
These updates on Pump generated more interest. Facebook, Uber, Netflix, and Robinhood executives all wanted to invest. Sahil Lavingia, who had rejected us, gave us $100k.
We closed the round with public support.
Without a single pitch meeting, we'd raised $2.3M. It was a result of natural enthusiasm: taking care of the people who made us who we are, letting them move first, and leveraging their enthusiasm with VCs, who were interested.
We used network effects to raise $3.7M from a founder-turned-VC, bringing the total to $6M at a $80M valuation (which, by the way, I set myself).
What flipping the fundraising script allowed us to do:
We started with private investors instead of 2–3 VCs to show VCs what we were worth. This gave Lawtrades the ability to:
- Without meetings, share our vision. Many people saw our Journey link. I ended up taking meetings with people who planned to contribute $50k+, but still, the ratio of views-to-meetings was outrageously good for us.
- Leverage ourselves. Instead of us selling ourselves to VCs, they did. Some people with large checks or late arrivals were turned away.
- Maintain voting power. No board seats were lost.
- Utilize viral network effects. People-powered.
- Preemptively halt churn by turning our users into owners. People are more loyal and respectful to things they own. Our users make us who we are — no matter how good our tech is, we need human beings to use it. They deserve to be owners.
I don't blame founders for being hesitant about this approach. Pump and RUVs are new and scary. But it won’t be that way for long. Our approach redistributed some of the power that normally lies entirely with VCs, putting it into our hands and our network’s hands.
This is the future — another way power is shifting from centralized to decentralized.
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Jay Peters
3 years ago
Apple AR/VR heaset
Apple is said to have opted for a standalone AR/VR headset over a more powerful tethered model.
It has had a tumultuous history.
Apple's alleged mixed reality headset appears to be the worst-kept secret in tech, and a fresh story from The Information is jam-packed with details regarding the device's rocky development.
Apple's decision to use a separate headgear is one of the most notable aspects of the story. Apple had yet to determine whether to pursue a more powerful VR headset that would be linked with a base station or a standalone headset. According to The Information, Apple officials chose the standalone product over the version with the base station, which had a processor that later arrived as the M1 Ultra. In 2020, Bloomberg published similar information.
That decision appears to have had a long-term impact on the headset's development. "The device's many processors had already been in development for several years by the time the choice was taken, making it impossible to go back to the drawing board and construct, say, a single chip to handle all the headset's responsibilities," The Information stated. "Other difficulties, such as putting 14 cameras on the headset, have given hardware and algorithm engineers stress."
Jony Ive remained to consult on the project's design even after his official departure from Apple, according to the story. Ive "prefers" a wearable battery, such as that offered by Magic Leap. Other prototypes, according to The Information, placed the battery in the headset's headband, and it's unknown which will be used in the final design.
The headset was purportedly shown to Apple's board of directors last week, indicating that a public unveiling is imminent. However, it is possible that it will not be introduced until later this year, and it may not hit shop shelves until 2023, so we may have to wait a bit to try it.
For further down the line, Apple is working on a pair of AR spectacles that appear like Ray-Ban wayfarer sunglasses, but according to The Information, they're "still several years away from release." (I'm interested to see how they compare to Meta and Ray-Bans' true wayfarer-style glasses.)
Matthew Royse
3 years ago
Ten words and phrases to avoid in presentations
Don't say this in public!
Want to wow your audience? Want to deliver a successful presentation? Do you want practical takeaways from your presentation?
Then avoid these phrases.
Public speaking is difficult. People fear public speaking, according to research.
"Public speaking is people's biggest fear, according to studies. Number two is death. "Sounds right?" — Comedian Jerry Seinfeld
Yes, public speaking is scary. These words and phrases will make your presentation harder.
Using unnecessary words can weaken your message.
You may have prepared well for your presentation and feel confident. During your presentation, you may freeze up. You may blank or forget.
Effective delivery is even more important than skillful public speaking.
Here are 10 presentation pitfalls.
1. I or Me
Presentations are about the audience, not you. Replace "I or me" with "you, we, or us." Focus on your audience. Reward them with expertise and intriguing views about your issue.
Serve your audience actionable items during your presentation, and you'll do well. Your audience will have a harder time listening and engaging if you're self-centered.
2. Sorry if/for
Your presentation is fine. These phrases make you sound insecure and unprepared. Don't pressure the audience to tell you not to apologize. Your audience should focus on your presentation and essential messages.
3. Excuse the Eye Chart, or This slide's busy
Why add this slide if you're utilizing these phrases? If you don't like this slide, change it before presenting. After the presentation, extra data can be provided.
Don't apologize for unclear slides. Hide or delete a broken PowerPoint slide. If so, divide your message into multiple slides or remove the "business" slide.
4. Sorry I'm Nervous
Some think expressing yourself will win over the audience. Nerves are horrible. Even public speakers are nervous.
Nerves aren't noticeable. What's the point? Let the audience judge your nervousness. Please don't make this obvious.
5. I'm not a speaker or I've never done this before.
These phrases destroy credibility. People won't listen and will check their phones or computers.
Why present if you use these phrases?
Good speakers aren't necessarily public speakers. Be confident in what you say. When you're confident, many people will like your presentation.
6. Our Key Differentiators Are
Overused term. It's widely utilized. This seems "salesy," and your "important differentiators" are probably like a competitor's.
This statement has been diluted; say, "what makes us different is..."
7. Next Slide
Many slides or stories? Your presentation needs transitions. They help your viewers understand your argument.
You didn't transition well when you said "next slide." Think about organic transitions.
8. I Didn’t Have Enough Time, or I’m Running Out of Time
The phrase "I didn't have enough time" implies that you didn't care about your presentation. This shows the viewers you rushed and didn't care.
Saying "I'm out of time" shows poor time management. It means you didn't rehearse enough and plan your time well.
9. I've been asked to speak on
This phrase is used to emphasize your importance. This phrase conveys conceit.
When you say this sentence, you tell others you're intelligent, skilled, and appealing. Don't utilize this term; focus on your topic.
10. Moving On, or All I Have
These phrases don't consider your transitions or presentation's end. People recall a presentation's beginning and end.
How you end your discussion affects how people remember it. You must end your presentation strongly and use natural transitions.
Conclusion
10 phrases to avoid in a presentation. I or me, sorry if or sorry for, pardon the Eye Chart or this busy slide, forgive me if I appear worried, or I'm really nervous, and I'm not good at public speaking, I'm not a speaker, or I've never done this before.
Please don't use these phrases: next slide, I didn't have enough time, I've been asked to speak about, or that's all I have.
We shouldn't make public speaking more difficult than it is. We shouldn't exacerbate a difficult issue. Better public speakers avoid these words and phrases.
“Remember not only to say the right thing in the right place, but far more difficult still, to leave unsaid the wrong thing at the tempting moment.” — Benjamin Franklin, Founding Father
This is a summary. See the original post here.
1eth1da
3 years ago
6 Rules to build a successful NFT Community in 2022
Too much NFT, Discord, and shitposting.
How do you choose?
How do you recruit more members to join your NFT project?
In 2021, a successful NFT project required:
Monkey/ape artwork
Twitter and Discord bot-filled
Roadmap overpromise
Goal was quick cash.
2022 and the years after will change that.
These are 6 Rules for a Strong NFT Community in 2022:
THINK LONG TERM
This relates to roadmap planning. Hype and dumb luck may drive NFT projects (ahem, goblins) but rarely will your project soar.
Instead, consider sustainability.
Plan your roadmap based on your team's abilities.
Do what you're already doing, but with NFTs, make it bigger and better.
You shouldn't copy a project's roadmap just because it was profitable.
This will lead to over-promising, team burnout, and an RUG NFT project.
OFFER VALUE
Building a great community starts with giving.
Why are musicians popular?
Because they offer entertainment for everyone, a random person becomes a fan, and more fans become a cult.
That's how you should approach your community.
TEAM UP
A great team helps.
An NFT project could have 3 or 2 people.
Credibility trumps team size.
Make sure your team can answer community questions, resolve issues, and constantly attend to them.
Don't overwork and burn out.
Your community will be able to recognize that you are trying too hard and give up on the project.
BUILD A GREAT PRODUCT
Bored Ape Yacht Club altered the NFT space.
Cryptopunks transformed NFTs.
Many others did, including Okay Bears.
What made them that way?
Because they answered a key question.
What is my NFT supposed to be?
Before planning art, this question must be answered.
NFTs can't be just jpegs.
What does it represent?
Is it a Metaverse-ready project?
What blockchain are you going to be using and why?
Set some ground rules for yourself. This helps your project's direction.
These questions will help you and your team set a direction for blockchain, NFT, and Web3 technology.
EDUCATE ON WEB3
The more the team learns about Web3 technology, the more they can offer their community.
Think tokens, metaverse, cross-chain interoperability and more.
BUILD A GREAT COMMUNITY
Several projects mistreat their communities.
They treat their community like "customers" and try to sell them NFT.
Providing Whitelists and giveaways aren't your only community-building options.
Think bigger.
Consider them family and friends, not wallets.
Consider them fans.
These are some tips to start your NFT project.