October 20, 2010

The 18 Mistakes That Kill Startups

Some quality reading:

The 18 Mistakes That Kill Startups

Since I'm so into Startups, the title caught my attention, but when I clicked to find the causes for startup failures, the first one on the list was a shocker: "Single Founder". In this context, they are talking about single as in No Partners, not unmarried. I was shocked because my successes have been without partners, so I guess there's hope for you lone entrepreneurs!

Check out Paul Graham's other essays on startups, here.

October 13, 2010

Top 5 Reasons Why Salespeople Fail

Having a quality sales force in place is essential to the success of most businesses. Why do some salespeople succeed and others fail? Here is a list of the top five reasons some salespeople fail.

1. Most salespeople spend too much of their time selling with prospects who will not buy. It is important to prospect efficiently and effectively.

2. They don't have a consistent sales process. Do you treat each sale differently? It is important to have a sales process that you use with all your prospects and customers. Use a sales process that has the highest probability of producing high closing rates on all your prospects. This way your results won't be hit or miss.

3. Many salespeople don't spend enough time building trust. Prospects want to purchase something from someone they can trust and respect. Build a trusting relationship with your prospect from the beginning.

4. Most salespeople close at the end of their sales process. Top salespeople start closing at the beginning of their sales cycle and continue to close throughout the process.

5. Most sales people do presentations about their product and company rather than determining the real need of their prospect. This will make your prospect feel neglected.

source: http://www.rbdata.com/ (check it out!)


October 3, 2010

Why Wesabe Lost To Mint

In 2007, two startups launched to create a better "Personal Finance" solution to be delivered over the web.

They were Wesabe, the first to launch, and Mint, which eventually was acquired by Intuit for $170,000,000. Wesabe went belly up.

Why? For some great reading, check out this blog post by the founder of Wesabe, and the CEO who was there right through the end.

It is interesting to note that the reason why Wesabe lost is the same reason why TeleMagic was successful...

For more excellent reading on the subject, written by hacker-types, click here.