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JC
JC
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JB
JB
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Related Questions
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What should be the top priorities for an entrepreneur when starting a company?
Making sales and figuring out what potential customers want. Really, everything else can be done after you've proven that there really is a business opportunity. www.DavidCBarnett.comDC
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What is Xiaomi truly selling?
Assuming links work here, a couple good articles: http://www.techinasia.com/xiaomi-reports-monthly-revenues-49-million-miui-android-ecosystem/ http://thenextweb.com/asia/2013/09/06/heres-why-you-should-care-about-rising-chinese-smartphone-firm-xiaomi/ http://www.rioleo.org/xiaomi-miui-and-the-android-ecosystem-within-china.php In short, everyone wants a piece of the ecosystem game. Some is poorly thought out (Leap Motion is doing it badly) but for the core concept I refer you to Motorola's mobile phone business. Several times they have been the absolute dominant force in the industry. But, when you sell consumer hardware only, busts can follow booms. And did for them, many times. An ecosystem means ongoing revenue, not just periodic hardware sales. It means secondary market sales are the same to you, as the ongoing revenue is what you want, and it means increased stickiness. Apple lives by this, and embraces their customers being stuck on their products. There is almost no such thing as an apples-to-apples comparison consumers can make when the get used to your ecosystems. Perceived or actual switching costs muddy the waters for them, so you have them longer. Xiaomi is getting this sort of loyalty. There's other interesting issues having to do with their market. Play store, for example, is not really a thing in China. I can go on and on about this, so ask me if you have additional questions.SH
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How to decide stakes in a partnership?
The best way to test a person's talent is to put them to work in the reality of your business. If these folks are all onboard for being partners, promise to give them a cut of all deals they bring in. Structure the plan so that the contract lasts three months. Then, let them prove themselves and show (not just say) they really mean it. Make no equity promises until you can validate their claims. What if someone balks at the offer? I'd imagine these folks will have main jobs during the testing phase. If they scoff or refuse, then you've won immediately. If they aren't willing to hustle a bit extra for a few months how in the world could they do this for many years ahead within a successful partnership? Why three months? People can fake their behavior for quite a bit of time. At two months people can't help but being themselves. You'll get a taste for how they work, they're ability to close, and their personality. Personality is the biggest factor, as they may do a great job bringing in business, but be simply unbearable to work alongside. A note of caution around the Head of Marketing SME: this person sounds like a problem. Are they acting immorally towards their current employer? Check, stealing business. Are they sure they can do it on their own, but for some odd reason never have? Check. Are they requesting for more stake than they deserve? Check. These alone are reasons to run. Immoral, unproven, and greedy at the start. To me, you sound like you need to hire a commission based sales person. Give them a stake of each deal. Don't give up equity for something like this. This company is your baby and equity is a last resort.JF
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What is the best way of coming up with business name ideas?
A good name is unique, and stands out but should ideally create a positive association with it, especially your target demographic. When it comes to naming new products, companies will spend sometimes months and go through thousands of options before arriving on the one that they'll ultimately go with. Don't rush this process because its ultimately much more costly to have to go back or change, or ultimately fail because the name did not resonate enough with your target demographic. The name is not everything but it's a huge part. Go to techcrunch or cruncbase and look at any number of new start ups which are probably all great ideas or products but because they have either a dumb name or a not so unique name, they can fail. My personal pet peeve is the stilted and formulaic neologism of adding "ly" at the end of any noun or verb---perfectly hilariously noted throughout HBO's Silicon Valley. At this point, we are all more clever than this. Anyway, when you have only seconds to make an impression on a consumer, the last thing you want is cognitive dissonance caused by the name. Cognitive dissonance occurs when the signifier is not what is signified and vice versa; you're looking at a bicycle but someone insists it's a fish. And you're like, wtf. This happens when you're looking at a great product but then it unexpectedly has a weird or dumb name, a range of slight neorological impressions then occur, effecting the emotional relationship between consumer and product: confusion, annoyance, distrust, etc. All of these slight negative responses are not what you want associated with your product when you only have seconds to make an impression. That's why a good name matters. Now to your name: Dude Undies. Scrap this immediately. First of all, when it comes to men's underwear (I'm assuming this is your product), this is dangerous minefield territory because whether you like it or not, you're automatically dealing with issues of male insecurities involving self worth, virility, potency, etc Some light word association exercises (maybe among your friends) might be helpful in yielding an alternative to "undies" which i associate with: children, bedtime, potty training, etc.Absolutely not what men want to be wearing. You can see why this word next to "Dude" is cognitive dissonance in and of itself, never mind your product. I suggest you go back to the drawing board on this. Think about what makes your product different from your competitors', what value are you bringing to the market? Play with these ideas make a list of at least 50 words (thesaurus.com is very helpful) find a word or words that at least create that same impression. From my own observations, I've found that men love products with as few syllables as possible. If this is too daunting for you, enlist the help of a good copy writer with experience in product naming (I know a few if you need one), they should be able to give you a list of ad campaigns that they worked on. Paying them $100 for a good name is worth it in the long run. I hope this helps, best of luck to you!VG
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I have an Idea in (IoT) , what is the approach that I should use to make sure that this idea is new and feasible?
Is it new? To find out if the idea is really new, be thorough in your online search. Search base on descriptions of the the problems it solves, how it is used and the benefits. You should also search Google Patents or the USPTO.gov site to look for existing patents in this area. Does it need to be new? "New" is nice, but in a rapidly developing market space like most IoT applications, there may be a lot of room for "better" or "improved." If there is competition, find out how well it is being adapted and used; you may still uncover new opportunities. Is it feasible? This is clearly a loaded question. To determine market feasibility, you will have to answer a number of individual questions, including: - Will the product address a real problem and deliver tangible benefits - Can you make a product that performs the way you want it to? - Will anyone want it if you do? Why? - How many of them are there and who are they? - Can you market it at a price they will be willing to pay for it? - How can you reach and sell to them? - Do they know they want this, or will you need to educate them? - What obstacles will you need to overcome to make a sale? - What will compete with this purchase, both directly (other products) and indirectly (other ways to solve the problem)? I hope that helps. I have been doing a lot of work in the IOT space and would be happy to walk you through a process to help you answer your question.JM
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