During the last days I have read some useful blog entries related to entrepreneurship:
- A two-part rule for naming your startup: Use a compound name, with 2 components: one word that relates to the product and a second word that represents a metaphorical adjective that evokes the characteristic of the company's product. Some examples, PayPal, IronPort or Brightmail.
- Increase value instead of lowering the price: Seth Godin says that when your customers or sales force ask you to lower the price what they are actually asking is to increase the value. If people don't want to pay, it is because you are not delivering enough value for the money you are charging. Seth is completely aligned with Ken Morse and Howard Anderson in our Technology Sales class at MIT.
- End of the startup phase: Marek Fodor (founder of Atrapalo) wrote in his blog about when the startup phase ends (and therefore, defines some of the characteristics of a startup). Some of the possible criteria he mentions are: a) you breakeven; b) Most employees do not work more than 8 hours a day; c) The company has a receptionist; d) Ideas launched by the competition are the main source of inspiration; e) founders have separated offices from the rest of the team; and f) Founders can stay away (e.g., on vacation) for multiple days and the company continues working as fine (or better) than when they are there.
- Two important lessons from Dharmesh Shah (founder of Hubspot and serial entrepreneur)
a) Don't Just be a wannabepreneur: If you've got a passion for startups, you need to be in a startup. Very appropriate for me :-)
b) Raising VC Funding does not equal success: It demonstrates that smart people believe in you and provides credibility to recruit, have customers, have partners, etc-- but it is not success. VC funding is only an opportunity to create success.