Summary of Courtney Reum & Carter Reum's Shortcut Your Startup , livre ebook

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33 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 As entrepreneurs, you must minimize the number of unknowns and navigate your team around the traps to the best of your ability. This is done on the front lines, not in the boardroom, where a strategy is set.
#2 The consequence of being late is that you have less time to meander. Since businesses can get their products in front of so many customers using digital tools, the consequences of being slow are massive.
#3 The Switchup approach is to leave your job and work the line at a restaurant, making minimum wage, to learn about the industry. This allows you to take the right amount of risk.
#4 Before you begin your testing, create a game plan. Test your assumptions systematically and find answers to the things you don’t know. Support your trench experience with desk research.

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Entrepreneuriat

Entrepreneurship

Informations

Publié par	Everest Media LLC
Date de parution	13 mars 2022
Nombre de lectures	0
EAN13	9781669353799
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Courtney Reum & Carter Reum's Shortcut Your Startup
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3
Insights from Chapter 1

#1

As entrepreneurs, you must minimize the number of unknowns and navigate your team around the traps to the best of your ability. This is done on the front lines, not in the boardroom, where a strategy is set.

#2

The consequence of being late is that you have less time to meander. Since businesses can get their products in front of so many customers using digital tools, the consequences of being slow are massive.

#3

The Switchup approach is to leave your job and work the line at a restaurant, making minimum wage, to learn about the industry. This allows you to take the right amount of risk.

#4

Before you begin your testing, create a game plan. Test your assumptions systematically and find answers to the things you don’t know. Support your trench experience with desk research.

#5

When you are looking for key insights, you are essentially trying to find a single meaningful insight that makes sense when you hear it. The deeper and better your insight, the better your business will be.

#6

In the trenches, people are constantly observing and thinking about what they see. Successful people seek insights, instead of just collecting information.

#7

The concept of getting into the trenches applies not only to those who are working toward launching a business, but also to those who are trying to pivot or improve their offering.

#8

When bartenders compared VEEV to an açaí liqueur, sales were low. When they compared it to flavored vodka, sales were much better. The slight adjustment to the story made a huge impact on the top line.

#9

We paid attention to how people mixed VEEV on their own. The perception was that we were the healthy alternative in the space, so we doubled down on that messaging. We made our signature drinks clean, with very few ingredients and low sugar content, and created the slogan A better way to drink.

#10

Distributors have a difficult job: they have to sell many products in limited time. We learned that no one was going to push our product harder than we were, even if it was their job to do so. We had to be our own advocates.

#11

The founders of VEEV had a major realization after spending time in bars: bartenders don’t always pour what a customer orders. This can happen for a variety of reasons: they’re busy and don’t have time to go get another bottle of your product, they simply don’t care, or they’re being incentivized by another company.

#12

The smallest adjustment based on early insights can make a massive difference over time. The founders of Twitch. tv, now the world’s leading video platform for gamers, were able to change course and launch a successful business because they were able to observe customer behavior and market trends.

#13

When pricing your product, you must be aware of where you are in your development cycle. You should understand what consumers would expect to pay for something comparable. Initially, you will make less per unit, but broad sales are important when you are starting off.

#14

Pricing has become a more complex topic for startups to understand and implement. Consumers in today’s world have fast and reliable access to information, which allows them to make more informed purchase decisions.

#15

Not all ideas can be turned into full-fledged companies. Some may only be able to be sold as a product, while others may only be able to be sold as a service. Know what you’re trying to do before you start doing it.

#16

The same thinking works for an app. What’s your special feature. What benefit does it offer. Can that be extended. Entrepreneurs should think about their product road map starting from day one, even if they’re not going to execute the whole road map at first.

#17

The hero product is the standout item or service that creates buzz and gets people to your website. It helps pull in your core customer, the main driver of your business.

#18

A successful businessperson must have a microscope and a telescope on one eye. The last Switchup was about investigating as many details as possible in advance. This one is about the big picture and figuring out what kind of company you need to create to succeed.

#19

Speedboats are the first movers in a new category. They require a lot of fuel and often run unprofitably to become market leaders, because they must end up as number one or two at the finish line.

#20

The distinction between speedboats and sailboats is that the former are first or second, while the latter are heading in a general direction but are beholden to the winds. Sailboats pay attention to where things are moving, while speedboats try to reach the top quickly.

#21

The messaging app Slack is a great example of how a company can benefit from the trend of communication. Its founders were originally working on a browser-based MMO game called Glitch, which stopped operations in 2012. They pivoted in January 2013, and by June, they were beta-testing the Slack platform.

#22

The choice between a speedboat and a sailboat is a crucial one for entrepreneurs. While the rewards of being a successful speedboat are huge, the likelihood of success is slim. Most non-tech companies cannot scale quickly enough, and even some that can are not able to do so with sustainable unit economics.

#23

When deciding on your strategy, start with these questions: Are you racing to acquire customers as fast as possible in a winner-take-all market. Or are you selling an interim product or service until you discover your hero product.

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