About entrepreneurship
In the previous post we were talking about the need for entrepreneurs to draw “lines in the sand”, estimates of success through which those responsible for a project can assess whether their efforts are taking the company to higher stages or if they are stagnant. It's one of the tips they give Alistair Croll and Benjamin Yoskovitz, startup accelerators and analysts, in a volume published this year under the title “Lean Analytics”, in which they explain the importance of relying on data (digital analytics) to make a project grow.
One of the great recommendations of the Crolls and Yoskovitz is that An entrepreneur must focus on a key metric of their business. It may be one at each stage of its evolution, but one, in any case. These stages can be, for example, a first to make the product or service create consumer retention, then use another to check if we are generating awareness (or virality), and a different one to increase revenues. But knowing the metrics that matter in a business is not enough. In this process, we will have to draw the above-mentioned “lines in the sand”. To do this, we will set a figure that we trust to consider that we are being successful if we manage to achieve it. If we don't reach it, we'll have to turn around and start polishing that aspect of the business again. Yes, it's okay to say it: we have to experiment. Pero experiment by establishing rules beforehand, and measuring. And what happens if that figure is reached but not raised to “otherworldly” levels? Does overcoming that experiment mean that a company will continue to grow? Croll and Yokovitz have two answers to this understandable question:1. Of course, there are times when we already know that figure. Therefore, we must first of all go to our business model, which will tell us what levels a metric should reach. For example, if we know that we need at least 8% of our users to register for a payment option to achieve business objectives. The metric here will be, for example, (number of paying users/number of total users) * 100.2. But at earlier stages, when we are still deciding the details of our
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business model, we will simply have to resort to common sense. Prior (and current, supported by data) knowledge of a sector and a market is essential. If we don't have previous experience in that market, we can do different types of research, ranging from Talk to consumers Until we remain attentive to possible unsuspected uses that they give to your product or service starting from standard or initial use, passing, of course, through more technical tests such as A/B tests. Often, it is the companies themselves that come to you to offer you a service that can make you start a process of mutation from B2C to B2B. In all these cases, you may find yourself with significant data. Sometimes they won't be definitive, but they are a good start for making changes and exploiting other parts of your business. And that's what will help us to be more clear What lines do we have to draw in the sand and what value to give them.
