More on Entrepreneurship/Creators
10 months ago
Is Venture Capital a Good Fit for Your Startup?
5 VC investment criteria
I reviewed 200 startup business concepts last week. Brainache.
The enterprises sold various goods and services. The concepts were achingly similar: give us money, we'll produce a product, then get more to expand. No different from daily plans and pitches.
Most of those 200 plans sounded plausible. But 10% looked venture-worthy. 90% of startups need alternatives to venture finance.
With the success of VC-backed businesses and the growth of venture funds, a common misperception is that investors would fund any decent company idea. Finding investors that believe in the firm and founders is the key to funding.
Incorrect. Venture capital needs investing in certain enterprises. If your startup doesn't match the model, as most early-stage startups don't, you can revise your business plan or locate another source of capital.
Before spending six months pitching angels and VCs, make sure your startup fits these criteria.
Likely to generate $100 million in sales
First, I check the income predictions in a pitch deck. If it doesn't display $100M, don't bother.
The math doesn't work for venture financing in smaller businesses.
Say a fund invests $1 million in a startup valued at $5 million that is later acquired for $20 million. That's a win everyone should celebrate. Most VCs don't care.
Consider a $100M fund. The fund must reach $360M in 7 years with a 20% return. Only 20-30 investments are possible. 90% of the investments will fail, hence the 23 winners must return $100M-$200M apiece. $15M isn't worth the work.
Angel investors and tiny funds use the same ideas as venture funds, but their smaller scale affects the calculations. If a company can support its growth through exit on less than $2M in angel financing, it must have $25M in revenues before large companies will consider acquiring it.
Aiming for Hypergrowth
A startup's size isn't enough. It must expand fast.
Developing a great business takes time. Complex technology must be constructed and tested, a nationwide expansion must be built, or production procedures must go from lab to pilot to factories. These can be enormous, world-changing corporations, but venture investment is difficult.
The normal 10-year venture fund life. Investments are made during first 3–4 years.. 610 years pass between investment and fund dissolution. Funds need their investments to exit within 5 years, 7 at the most, therefore add a safety margin.
Longer exit times reduce ROI. A 2-fold return in a year is excellent. Loss at 2x in 7 years.
Lastly, VCs must prove success to raise their next capital. The 2nd fund is raised from 1st fund portfolio increases. Third fund is raised using 1st fund's cash return. Fund managers must raise new money quickly to keep their jobs.
Branding or technology that is protected
No big firm will buy a startup at a high price if they can produce a competing product for less. Their development teams, consumer base, and sales and marketing channels are large. Who needs you?
Patents, specialist knowledge, or brand name are the only answers. The acquirer buys this, not the thing.
I've heard of several promising startups. It's not a decent investment if there's no exit strategy.
A company that installs EV charging stations in apartments and shopping areas is an example. It's profitable, repeatable, and big. A terrific company. Not a startup.
This building company's operations aren't secret. No technology to protect, no special information competitors can't figure out, no go-to brand name. Despite the immense possibilities, a large construction company would be better off starting their own.
Most venture businesses build products, not services. Services can be profitable but hard to safeguard.
Probable purchase at high multiple
Once a software business proves its value, acquiring it is easy. Pharma and medtech firms have given up on their own research and instead acquire startups after regulatory permission. Many startups, especially in specialized areas, have this weakness.
That doesn't mean any lucrative $25M-plus business won't be acquired. In many businesses, the venture model requires a high exit premium.
A startup invents a new glue. 3M, BASF, Henkel, and others may buy them. Adding more adhesive to their catalogs won't boost commerce. They won't compete to buy the business. They'll only buy a startup at a profitable price. The acquisition price represents a moderate EBITDA multiple.
The company's $100M revenue presumably yields $10m in profits (assuming they’ve reached profitability at all). A $30M-$50M transaction is likely. Not terrible, but not what venture investors want after investing $25M to create a plant and develop the business.
Private equity buys profitable companies for a moderate profit multiple. It's a good exit for entrepreneurs, but not for investors seeking 10x or more what PE firms pay. If a startup offers private equity as an exit, the conversation is over.
Constructed for purchase
The startup wants a high-multiple exit. Unless the company targets $1B in revenue and does an IPO, exit means acquisition.
If they're constructing the business for acquisition or themselves, founders must decide.
If you want an indefinitely-running business, I applaud you. We need more long-term founders. Most successful organizations are founded around consumer demands, not venture capital's urge to grow fast and exit. Not venture funding.
if you don't match the venture model, what to do
VC funds moonshots. The 10% that succeed are extraordinary. Not every firm is a rocketship, and launching the wrong startup into space, even with money, will explode.
But just because your startup won't make $100M in 5 years doesn't mean it's a bad business. Most successful companies don't follow this model. It's not venture capital-friendly.
Although venture capital gets the most attention due to a few spectacular triumphs (and disasters), it's not the only or even most typical option to fund a firm.
Other ways to support your startup:
Personal and family resources, such as credit cards, second mortgages, and lines of credit
bootstrapping off of sales
government funding and honors
Private equity & project financing
collaborating with a big business
Including a business partner
Before pitching angels and VCs, be sure your startup qualifies. If so, include them in your pitch.
1 year ago
How we started and then quickly sold our startup
From a simple landing where we tested our MVP to a platform that distributes 20,000 codes per month, we learned a lot.
Kwotet was my first startup. Everyone might post book quotes online.
I wanted a change.
Kwotet lacked attention, thus I felt stuck. After experiencing the trials of starting Kwotet, I thought of developing a waitlist service, but I required a strong co-founder.
I knew Dries from school, but we weren't close. He was an entrepreneurial programmer who worked a lot outside school. I needed this.
We brainstormed throughout school hours. We developed features to put us first. We worked until 3 am to launch this product.
Putting in the hours is KEY when building a startup
The instant that we lost our spark
In Belgium, college seniors do their internship in their last semester.
As we both made the decision to pick a quite challenging company, little time was left for Lancero.
Eventually, we lost interest. We lost the spark…
The only logical choice was to find someone with the same spark we started with to acquire Lancero.
And we did @ MicroAcquire.
Sell before your product dies. Make sure to profit from all the gains.
What did we do following the sale?
Not far from selling Lancero I lost my dad. I was about to start a new company. It was focused on positivity. I got none left at the time.
We still didn’t let go of the dream of becoming full-time entrepreneurs. As Dries launched the amazing company Plunk, and I’m still in the discovering stages of my next journey!
You’re an entrepreneur if:
You enjoy disassembling and reassembling things.
You're adept at making new friends.
YOU HAVE DREAMS.
You don’t need to believe me if I tell you “everything is possible”… I wouldn't believe it myself if anyone told me this 2 years ago.
Until I started doing, living my dreams.
9 months ago
Using Ruby code, a programmer created a $48,000,000,000 product that Elon Musk admired.
Shopify CEO and co-founder Tobias Lutke. Shopify is worth $48 billion.
World-renowned entrepreneur Tobi
Tobi never expected his first online snowboard business to become a multimillion-dollar software corporation.
Tobi founded Shopify to establish a 20-person company.
The publicly traded corporation employs over 10,000 people.
Here's Tobi Lutke's incredible story.
Elon Musk tweeted his admiration for the Shopify creator.
Musk praised Shopify founder Tobi Lutke on Twitter.
Explore this programmer's journey.
What difficulties did Tobi experience as a young child?
Germany raised Tobi.
Tobi's parents realized he was smart but had trouble learning as a toddler.
Tobi was learning disabled.
Tobi struggled with school tests.
Tobi's learning impairments were undiagnosed.
Tobi struggled to read as a dyslexic.
Tobi also found school boring.
Germany's curriculum didn't inspire Tobi's curiosity.
“The curriculum in Germany was taught like here are all the solutions you might find useful later in life, spending very little time talking about the problem…If I don’t understand the problem I’m trying to solve, it’s very hard for me to learn about a solution to a problem.”
Studying computer programming
After tenth grade, Tobi decided school wasn't for him and joined a German apprenticeship program.
This curriculum taught Tobi software engineering.
He was an apprentice in a small Siemens subsidiary team.
Tobi worked with rebellious Siemens employees.
Team members impressed Tobi.
Tobi joined the team for this reason.
Tobi was pleased to get paid to write programming all day.
His life could not have been better.
Devoted to snowboarding
Tobi loved snowboarding.
He drove 5 hours to ski at his folks' house.
His friends traveled to the US to snowboard when he was older.
However, the cheap dollar conversion rate led them to Canada.
Tobi originally decided to snowboard instead than ski.
Snowboarding captivated him in Canada.
On the trip to Canada, Tobi encounters his wife.
Tobi meets his wife Fiona McKean on his first Canadian ski trip.
They maintained in touch after the trip.
Fiona moved to Germany after graduating.
Tobi was a startup coder.
Fiona found work in Germany.
Her work included editing, writing, and academics.
“We lived together for 10 months and then she told me that she need to go back for the master's program.”
With Fiona, Tobi immigrated to Canada.
Fiona invites Tobi.
Tobi agreed to move to Canada.
Programming helped Tobi move in with his girlfriend.
Tobi was an excellent programmer, therefore what he did in Germany could be done anywhere.
He worked remotely for his German employer in Canada.
Tobi struggled with remote work.
Due to poor communication.
No slack, so he used email.
Programmers had trouble emailing.
Tobi's startup was developing a browser.
After the dot-com crash, individuals left that startup.
Tobi didn't intend to work for any major corporations.
Tobi left his startup.
He believed he had important skills for any huge corporation.
He refused to join a huge corporation.
Because of Siemens.
Tobi learned to write professional code and about himself while working at Siemens in Germany.
Siemens culture was odd.
Employees were distrustful.
Siemens' rigorous dress code implies that the corporation doesn't trust employees' attire.
It wasn't Tobi's place.
“There was so much bad with it that it just felt wrong…20-year-old Tobi would not have a career there.”
Focused only on snowboarding
Tobi lived in Ottawa with his girlfriend.
Canada is frigid in winter.
Ottawa's winters last.
Almost half a year.
Tobi wanted to do something worthwhile now.
So he snowboarded.
Tobi began snowboarding seriously.
He sought every snowboarding knowledge.
He researched the greatest snowboarding gear first.
He created big spreadsheets for snowboard-making technologies.
Tobi grew interested in selling snowboards while researching.
He intended to sell snowboards online.
He had no choice but to start his own company.
A small local company offered Tobi a job.
He must sign papers to join the local company.
He needed a work permit when he signed the documents.
Tobi had no work permit.
He was allowed to stay in Canada while applying for permanent residency.
“I wasn’t illegal in the country, but my state didn’t give me a work permit. I talked to a lawyer and he told me it’s going to take a while until I get a permanent residency.”
Tobi's lawyer told him he cannot get a work visa without permanent residence.
His lawyer said something else intriguing.
Tobis lawyer advised him to start a business.
Tobi declined this local company's job offer because of this.
Tobi considered opening an internet store with his technical skills.
He sold snowboards online.
“I was thinking of setting up an online store software because I figured that would exist and use it as a way to sell snowboards…make money while snowboarding and hopefully have a good life.”
What brought Tobi and his co-founder together, and how did he support Tobi?
Tobi lived with his girlfriend's parents.
In Ottawa, Tobi encounters Scott Lake.
Scott was Tobis girlfriend's family friend and worked for Tobi's future employer.
Scott and Tobi snowboarded.
Tobi pitched Scott his snowboard sales software idea.
Scott liked the idea.
They planned a business together.
“I was looking after the technology and Scott was dealing with the business side…It was Scott who ended up developing relationships with vendors and doing all the business set-up.”
Issues they ran into when attempting to launch their business online
Neither could afford a long-term lease.
That prompted their online business idea.
They would open a store.
Tobi anticipated opening an internet store in a week.
Tobi seeks open-source software.
Most existing software was pricey.
Tobi and Scott couldn't afford pricey software.
“In 2004, I was sitting in front of my computer absolutely stunned realising that we hadn’t figured out how to create software for online stores.”
They required software to:
to upload snowboard images to the website.
people to look up the types of snowboards that were offered on the website. There must be a search feature in the software.
Online users transmit payments, and the merchant must receive them.
notifying vendors of the recently received order.
No online selling software existed at the time.
Online credit card payments were difficult.
How did they advance the software while keeping expenses down?
Tobi and Scott needed money to start selling snowboards.
Tobi and Scott funded their firm with savings.
“We both put money into the company…I think the capital we had was around CAD 20,000(Canadian Dollars).”
Despite investing their savings.
They minimized costs.
They tried to conserve.
No office rental.
They worked in several coffee shops.
Tobi lived rent-free at his girlfriend's parents.
He installed software in coffee cafes.
How were the software issues handled?
Tobi found no online snowboard sales software.
Two choices remained:
Change your mind and try something else.
Use his programming expertise to produce something that will aid in the expansion of this company.
Tobi knew he was the sole programmer working on such a project from the start.
“I had this realisation that I’m going to be the only programmer who has ever worked on this, so I don’t have to choose something that lots of people know. I can choose just the best tool for the job…There is been this programming language called Ruby which I just absolutely loved ”
Ruby was open-source and only had Japanese documentation.
Latin is the source code.
Tobi used Ruby twice.
He assumed he could pick the tool this time.
Why not build with Ruby?
How did they find their first time operating a business?
Tobi writes applications in Ruby.
He wrote the initial software version in 2.5 months.
Tobi and Scott founded Snowdevil to sell snowboards.
Tobi coded for 16 hours a day.
His lifestyle was unhealthy.
He enjoyed pizza and coke.
“I would never recommend this to anyone, but at the time there was nothing more interesting to me in the world.”
Their initial purchase and encounter with it
Tobi worked in cafes then.
“I was working in a coffee shop at this time and I remember everything about that day…At some time, while I was writing the software, I had to type the email that the software would send to tell me about the order.”
Tobi recalls everything.
He checked the order on his laptop at the coffee shop.
Pennsylvanian ordered snowboard.
Tobi walked home and called Scott. Tobi told Scott their first order.
They loved the order.
How were people made aware about Snowdevil?
2004 was very different.
Tobi and Scott attempted simple website advertising.
Google AdWords was new.
Ad clicks cost 20 cents.
Online snowboard stores were scarce at the time.
Google ads propelled the snowdevil brand.
They swiftly recouped their original investment in the snowboard business because to its high profit margin.
Tobi and Scott struggled with inventories.
“Snowboards had really good profit margins…Our biggest problem was keeping inventory and getting it back…We were out of stock all the time.”
Selling snowboards returned their investment and saved them money.
They did not appoint a business manager.
They accomplished everything alone.
Sales dipped in the spring, but something magical happened.
Spring sales plummeted.
They considered stocking different boards.
They naturally wanted to add boards and grow the business.
However, magic occurred.
Tobi coded and improved software while running Snowdevil.
He modified software constantly. He wanted speedier software.
He experimented to make the software more resilient.
Tobi received emails requesting the Snowdevil license.
They intended to create something similar.
“I didn’t stop programming, I was just like Ok now let me try things, let me make it faster and try different approaches…Increasingly I got people sending me emails and asking me If I would like to licence snowdevil to them. People wanted to start something similar.”
Software or skateboards, your choice
Scott and Tobi had to choose a hobby in 2005.
They might sell alternative boards or use software.
The software was a no-brainer from demand.
Daniel Weinand is invited to join Tobi's business.
Tobis German best friend is Daniel.
Tobi and Scott chose to use the software.
Tobi and Scott kept the software service.
Tobi called Daniel to invite him to Canada to collaborate.
Scott and Tobi had quit snowboarding until then.
How was Shopify launched, and whence did the name come from?
The three chose Shopify.
Named from two words.
Shopify's crew has always had one goal:
creating software that would make it simple and easy for people to launch online storefronts.
Launched Shopify after raising money for the first time.
Shopify began fundraising in 2005.
First, they borrowed from family and friends.
They needed roughly $200k to run the company efficiently.
$200k was a lot then.
When questioned why they require so much money. Tobi told them to trust him with their goals. The team raised seed money from family and friends.
Shopify.com has a landing page. A demo of their goal was on the landing page.
In 2006, Shopify had about 4,000 emails.
Shopify rented an Ottawa office.
“We sent a blast of emails…Some people signed up just to try it out, which was exciting.”
How things developed after Scott left the company
Shopify co-founder Scott Lake left in 2008.
Scott was CEO.
“He(Scott) realized at some point that where the software industry was going, most of the people who were the CEOs were actually the highly technical person on the founding team.”
Scott leaving the company worried Tobi.
Tobis worried about finding a new CEO.
A great VC will have the network to identify the perfect CEO for your firm.
Tobi started visiting Silicon Valley to meet with venture capitalists to recruit a CEO.
Initially visiting Silicon Valley
Tobi came to Silicon Valley to start a 20-person company.
This company creates eCommerce store software.
Tobi never wanted a big corporation. He desired a fulfilling existence.
“I stayed in a hostel in the Bay Area. I had one roommate who was also a computer programmer. I bought a bicycle on Craiglist. I was there for a week, but ended up staying two and a half weeks.”
Tobi arrived unprepared.
When venture capitalists asked him business questions.
He answered few queries.
Tobi didn't comprehend VC meetings' terminology.
He wrote the terms down and looked them up.
Some were fascinated after he couldn't answer all these queries.
“I ended up getting the kind of term sheets people dream about…All the offers were conditional on moving our company to Silicon Valley.”
Canada received Tobi.
He wanted to consult his team before deciding. Shopify had five employees at the time.
A global recession greeted Tobi in Canada. The recession hurt the market.
His term sheets were useless.
The economic downturn in the world provided Shopify with a fantastic opportunity.
The global recession caused significant job losses.
Fired employees had several ideas.
They wanted online stores.
Entrepreneurship was desired. They wanted to quit work.
People took risks and tried new things during the global slump.
Shopify subscribers skyrocketed during the recession.
“In 2009, the company reached neutral cash flow for the first time…We were in a position to think about long-term investments, such as infrastructure projects.”
Then, Tobi Lutke became CEO.
How did Tobi perform as the company's CEO?
“I wasn’t good. My team was very patient with me, but I had a lot to learn…It’s a very subtle job.”
Tobi limited the company's potential.
He deliberately restrained company growth.
Tobi had one costly problem:
Whether Shopify is a venture or a lifestyle business.
The company's annual revenue approached $1 million.
Tobi battled with the firm and himself despite good revenue.
His wife was supportive, but the responsibility was crushing him.
“It’s a crushing responsibility…People had families and kids…I just couldn’t believe what was going on…My father-in-law gave me money to cover the payroll and it was his life-saving.”
Throughout this trip, everyone supported Tobi.
They believed it.
$7 million in donations received
Tobi couldn't decide if this was a lifestyle or a business.
Shopify struggled with marketing then.
Later, Tobi tried 5 marketing methods.
He told himself that if any marketing method greatly increased their growth, he would call it a venture, otherwise a lifestyle.
The Shopify crew brainstormed and voted on marketing concepts.
“Every single idea worked…We did Adwords, published a book on the concept, sponsored a podcast and all the ones we tracked worked.”
To Silicon Valley once more
Shopify marketing concepts worked once.
Tobi returned to Silicon Valley to pitch investors.
He raised $7 million, valuing Shopify at $25 million.
All investors had board seats.
“I find it very helpful…I always had a fantastic relationship with everyone who’s invested in my company…I told them straight that I am not going to pretend I know things, I want you to help me.”
Tobi developed skills via running Shopify.
Shopify had 20 employees.
Leaving his wife's parents' home
Tobi left his wife's parents in 2014.
Tobi had a child.
Shopify has 80,000 customers and 300 staff in 2013.
Public offering in 2015
Shopify investors went public in 2015.
Shopify powers 4.1 million e-Commerce sites.
Shopify stores are 65% US-based.
It is currently valued at $48 billion.
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1 year ago
7 Scientifically Proven Things You Must Stop Doing To Be More Productive
Smarter work yields better results.
17-year-old me worked and studied 20 hours a day. During school breaks, I did coursework and ran a nonprofit at night. Long hours earned me national campaigns, A-list opportunities, and a great career. As I aged, my thoughts changed. Working harder isn't necessarily the key to success.
In some cases, doing less work might lead to better outcomes.
Consider a hard-working small business owner. He can't beat his corporate rivals by working hard. Time's limited. An entrepreneur can work 24 hours a day, 7 days a week, but a rival can invest more money, create a staff, and put in more man hours. Why have small startups done what larger companies couldn't? Facebook paid $1 billion for 13-person Instagram. Snapchat, a 30-person startup, rejected Facebook and Google bids. Luck and efficiency each contributed to their achievement.
The key to success is not working hard. It’s working smart.
Being busy and productive are different. Busy doesn't always equal productive. Productivity is less about time management and more about energy management. Life's work. It's using less energy to obtain more rewards. I cut my work week from 80 to 40 hours and got more done. I value simplicity.
Here are seven activities I gave up in order to be more productive.
1. Give up working extra hours and boost productivity instead.
When did the five-day, 40-hour work week start? Henry Ford, Ford Motor Company founder, experimented with his workers in 1926.
He decreased their daily hours from 10 to 8, and shortened the work week from 6 days to 5. As a result, he saw his workers’ productivity increase.
According to a 1980 Business Roundtable report, Scheduled Overtime Effect on Construction Projects, the more you work, the less effective and productive you become.
“Where a work schedule of 60 or more hours per week is continued longer than about two months, the cumulative effect of decreased productivity will cause a delay in the completion date beyond that which could have been realized with the same crew size on a 40-hour week.” Source: Calculating Loss of Productivity Due to Overtime Using Published Charts — Fact or Fiction
AlterNet editor Sara Robinson cited US military research showing that losing one hour of sleep per night for a week causes cognitive impairment equivalent to a.10 blood alcohol level. You can get fired for showing up drunk, but an all-nighter is fine.
Irrespective of how well you were able to get on with your day after that most recent night without sleep, it is unlikely that you felt especially upbeat and joyous about the world. Your more-negative-than-usual perspective will have resulted from a generalized low mood, which is a normal consequence of being overtired. More important than just the mood, this mind-set is often accompanied by decreases in willingness to think and act proactively, control impulses, feel positive about yourself, empathize with others, and generally use emotional intelligence. Source: The Secret World of Sleep: The Surprising Science of the Mind at Rest
To be productive, don't overwork and get enough sleep. If you're not productive, lack of sleep may be to blame. James Maas, a sleep researcher and expert, said 7/10 Americans don't get enough sleep.
Did you know?
Leonardo da Vinci slept little at night and frequently took naps.
Napoleon, the French emperor, had no qualms about napping. He splurged every day.
Even though Thomas Edison felt self-conscious about his napping behavior, he regularly engaged in this ritual.
President Franklin D. Roosevelt's wife Eleanor used to take naps before speeches to increase her energy.
The Singing Cowboy, Gene Autry, was known for taking regular naps in his dressing area in between shows.
Every day, President John F. Kennedy took a siesta after eating his lunch in bed.
Every afternoon, oil businessman and philanthropist John D. Rockefeller took a nap in his office.
It was unavoidable for Winston Churchill to take an afternoon snooze. He thought it enabled him to accomplish twice as much each day.
Every afternoon around 3:30, President Lyndon B. Johnson took a nap to divide his day into two segments.
Ronald Reagan, the 40th president, was well known for taking naps as well.
Since I started getting 7 to 8 hours of sleep a night, I've been more productive and completed more work than when I worked 16 hours a day. Who knew marketers could use sleep?
2. Refrain from accepting too frequently
Pareto's principle states that 20% of effort produces 80% of results, but 20% of results takes 80% of effort. Instead of working harder, we should prioritize the initiatives that produce the most outcomes. So we can focus on crucial tasks. Stop accepting unproductive tasks.
“The difference between successful people and very successful people is that very successful people say “no” to almost everything.” — Warren Buffett
What should you accept? Why say no? Consider doing a split test to determine if anything is worth your attention. Track what you do, how long it takes, and the consequences. Then, evaluate your list to discover what worked (or didn't) to optimize future chores.
Most of us say yes more often than we should, out of guilt, overextension, and because it's simpler than no. Nobody likes being awful.
Researchers separated 120 students into two groups for a 2012 Journal of Consumer Research study. One group was educated to say “I can't” while discussing choices, while the other used “I don't”.
The students who told themselves “I can’t eat X” chose to eat the chocolate candy bar 61% of the time. Meanwhile, the students who told themselves “I don’t eat X” chose to eat the chocolate candy bars only 36% of the time. This simple change in terminology significantly improved the odds that each person would make a more healthy food choice.
Next time you need to say no, utilize I don't to encourage saying no to unimportant things.
The 20-second rule is another wonderful way to avoid pursuits with little value. Add a 20-second roadblock to things you shouldn't do or bad habits you want to break. Delete social media apps from your phone so it takes you 20 seconds to find your laptop to access them. You'll be less likely to engage in a draining hobby or habit if you add an inconvenience.
Lower the activation energy for habits you want to adopt and raise it for habits you want to avoid. The more we can lower or even eliminate the activation energy for our desired actions, the more we enhance our ability to jump-start positive change. Source: The Happiness Advantage: The Seven Principles of Positive Psychology That Fuel Success and Performance at Work
3. Stop doing everything yourself and start letting people help you
I once managed a large community and couldn't do it alone. The community took over once I burned out. Members did better than I could have alone. I learned about community and user-generated content.
Consumers know what they want better than marketers. Octoly says user-generated videos on YouTube are viewed 10 times more than brand-generated videos. 51% of Americans trust user-generated material more than a brand's official website (16%) or media coverage (22%). (14 percent). Marketers should seek help from the brand community.
Being a successful content marketer isn't about generating the best content, but cultivating a wonderful community.
We should seek aid when needed. We can't do everything. It's best to delegate work so you may focus on the most critical things. Instead of overworking or doing things alone, let others help.
Having friends or coworkers around can boost your productivity even if they can't help.
Just having friends nearby can push you toward productivity. “There’s a concept in ADHD treatment called the ‘body double,’ ” says David Nowell, Ph.D., a clinical neuropsychologist from Worcester, Massachusetts. “Distractable people get more done when there is someone else there, even if he isn’t coaching or assisting them.” If you’re facing a task that is dull or difficult, such as cleaning out your closets or pulling together your receipts for tax time, get a friend to be your body double. Source: Friendfluence: The Surprising Ways Friends Make Us Who We Are
4. Give up striving for perfection
Perfectionism hinders professors' research output. Dr. Simon Sherry, a psychology professor at Dalhousie University, did a study on perfectionism and productivity. Dr. Sherry established a link between perfectionism and productivity.
Perfectionism has its drawbacks.
They work on a task longer than necessary.
They delay and wait for the ideal opportunity. If the time is right in business, you are already past the point.
They pay too much attention to the details and miss the big picture.
Marketers await the right time. They miss out.
The perfect moment is NOW.
5. Automate monotonous chores instead of continuing to do them.
A team of five workers who spent 3%, 20%, 25%, 30%, and 70% of their time on repetitive tasks reduced their time spent to 3%, 10%, 15%, 15%, and 10% after two months of working to improve their productivity.
Last week, I wrote a 15-minute Python program. I wanted to generate content utilizing Twitter API data and Hootsuite to bulk schedule it. Automation has cut this task from a day to five minutes. Whenever I do something more than five times, I try to automate it.
Automate monotonous chores without coding. Skills and resources are nice, but not required. If you cannot build it, buy it.
People forget time equals money. Manual work is easy and requires little investigation. You can moderate 30 Instagram photographs for your UGC campaign. You need digital asset management software to manage 30,000 photographs and movies from five platforms. Filemobile helps individuals develop more user-generated content. You may buy software to manage rich media and address most internet difficulties.
Hire an expert if you can't find a solution. Spend money to make money, and time is your most precious asset.
Visit GitHub or Google Apps Script library, marketers. You may often find free, easy-to-use open source code.
6. Stop relying on intuition and start supporting your choices with data.
You may optimize your life by optimizing webpages for search engines.
Numerous studies might help you boost your productivity. Did you know individuals are most distracted from midday to 4 p.m.? This is what a Penn State psychology professor found. Even if you can't find data on a particular question, it's easy to run a split test and review your own results.
7. Stop working and spend some time doing absolutely nothing.
Most people don't know that being too focused can be destructive to our work or achievements. The Boston Globe's The Power of Lonely says solo time is excellent for the brain and spirit.
One ongoing Harvard study indicates that people form more lasting and accurate memories if they believe they’re experiencing something alone. Another indicates that a certain amount of solitude can make a person more capable of empathy towards others. And while no one would dispute that too much isolation early in life can be unhealthy, a certain amount of solitude has been shown to help teenagers improve their moods and earn good grades in school. Source: The Power of Lonely
Reflection is vital. We find solutions when we're not looking.
We don't become more productive overnight. It demands effort and practice. Waiting for change doesn't work. Instead, learn about your body and identify ways to optimize your energy and time for a happy existence.
1 year ago
Gran Turismo 7 Update Eases Up On The Grind After Fan Outrage
Polyphony Digital has changed the game after apologizing in March.
To make amends for some disastrous downtime, Gran Turismo 7 director Kazunori Yamauchi announced a credits handout and promised to “dramatically change GT7's car economy to help make amends” last month. The first of these has arrived.
The game's 1.11 update includes the following concessions to players frustrated by the economy and its subsequent grind:
The last half of the World Circuits events have increased in-game credit rewards.
Modified Arcade and Custom Race rewards
Clearing all circuit layouts with Gold or Bronze now rewards In-game Credits. Exiting the Sector selection screen with the Exit button will award Credits if an event has already been cleared.
Increased Credits Rewards in Lobby and Daily Races
Increased the free in-game Credits cap from 20,000,000 to 100,000,000.
Additionally, “The Human Comedy” missions are one-hour endurance races that award “up to 1,200,000” credits per event.
This isn't everything Yamauchi promised last month; he said it would take several patches and updates to fully implement the changes. Here's a list of everything he said would happen, some of which have already happened (like the World Cup rewards and credit cap):
- Increase rewards in the latter half of the World Circuits by roughly 100%.
- Added high rewards for all Gold/Bronze results clearing the Circuit Experience.
- Online Races rewards increase.
- Add 8 new 1-hour Endurance Race events to Missions. So expect higher rewards.
- Increase the non-paid credit limit in player wallets from 20M to 100M.
- Expand the number of Used and Legend cars available at any time.
- With time, we will increase the payout value of limited time rewards.
- New World Circuit events.
- Missions now include 24-hour endurance races.
- Online Time Trials added, with rewards based on the player's time difference from the leader.
- Make cars sellable.
The full list of updates and changes can be found here.
Read the original post.
1 year ago
Developed an automated cryptocurrency trading tool for nearly a year before unveiling it this month.
I'm happy to provide this important update. We've worked on this for a year and a half, so I'm glad to finally write it. We named the application AESIR because we’ve love Norse Mythology. AESIR automates and runs trading strategies.
Volatility, technical analysis, oscillators, and other signals are currently supported by AESIR.
Additionally, we enhanced AESIR's ability to create distinctive bespoke signals by allowing it to analyze many indicators and produce a single signal.
AESIR has a significant social component that allows you to copy the best-performing public setups and use them right away.
Enter your email here to be notified when AEISR launches.
Views on algorithmic trading
First, let me clarify. Anyone who claims algorithmic trading platforms are money-printing plug-and-play devices is a liar. Algorithmic trading platforms are a collection of tools.
A trading algorithm won't make you a competent trader if you lack a trading strategy and yolo your funds without testing. It may hurt your trade. Test and alter your plans to account for market swings, but comprehend market signals and trends.
Throughout closed beta testing, we've communicated closely with users to design a platform they want to use.
To celebrate, we're giving you free Aesir Viking NFTs and we cover gas fees.
Why use a trading Algorithm?
Automating a successful manual approach
experimenting with and developing solutions that are impossible to execute manually
One AESIR strategy lets you buy any cryptocurrency that rose by more than x% in y seconds.
AESIR can scan an exchange for coins that have gained more than 3% in 5 minutes. It's impossible to manually analyze over 1000 trading pairings every 5 minutes. Auto buy dips or DCA around a Dip
Here's the Leaderboard, where you can clone the best public settings.
As a tiny, self-funded team, we're excited to unveil our product. It's a beta release, so there's still more to accomplish, but we know where we stand.
If this sounds like a project that you might want to learn more about, you can sign up to our newsletter and be notified when AESIR launches.