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Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Extensive Research On How To Build Wealth From The Comfort Of Your Own Home.
Dec 27th
One of the holy Internet startup commandments lately seems to be “Thou shalt not launch.” But I launch all the time, and I love it. Why? Because my startup’s most valuable commodity is time. I need to get as much user feedback on my product as I can get – and I need it fast. There are half a dozen legitimate, well-funded competitors in my space with teams that are two to 10 times bigger than mine. If I want to succeed, I don’t have the time to mess around.

Here’s an example. Earlier this year, we launched our Android app and got lots of negative reviews because our pricing strategy didn’t work for the mobile app world. What did we do? We quickly changed our pricing, updated our app and (drumroll, please. . .) turned a lot of those unhappy users into engaged customers.
Customers were pleased that we listened to them and improved our offering based on their feedback. They gave us a second chance, and they appreciated the effort we put into improving the product. That’s the value of launching first and correcting course later. So what’s with all the hating on launchers? Lean startup guru Eric Ries probably best explains the “Don’t Launch” philosophy. The biggest risks are that you’ll somehow mess up your positioning, product or messaging.
I just don’t agree. If you fail the first time, pick yourself up and launch again. You can do it. I mean, if politicians can change their positioning on taxes or immigration at will, then why can’t your startup modify its value proposition?
It seems that everyone is viewing this argument in extremes. They either picture the overhyped startup (a la Color) that is unable to live up to the media’s inflated expectations, or the stealth startup doing their thing sans users because no one knows they exist. But there’s a massive middle ground people are missing between these poles.
If you have funding and you’re cranking on an awesome product (crushing some code, brogramming as this BostInno post describes, or whatever you do), why not just let people know about it?
It’s foolish to think that your launch “coming out party” is your one opportunity for press, your one shot at greatness. People make the assumption that the spark from a launch has to be doused with a firehose if a startup decides to adjust its strategy. Nothing could be further from the truth. We launched several years ago as a mail-in scanning service. This year, we introduced apps that let people scan to the cloud themselves.
Each of these apps has presented a new opportunity to launch all over again, reaching new audiences and putting our product in the hands of more people.
In terms of “life after the launch” — there’s plenty. Think of each launch or relaunch as an opportunity to prove to your customers that you are listening to them. For example, our initial iPad app wasn’t that great even though the launch was solid. So what did I say, as CEO, when we recently relaunched the updated iPad app? That our customers “demanded an app from us that let them scan.” Our new iPad 2 is now OfficeDrop’s #1 daily source of new customers.
Of course, you should have a series of activities taking place after your launch to prove that you didn’t just have a single, big-bang event and then fall into the ether. These can include product updates, opinion pieces, and social media campaigns that engage your users and show a little personality. Evernote is a great example of a company that announces frequent updates and gets great mileage out of them. If you can do this regularly, reporters will pay attention and cover you regardless of whether you’re constantly pushing your story on them.
Even brilliant marketers like Sean Ellis (who has an amazing blog on startup marketing) sometimes realize there are exceptions to “launching your startup with a trickle.” He recently launched his new startup CatchFree at TechCrunch Disrupt, perhaps the biggest “launch” opportunity possible. He’s been through this before, and he analyzed the risk/reward and identified the appropriate time to be bold.
The bottom line is: You’re an entrepreneur. So get excited! And don’t be afraid to talk about what you’re doing, regardless of the fact that it may change. Keeping it under wraps doesn’t help anyone, and the excitement you feel about your startup will be infectious. If you develop great stuff and are pumped about it, others will pick up on your energy. So get out there and launch!
Launch Photo via Shutterstock
View full post on Small Business News, Tips, Advice – Small Business Trends
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Feb 15th
Startups are the new shiny toy these days. Groupon and Mint are among the constantly quoted examples of what can go right with a business startup, but what percentage of startups actually enjoy that kind of phenomenal success?
Before you jump right into a startup, consider these four reasons it might be worth thinking through.
1. Money Burns Like Kindling
Whether you’re bootstrapping your startup or actually get seed money or VC capital, I guarantee the money will disappear quicker than you planned. A VC in Silicon Valley wants you to meet in his office…tomorrow. Bam: $2,000 for travel expenses. Another mobile carrier said they’d consider hosting your app, if you make 20 hours’ worth of programming changes. Bam. Another $1,000 gone, with no guarantee of revenue as a result. Things break. Conferences come up. Money dwindles.
Even getting money can be problematic. VCs are the equivalent of journalists: they’re getting pitched from every angle, and being heard above the din isn’t always easy.
How to Circumvent the Money Drain: Having money, period, for your startup already puts you ahead of the crowd. Make a budget upfront and build in as many surprises as you can. Pad the budget for travel and discretionary funds, and make sure you always have enough to pay your staff.
2. The Learning Curve Is Tough
Unless you’ve done this before, I’m guessing you’re winging the whole startup thing as you go. Reading Hacker News and OnStartups; attending industry conferences; finding other startups in your area (or maybe you’re not doing these things?). There’s only so much you can glean about crafting a startup pitch to VCs from blog posts. You need inside advice, and what you lack may show when you’re pitching investors.
How to Get Your Startup Degree: Self-teaching and sticking with it is what helps the big startups get acquired or funded. Don’t give up. Find a local mentor or startup organization that will rally around you and give you inside tips on what investors (even specific firms) are looking for. Ask for advice in putting together your deck and business plan. You are not operating in a bubble; ask for help. Repay it on the other side.
3. You May Kill Your Co-Founder
You and your best bud came up with a fantastic idea for a startup…only now he’s dragging his feet at getting coding done, or disagrees with you on every point. How are you supposed to grow a business if you can’t even agree on a logo? Starting a business with a friend can be stressful and put a strain on a relationship. Do you have to choose between getting rich or having a friend?
How to Keep Your Friend and Make Money: At the outset of your startup, determine what each of you will do. What are each of your strengths? What will you each be responsible for? It’s a good idea if one of you takes the CEO role and can make executive business decisions. Make it clear who has what authority. Stay in constant contact, and don’t let aggression build up. Go out for beers together every once in a while.
4. The Competition Beats You to It
After months of development, you’re ready to release your app or service. The day before launch, you find out a formidable competitor has just launched the exact same product. Do you throw all your work down the toilet?
How to Keep on Truckin’: The thing about startups, especially tech ones, is that you can’t focus on a single product or solution. You have to be multifunctional and find different ways to reach your audience. If this was your only product, you must decide whether to go up against a competitor with deeper pockets. The smart thing to do is to start out working on multiple projects so you can shift your focus if need be.
If you’re still reading, congrats. If these reasons didn’t scare you away from creating a startup, I wish you the best. Ben Yoskovitz talks about why you should begin a startup. You’re passionate. You want to change the world. You’re a control freak. But you don’t need me to tell you that.
Startups are like babies. They require a lot of care, and many people start them on a whim. But they need constant nurturing or they’ll die (taking your $100,000 second mortgage with them). Be fully prepared for the responsibility a startup entails, and you’ll be fine. You can thank me after you’ve sold to Google.
4 Reasons Not to Launch a Startup
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View full post on Small Business News, Tips, Advice – Small Business Trends
Jan 19th
About a year after they were founded, Google was first mentioned in the New York Times. As an aside, in a non-news column.
Today of course, it seems like everything they do is instantly news. It’s easy to forget that just about every major online service (eBay, Amazon, Paypal, Twitter, Facebook) launched in obscurity. Same with classic books, pop musicians and political careers.
The big splash might feel good, but it’s clearly not necessary.
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View full post on Seth’s Blog