Join Whitney Johnson for an in-depth discussion in this video Preparing mentally, part of Entrepreneurship Foundations.
- Building a business is both exhilarating and terrifying.…You want to believe that if you work hard,…you will be successful, and you will be,…but not necessarily immediately,…because in a complex system, like a business,…cause and effect may not always be clear.…You can't simply flip a switch and the light goes on.…There are often time-delayed relationships,…in which huge effort yields little in the near term.…S-curve math, which not coincidentally,…helps us gauge how quickly…a disruptive innovation will be adopted,…helps us deal with these time delays,…providing milestones we can watch for.…
At the outset, growth will be quite slow.…Once a tipping point is reached,…which is typically at 10 to 15%, you enter hypergrowth.…At 90%, or saturation, growth slows.…With Facebook, for example,…assuming a market opportunity of one billion people,…which it's now exceeded,…it took roughly four years to reach 10%.…Once it reached a critical mass of 100 million users,…Facebook moved into hypergrowth…and added not 100 million but 800 million users…
- Cite the steps that can help you find an unmet need.
- Differentiate between a business and a hobby.
- Recognize how to decide between an online business and a brick and mortar business.
- Describe how to protect your intellectual property.
- Explain the best practices for hiring the right people.
- Recall the importance of tapping into networks of expertise.
- Cite the best practices for building a business website.
- Summarize the best metrics to use for your online business.
Skill Level Intermediate
Management Foundations (2013)with Britt Andreatta2h 9m Intermediate
1. Finding Your Big Idea
2. Starting Your Business
3. Building a Team
4. Marketing Your Business
5. Scaling Your Business
6. Funding Growth
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