Sterling Terrell

smart ideas from books

Business Assumptions

Business Assumptions

Business assumptions can be a broad issue, but specifically, assuming too much can stand in the way of empathizing with our customers.

I mean, if we can not stand in their shoes, how can we lead them down the proper path?

The website for your lawn company has 400 words on every variety of grass, and 1,200 words on how your dad started the company while in college, but is it so obvious that you want visitors to sign up for one of your yard-care plans? Maybe not.

The more stupid simple, stupid obvious, and stupid easy the better.

The grunt test is probably a good place to start.

In fact, maybe I should be more clear that the main thing I want is for a visitor to sign up for my newsletter.

I’ll need to think on this…

One of the biggest hindrances to business success is that we think customers can read our minds. It’s obvious to us that we want them to place an order (why else would we be talking to them about our products?), so we assume it’s obvious to them too. It isn’t.

-Donald Miller, Building A StoryBrand

Venture Capital vs Bootstrapping

Venture Capital vs Bootstrapping

Looking at venture capital vs bootstrapping seems to be a clear case of asking:

What do you want? 

I would probably lean towards bootstrapping – for I would rather have the control and the slow climb than such a small chance of success.

But who knows.

I mean, nobody has ever offered me a few million dollars where I had to decide.

The point is that there is no correct answer here, only trade-offs.

Interesting that Rand did venture capital with his first company, Moz – and now looks to be bootstrapping his new venture, SparkToro.com.

When choosing your own funding, think hard about what you want in the long run. Are you totally comfortable chasing a big exit and okay with the limitations on pay and control, and the high failure rates? If so, venture capital is exactly the model you’re seeking. Are you looking for complete control, profitability, and 100 percent ownership with slower growth? Bootstrapping on nights and weekends while you’re at a day job (or consulting, or living with a very supportive partner) may be the right match.

-Rand Fishkin, Lost And Founder