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Showing posts from January, 2015

Without Product-Market Fit, Did We Quit Too Early?

If the inner voice in you keeps telling you to go back or to keep forging ahead, should you? Should I?
I keep bringing up Body Boss recently because I feel it's unfinished business. I feel like we quit too early. Or maybe I'm just really passionate about it still. Or maybe I still get messages from happy customer-partners who want to continue to do more. Or maybe I'm crazy and I'm blinded by the potential opportunities to see the actual lack of opportunity.
There's a popular picture I’ve seen illustrating the cost of giving up too early:
For the myriad of lessons learned in 21 Rough Lessons Learned from Failure post, I still can't shake that maybe we stopped building Body Boss too early for ONE major reason. In fact, Marc Andreessen shared the idea recently in "On product/market fit for startups": "My contention, in fact, is that they [startups] fail because they never get to product/market fit." - Marc Andreessen In the article, Marc was re…

The Finance of Startups: For Dummies (Part 3)

Onwards and upwards with more finance learnings! Part 3… yes, that means I’ve effectively kept this learning thing going for three months already. I’ve learned a ton about finance itself, and some of its roles in startups.
At the end of Part 2, I noted a few points I wanted to dive into with more detail. So today, I’ll cover a handful of them including: Pre-money and post-money valuationEarnings-per-ShareEquity FinancingDebt Financing
Pre-money and post-money valuation. In Part 2, I touched on a lot of stocks and investments by VCs. Simplistically, the equity a VC receives in exchange for funding is: Except, valuation can also be parsed into pre vs. post-money valuation. You can probably guess what these terms mean, but they can have a big difference in equity. Pre-money refers to the valuation of the company BEFORE the injection of capital; whereas, post-money refers to the valuation of the company INCLUSIVE of the investment round. For example…

Pre-Money Valuation Post-Money Valuation H…

The Next Act for an Entrepreneur With Breadth, Not Depth – Am I A Product Manager?

Right after making the decision to zombify Body Boss, I met with a local entrepreneur about my Next Act. Except, I didn’t have one, yet. Instead, I talked to him about what was learned, what I may do next, and I asked him what he thought the best role for me would be in a startup.
Not sure if I was so big-headed (figuratively, in addition “physical” – I know I have one… takes a while to find a helmet or hat that fits well), but I was envisioning the scene in my head going, “Daryl, you should continue building. Your best role would be CEO of a startup… your own, preferably.” (I’m now shaking my head muttering, “stupid titles… who cares?!”) Well, those weren’t the words he used. Instead, he said, “I think you’d be a great Product Manager.”
Admittedly, I didn’t know anything about Product Management, at least, not from a formal sense, so I was a bit… (naively) disappointed. I had to think about it this. I was in this mode of “there were two roles in startups – Builders or Sellers,” and…

Aiming My Ninja Stars: Goals for 2015 (Reflections Part 3 of 3)

Over the last couple weeks to close out 2014, I wrote: Goodbye 2014! Reflections (Part 2 of 3) : Hits and MissesGoodbye 2014! 3-Part Reflections: Starting with 6 Reasons I Blog Now, we’re onto the final chapter of the 3-part series. This is tricky one only because, well, it’s like making public declarations of my intentions. If I fail, again, it’s public. There’s that accountability factor. Okay, so focusing on the short (for 2015) and long-term goals (beyond)...
Within Distance – the Year of 2015Continue Hacking. “Hacking” here is admittedly broad as I’m referring to hacking in the programming sense and in general business. Till I find that startup that keeps me going, I’m aiming to push a new idea out every 30-60 days (with half that time devoted to customer discovery, build out, launch, and the other half towards marketing and growth).
If an idea doesn’t see much traction, I learn and move on. After I spoke to one of the cofounders of this idea really resonated with me, a…