PROTECTING YOUR DIGITAL WALLET WITH MUYERN TRUST HACKER

Dilip was very kind in his response. My answer might be a bit on the "tough love" side. But that's for you to decide. My intention, just for the record, is to help you (and those like you) on your path to success. And that starts with having a viable philosophy about entrepreneurial-ism and business. And I'm going to answer this because I get asked some form / version of this question very frequently from newcomers to entrepreneurial-ism. The scenario goes something like this: "I have a great idea. It's amazing, I love it, and I just KNOW it's gonna make me a ton of money. But I have no money right now so I can't afford to (fill in the blank with things like "to build it / create it / market it / etc" or "to hire the required staff needed to work in my business to sell it / develop it / etc"). And I don't want to tell anyone about my great idea because I'm worried someone will steal it and make MY million / billion dollars. But I can't afford to legally protect it either... So how do I launch without the skills to personally create the product AND no money to hire anyone else to do that either??" The answer is ... You don't. Look - let's be honest. All you have is an idea. Big deal. Really. I'm not saying it's not a good idea. I'm not saying that if properly executed it couldn't make you a million / billion dollars... But an idea is NOT a business. Nor is it an asset. Until you do some (very important) initial work - like creating a business model, doing customer development, creating a MVP, etc - all you really have is a dream. Right now your choices are: 1. Find someone with the skills or the money to develop your idea and sell them on WHY they should invest in you. And yes, this will mean giving up either a portion of the "ownership" or of future income or equity. And the more risk they have to take - the more equity they will want (and quite frankly be entitled to). 2. Learn how to code and build it yourself. MANY entrepreneurs without financial resources are still resourceful. They develop the skills needed to create what they don't have the money to pay someone else to do. 3. Get some cash so you can pay someone to do the coding. You'll probably have to have some knowledge of coding to direct the architecture of your idea. So you will likely still have to become knowledgeable even if its not you personally doing the coding. (This is not meant to be a comprehensive list of options... And I'm sure some of the other experts here on Clarity have others to add - and I hope they do) To wrap up - Here's my final tip to you that I hope you "get"... It's FAR more valuable to have an idea that a very specific hungry crowd is clamoring for right now - One that THEY would love and pay you for right now - Maybe even one they'd pre-order because they just have to have it - Versus YOU being in love with your own idea. [Notice I didn't say "an idea that some as-of-yet-undetermined market would probably love"] I wish you the best of luck moving forward.

Whenever you assign them a task, break down the task into small chunks. Make the chunks as small as you can (within reason, and to the extent that your knowledge allows), and tell your devs that if any chunks seem large, that they should further break those chunks down into bite size pieces. For instance, for the overall task of making a new webpage, _you_ might break it down as follows: 1) Set up a database 2) Make a form that takes user email, name, and phone number and adds them to database 3) Have our site send an email to everyone above the age of 50 each week When your devs take a look at it, _they_ might further break down the third step into: A) Set up an email service B) Connect it to the client database C) Figure out how to query the database for certain users D) Have it send emails to users over 50 You can keep using Asana, or you could use something like Trello which might make more sense for a small company, and might be easier to understand and track by yourself. In Trello you'd set up 4 columns titled, "To Do", "Doing", "Ready for Review", "Approved" (or combine the last two into "Done") You might want to tell them to only have tasks in the "Doing" column if they/re actually sitting at their desk working on it. For instance: not to leave a task in "Doing" overnight after work. That way you can actually see what they're working on and how long it takes, but that might be overly micro-manager-y At the end of each day / week when you review the tasks completed, look for ones that took a longer time than average (since, on average, all the tasks should be broken down into sub-tasks of approximately the same difficulty). Ask them about those tasks and why they took longer to do. It may be because they neglected to further break it down into chunks as you had asked (in which case you ask them to do that next time), or it may be that some unexpected snag came up, or it may be a hard task that can't be further broken down. In any case, listen to their explanation and you should be able to tell if it sounds reasonable, and if it sounds fishy, google the problem they say they encountered. You'll be able to get a better feel of their work ethic and honesty by how they answer the question, without worrying as much about what their actual words are. Make sure that when you ask for more details about why a task took longer, you don't do it in a probing way. Make sure they understand that you're doing it for your own learning and to help predict and properly plan future timelines.

There is quite a bit of information available online about eCommerce conversions rates. According to a ton of sources, average visitor-to-sale conversion rates vary from 1-3%. This does not mean the Furniture conversions will be the same. The bigger problem is that visitor-to-sale conversions are not a good data point to use to measure or tune your eCommerce business. All business have some unique friction factors that will affect your final conversion rate. It's very important to understand each of these factors and how to overcome them. The best way to measure and optimize is to take a conversion funnel approach. Once you have defined your funnel you can optimize each conversion rate to better the total effect. For example: Top of the funnel: - All web site visitors, 100,000 / month First conversion: View a product page, 50% of all visitors Second Conversion: Add to Cart, 10% of people who view products Final Conversion: Complete Checkout, 80% of people who put items in a cart In this example we see that only 10% of people who actually view products put them in to a cart, but 80% of those people purchase. If you can figure out why visitors are not adding items to their cart and fix the issue to increase the conversion rate, revenue should increase significantly because of the high checkout rate. You can use free tools like Google Analytics to give you a wealth of information about your site visitor and their behavior or there are some great paid tools as well.

Obviously, they do the fundamentals well. Good brand. Good experience. Good word of mouth. Good PR. Etc. Etc. But after my interview with Ryan Graves, the head of Global Operations at Uber (https://www.growthhacker.tv/ryan-graves), it became clear that they are operationally advanced and this is a huge part of their success. I'll explain. Uber isn't just a single startup, it's essentially dozens of startups rolled into one because every time they enter a new city they have to establish themselves from essentially nothing (except whatever brand equity has reached the city ahead of them). This means finding/training drivers, marketing to consumers, and building out local staff to manage operations for that city. This is where Ryan Graves comes in. He has a protocol of everything that must be done, and in what order, and by who, to ensure the best chance of success in a new city. So how has Uber grown so fast? Essentially, they figured out how to grow in one locale and were relentless about refining their launch process to recreate that initial success over and over in new cities. No plan works for every city, and they've had to adapt in many situations, but it is still a driving factor for their success.

A generalized question can only get a generalized answer. The most significant accomplishment is validating that the product you have built is a fit with your target market. This is demonstrated primarily by engagement (the people who sign-up or who previously visited, continue to return) and secondarily by growth, ideally based on word-of-mouth or viral growth but effectively converting paid traffic is a great second prize. Other significant accomplishments include: Not running out of money Recruiting and retaining great talent who believe in the founders' vision. Your loved ones not thinking you're as crazy as they thought you were a year ago. I'm happy to talk to you in a call to give you more specifics about what you want to set as your goals more specific to your startup.