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Slow and steady wins the startup race
Stitch Fix, a company that ships personalized packages of clothing to its customers, has chosen to grow slowly rather than spend a fortune on customer acquisition. That measured approach allowed the company to collect valuable data and meet its customers' expectations. The strategy appears to be working, as the brand now makes about 2,500 shipments per week and recently closed a $4.75 million funding round. Fast Company online (5/17)
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Why leaders should keep it real
Leaders should spend less time worrying about what they do and more time focusing on the person they are, writes Margie Warrell. Only by being true to themselves can leaders truly inspire others, Warrell explains. "When people can relate to you as a fellow human being ... you can build engagement and lift performance beyond anything 'unreal' leaders ever can," she writes. Forbes (5/20)
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VCs often provide more than cash
Venture capital firms don't just offer money to startup founders; they also try to create value in other ways, such as by helping with marketing or making introductions to potential customers or recruits. "In the back of my mind, I'm always thinking of introductions," said Jalak Jobanputra of FuturePerfect Ventures. "Even if I'm not in meetings I'm thinking of how I can help the company." Mashable (5/20)
5 questions to ask before expanding
Wondering whether an initiative designed to expand your business is worth the risk? Ask yourself whether it will enable you to find new customers, whether you've found the right opportunity and how it will affect your work-life balance, writes Sunday Steinkirchner. Also, ask whether there are opportunities to spread the risk and how the expansion ties into your long-term vision. Forbes (5/18)
How to hire the right employees for your startup
As you assemble your team of employees, look for passionate people who are persistent, willing to work as a team and able to adapt as new challenges arise, writes Shellye Archambeau, CEO of MetricStream. "[L]ook out for employees who are open and willing to step outside of their comfort zones, and take on responsibilities outside their core tasks," she advises. Xconomy (5/20)
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Harassing reporters and other PR blunders
Throwing a lavish launch party can turn into a public relations disaster if it takes the focus off your core product, writes Seth Porges. Other common PR mistakes include being too pushy when dealing with journalists and making it hard for people to track down your contact information. Forbes (5/17)
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To innovate, rethink your processes
McDonald's and other major brands have achieved success by putting a new spin on the way that certain business processes are carried out, writes Paul Sloane. You can apply this same sort of innovation at your company by writing out your typical process and then thinking of ways to rearrange the steps. "Make a list of who does what tasks when. Then play around with possibilities," he advises. InnovationExcellence.com (5/20)
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When it makes sense to fail
Sometimes, despite all of your hard work, you just can't turn your business into a success, writes Brad Feld. In these situations, it may be wise to simply shut down the company and try again with a new idea. "Failure is sometimes the best option if you view the process of entrepreneurship as a lifelong journey," he writes. The Wall Street Journal/The Accelerators blog (5/16)
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When you're able to connect authentically with those you seek to lead, you become more approachable, more trusted and more influential."
-- Margie Warrell, writing at Forbes.
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