Startup Mistakes by Software and Tech Companies: The Rebuttal

A friend of mine shared this article with me over Twitter, after we discussed (and agreed), that tech startups underestimate the power of sales and marketing. I still believe that to be true, but the article sounds like someone in a suit with a ‘real’ job wrote it without the slightest insight into the mind of an entrepreneur.

While some points are valid, the majority of them were presented so poorly that any entrepreneur reading this would just shake their head in disgust and miss the message. Seeing as Twitter arguments usually go nowhere, I decided to write my ‘rebuttal’ here and highlight the important points from a different point of view.

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XYDO Goes Public

Woke up this morning to a lovely surprise – XYDO went public. Even in my half-asleep state, I felt extremely proud, which I dare compare to a child taking their first steps.

Founders, Eric Roach and Cameron Brain, saw an opportunity and executed. Unlike similar news feeds, XYDO provides us with socially endorsed news, from the people we trust.

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Who is Your Target Market?

“I have an idea for a mobile app, and I read that there are about 5 billion cell phones subscriptions. Even if I only get 10% of the market, I’ll be a millionaire!”

Have you ever heard something along those lines? We have.

Optimistic thinking is great, but realistic planning will get you from ‘keep on dreaming’ to ‘living the dream’. A realistic market share estimate involves market research, and assessments such as a competitive analysis. However, before in-depth research can be done you must identify a specific target market. Understanding your audience is key for creating and sustaining a successful venture.

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Wealth Creation

I just read an absolutely brilliant, and ridiculously long, essay by Paul Graham. I decided to edit the essay, however, the full version, titled How to Make Wealth, is available online.

Startups date back to 1960’s, and they often involve a challenging technology. Instead of working at a corporation at an average pace for several years, you can choose to startup your own company by compressing your effort and concentrating on one difficult aspect. Startups are the best way to get rich.

When working for an established firm you are limited by your job title, and are constantly interrupted by your supervisors and co-workers. The company determines your worth, and you usually do not get paid according to the profit you generate. On the other hand, startups have less red tape, and therefore productivity is increased dramatically. In addition, startups consist of smaller teams and clearly defined individual contributions, resulting in an accurate allocation of profit. While startups reward hard working individuals with greater wealth within a shorter time span, the effort involved is very taxing.

There are many ways to get rich, but getting paid through wealth creation is the most simple and valid method. The key is creating value. Continue reading

Dropbox

Some people trust their computers and store every piece of important information on it without backing it up. Others, like myself, are fanatics about organizing and keeping information in 10 million places just in case one day you might find use for a balance sheet assignment from a high school accounting class. I also still have every single one of my physical notes from university, but that’s another story.

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