GUEST POST from Arlen Meyers
The startup journey is about going from fail it to nail to scale it to sale it. You have to:
- set up and fail at conducting the right business model and experiments to find a profitable and scalable business and economic model (fail it)
- fix what’s broken (nail it)
- then feed the machine so that when you put customers in the top, profits come out the bottom (scale it) or you create value for more and more patients.
- Then you decide whether and when to exit (sale it).
Peter Thiel, in his book, Zero to One, suggests that going from nail it to scale it will take having a:
- proprietary technology and barriers to entry, now and in the future
- networking effect
- economies of scale
Can you answer these questions?
- Can you create proprietary, breakthrough technology instead of incremental improvements?
- Is the time right to start your business?
- Are you thinking big and starting small, capturing a big share of a small market? Market share is the key to profitability.
- Are the right people on the bus?
- What is your innovation to market plan?
- Will you still be around in 10 years? Why? How good are you at seeing around corners?
- What’s your unique selling proposition, or, are you just trying to be the best of the rest?
- How to build your personal brand.
- How to kill your brand
- Connect to the connectors
- Find customers one at a time
- Why coldLinking does not work
- What you won’t learn from Sales Navigator
- Build robust internal and external networks
- Partner up.
- Measure everything
- Have a digical sales and marketing strategy and execute it.
- Startup website basics
- The 7Rs of content marketing
- Why doctors are losing the branding wars
- The ABCDEs of technology adoption
- What you should know about dissemination and implementation
- How to sell your digital health product
- Barriers to AI dissemination and implementation
- What physician entrepreneurs don’t get about sales and marketing
- So, if patients are customers, how do you sell to them?
- What is the next minimal viable category? Have you identified a unique opportunity others don’t see?
As you can see, getting customer #2 (early adopters) is harder than getting customer #1 (innovator/evangelist). It takes people and systems, a sense of urgency, money and metrics. With so many employees quitting their jobs, don’t forget about the people who stick around.
Image credit: Pixabay
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