{"id":10405,"date":"2022-03-12T13:52:01","date_gmt":"2022-03-12T20:52:01","guid":{"rendered":"https:\/\/dubb.com\/blog\/?p=10405"},"modified":"2022-06-23T13:53:48","modified_gmt":"2022-06-23T20:53:48","slug":"top-16-things-a-business-should-never-do","status":"publish","type":"post","link":"https:\/\/dubb.com\/blog\/top-16-things-a-business-should-never-do\/","title":{"rendered":"Top 16 Things a Business Should Never Do – Venture Summit West"},"content":{"rendered":"

Here\u2019s the transcript<\/p>\n

\n

Falling in love with your own ideas. Don’t be too greedy. They buy into
\nthemselves too much, putting too much time into them before you seek feedback. They don’t
\nknow how to talk about the product.
\nYou have a great product and you have a great team, and you don’t
\nknow how to distill it. Lack of sort of deep synergy
\nbetween the product and the market. You developed the product, but you’re not developing the
\nbrand narrative. Spending money on Facebook ads, Instagram ads.
\nIt feels like you can target very well nowadays. But I would be careful
\nto make sure that the users that you’re acquiring are actually sticking on and
\nusing your product is being very quality users down the road.
\nDon’t be too greedy. Absolutely. Okay. You can be aggressive.
\nYou can go for it, but don’t be too greedy. I’m going to
\nget 100% of the market share. That’s totally BS.
\nWhat’s up, guys? This is the Venture Summit West in Silicon Valley,
\nCalifornia.
\nAnd the whole theme for this conference is where innovation meets
\ncapital. So we got entrepreneurs and we got dreams. We have venture
\ncapitalists and we have money. And these two things are coming together
\nto make dreams come true and to change our lives. So let’s go
\ncheck out the event. There’s a lot of great pitches. There’s a lot of great
\ninvestors to see what’s going on. She’s turned down by too many investors
\nor whatever, and you just give up.
\nI see that a lot. Not being focused on your customers,
\nyour clients. Somebody says something and you follow up and do
\na little better details like, hey, that just wasn’t true. A deal killer.
\nDon’t spend money, don’t extend too bad. Are you able to
\nmanage client interactions in a way that provides you feedback to
\nimprove your product? Nowadays, it’s very common
\nto find growth in places that are false positives and
\nare not really looking for as little
\nas $50,000 to raise. And I’ve seen as high as
\n$20 million. So there’s a lot of different people that are looking for a lot
\nof different types of capital, of partnerships. So one of my key
\ntakeaways here at the conference is keep your slides simple.
\nI’ve seen some of the most complex slides. 20 startups in
\na room with some investors. There’s investors sprinkled in the crowd, and then
\nthese startups are just pitching. They have three minutes per pitch. I am all
\nabout helping businesses communicate with video.
\nCombine the areas of discovery, sales and marketing
\nand screen sharing,
\nnot aligning the capital needs of the business with
\nthe reality of what the market can take. The key to growth is the tightest
\npossible feedback loop. You can try anything, you can try everything,
\nbut you’ve got to get feedback on it as fast as possible. Be honest but
\ncompetent. Hire the best people you can. Okay?
\nAnd anything you can do to shorten the cycle between trying something and figuring out
\nif it helped you or hurt you, and then responding to that feedback to prune
\nthe ideas that didn’t help you and drive more effort into the ideas that did
\nhelp you, that will leave you the tightest possible purchase. Viral. A lot of VCs
\nhere, a lot of angel investors, a lot of entrepreneurs pitching, and there’s this man
\nthat has a blue balloon. We want to understand why. So I did present today,
\nand there are a lot of presenters. Oftentimes you’re looking for a presenter that
\nyou saw, but you can’t really find them. And so this is like a
\nhoming beacon if you want to find me the guy.
\nWhat are some indicators that we can focus on as entrepreneurs?
\nFour week retention, 30 day retention,
\nengagement. If there’s kind of like the Holy grail of trying
\nto sell them something, try to start testing that early
\non as opposed to later. You can throw a fortune acquiring customers who
\ntry your product, bounce off of it and go away, and you’ve just set that
\nmoney on fire. The key is making sure that what you have is going to
\nwork. The secret success is to be persistent in the long run.
\nI think great people who are highly committed working on a mission with
\nsome passion can do just fantastic things. So you met someone that
\nyou’re sort of a fan of? I am. Well, I met an investor
\nwho is on this podcast called The Pitch. The Pitch
\nis a podcast by Gimlit Media. Basically, it’s kind of like shark tangy investors
\non that podcast. And I didn’t know she was at this conference. She gave some
\ngreat insights. There’s very little discipline around the burn.
\nThat’s one of the biggest issues. They are not spending their money on
\nthe branding piece. I believe they’re wasting a lot
\nof their runway on stupid decisions
\nthat are rushed into there should be a better process of decision making.
\nOne piece of advice you can give entrepreneurs, and he says, don’t come to events
\nlike this. I mean, I just got done sitting through the I just sat through
\ntwo rounds of the seed stage. There was 20 companies in each round. I got
\nthree minutes. I couldn’t come close to enough information to
\ninvest that he said you couldn’t waste a lot of money networking and going
\nto these conferences and just having your backpack and sitting down and watch people
\nspeak. But should you really be heads down building your product?
\nShould you be out there selling? So, of course, you take that with a grain
\nof salt. But it’s true, there are a lot of places
\nto waste your money. And I think that if you can really focus on networking,
\nbuilding your product and making your customers happy, I think that’s the best bet.
\nAll right, that’s it. That’s it. We’re out here. There you go. It’s another conference,
\nanother day, another conference. Another day, another conference.<\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":21,"featured_media":10406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128,237,129],"tags":[392,182,404,1478],"class_list":["post-10405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-advice","category-business-growth","category-tips","tag-best-business-strategy","tag-business-advice","tag-business-coaching","tag-business-tips"],"yoast_head":"\nTop 16 Things a Business Should Never Do - Venture Summit West - Dubb Blog<\/title>\n<meta name=\"description\" content=\"We interviewed the top investors in silicon valley and they gave us advice on growing a business at the YoungStartup conference in San Francisco, California.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dubb.com\/blog\/top-16-things-a-business-should-never-do\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 16 Things a Business Should Never Do - 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