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5 Lessons for Entrepreneurs

Started by David Cancel · 9 months ago

Flickr Photo by noahwesley

Scott Rafer’s 5 lessons for Entrepreneurs:

Make the first startup simple and small. Make a million or two and get some leverage.
Sexy sucks. boring is always better. If anyone thinks that they can get laid competing with you, it will screw ... Continue reading »

8 comments

  • Scott Rafer

    9 months ago

    I was asked to clarify point 4. I had specifically made it MBA jargon as the info request was for a Tuck alum speech.

    "Trying to fix the customer will cost you at least half your company in VC. Focus on making your offer look like what the customer already buys."
    reply
  • Steven W

    9 months ago

    So from the other comment about #4 is that your pricing better match the set expectations of the customer rather then some new model that they are less likely to accept/adopt?

    I am fighting this questions with our new product and we go around and around with the models. And each time we balance simplicity (for us) to what clients have come to accept or tolerate.

    I have also heard that many other successful entrepreneurs explain they wished they had played with the pricing models more in the earlier.
    reply
  • istgah

    8 months ago

    very nice and interesting good luck
    reply
  • Tim Rosenblatt

    7 months ago

    Hi David, I saw you came to my site via MyBlogLog, so I checked out your site. This post caught my eye, especially #2

    "Sexy sucks, boring is always better." Not sure what the second sentence is referring to, but the first is worth it. It's like Warren Buffet investing logic: don't try to make money though buying and selling, shooting for huge quick gains. It's sexy, sure. But if you invest with a boring strategy of "make money slowly over time through purchasing good companies", it works.
    reply
  • Shaneen Clarke

    6 months ago

    I like points on #1 and #5. Starting small usually yields effective results and small workforce yet efficient has the most value in the company.
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  • James T

    6 months ago

    no doubt about it small works every time... scale when the model works.. IDEATION, Business Design, Business Launch and Service are four different paradigms that require different skill-sets at each stage. My advice to anyone is never give equity to early adopters unless they are prepared to go the full hog.
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  • forint

    4 months ago

    the second pint is the best. The sexy sucks :)
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  • Neil

    3 months ago

    You speak the truth my friend. I like 1 & 3 the best. I didn't know there was true data behind #5 but it isn't shocking,
    reply
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