Entrepreneurship Tips — Operations

How Big Must A Market For An MVP And Market Entry Strategy Be?

Posted by Robert Norton on

How Big Must A Market For An MVP And Market Entry Strategy Be?

Absolutely. That is called a “niche” and often is the intersection of a vertical market and application/problem. And even smaller is okay and sometimes an advantage in the beginning. Of course, you also need a vision and steps into larger markets. Generally, $1 billion minimum if you seek institutional capital, as they only invest in companies that can reach $100M in sales after 5–6 years. Even if your price point is $250 that’s a $12.5M market opportunity. Which may be enough to validate your product, tune it, prove your value proposition, price point, marketing, and sales economics to raise funding...

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What are the benefits of having a business mentor as an entrepreneur?

Posted by Robert Norton on

What are the benefits of having a business mentor as an entrepreneur?

There are too many to list individually, but most come from having someone with experience. People often confuse smart with experienced and think they can do anything new well. Science and logic says this is not possible with anything complex. Few things are as complex as entrepreneurship. Hardly anyone would read a book on flying and hop in a plane alone to fly it. Or try to climb Mount Everest alone. But everyone thinks they can build a new business for some strange reason. As a result, we have an 85% failure rate of new businesses. Ones with coaches and...

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Why Are OKRs in Vogue?

Posted by Robert Norton on

Why Are OKRs in Vogue?

I would not say they are “In vogue” at all. They have always been a fundamental building block of good management. Recently the term OKRs has become more common because it has been used and promoted by some VCs, Google, Intel and other successful companies. However, OKR is almost identical to Management By Objective (MBO) that was created in the 1960s by Peter Drucker, The Father of Management. This is a classic management principle that any professional manager should understand which most business schools fail to teach well. It is the “Blocking and tackling” of management that cannot be ignored. Sometimes...

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What Are OKRs, MBOs and KPIs?

Posted by Robert Norton on

What Are OKRs, MBOs and KPIs?

How Professional Managers Set Goals and Get 56% More Productivity from Their Teams The Father of Management, Peter Drucker first invented a formal goal setting process called Management By Objective (MBO back in the 1960s.  Human beings have not change much at all since then.  Most people require supervision and managers.  MBO is both a process and very specific goal.   An "MBO" is also a single company or personal objective.  A goal is turned into an objective by making it very specific. Even binary "done" or "Not done".  It is the secret great mangers do well and most managers fail to...

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What are Quarterly OKRs and How do you Pick Good OKRs?

Posted by Robert Norton on

What are Quarterly OKRs and How do you Pick Good OKRs?

That is kind of like asking how to paint a good painting or write a good song.Practice and basing them on the long-term Strategic Plan is the best simple answer. Having been trained management teams since 2004 to do this I have found almost no one does it well at first. It requires about 2 monthly cycles of practice to get it. However, each time people will do better and understand the value more. I have a course on Online Courses - Learn Anything, On Your Schedule | Udemy on this and a video here: Management Best Practices that explains why MBO/OKR are not...

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