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Entrepreneurs’ Top 10 Mistakes from Apple’s Former Chief Evangelist

Entrepreneurs’ Top 10 Mistakes from Apple’s Former Chief Evangelist
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Building a business is hard. Don’t make it harder for yourself by making these avoidable mistakes. Take it from Guy Kawasaki, Apple’s first Chief Evangelist, serial entrepreneur, and VC investor. He’s written 13 books on entrepreneurship, startups and business. Below is an extraction of his 10 tips from a talk at Silicon Valley’s Startup Grind.

1. Projecting based on the 1 percent

How hard could it be to get a little piece of the pie? Guy open by talking about the entrepreneurs who project a huge market and figure that the conservative estimate is to capture 1%. Getting that first 1%, say one million, is no small number. Do you even have traction with your product? Also, no investor wants to hear you only have ambitions for 1% of the market. If your product is worth investing in, it should take significant market share.

Use a realistic projection funnel. Based on your traction and sales, do a more realistic prediction. Do a market feasibility test before prototyping. When you prototype, continually get feedback from your target customers and grow your customer base as you are refining your product. By the time you pitch, you will have real numbers to base your calculations on.

2. Scaling too soon

After raising money, entrepreneurs often put their capital into the wrong resources; they get multiple offices and hire in anticipation of sales to come. As Guy puts it, you have people in Bangalore waiting to provide great customer service to non-existent customers. Because re-hiring later when sales catch up seems inefficient, one isn’t willing to let go of that expanded team. However, your product will never ship on time and your sales will likely never meet your projections.

Don’t hire until you’ve shipped product. Don’t hire in anticipation of growth. Also, the most stable thing to do is to grow a company based on sales revenue and pivot based on market demands. For example, the team of programmers who loved coding began by making Pandaform, but then evolved into a web and mobile development agency that builds products in-house and for clients.

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3. Partnerships…why?

If you have a strategic partnership that translates to opening your sales spreadsheet every day, keep it. Most partnerships are just a patch for a company’s shortcomings. Partnerships entail e-mails, meetings, plans and distractions from selling a product and generating real revenue.

Only sales matter. Guy summarises sales as keeping your investors happy. A startup’s ultimate survival test is to make revenue. Make revenue and you have happy investors, employees, and (a bit more) peace of mind.

4. Treating pitches as silver bullets.

Y Combinator Startup School

    A good pitch may help you win a business plan contest and give a good impression. However, a prototype with real traction is the best way to convince an investor. Guy references bootstrapping to get your startup off the ground. He urges founder to use Rackspace and Amazon Web Services for hosting and social media for free marketing.

    Prototypes are worth a thousand pitch decks. Build a basic prototype and make sales to demonstrate the product you are pitching has potential.

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    5. Slide overkill.

    Despite all the great examples of pitch decks out there, you’ll always have the entrepreneurs who can’t help thinking they’re the exception. They’ll give you 60 slides with 8 pt font. It never works.

    Go with the tried-and-true rule: 10-20-30. 10 slides, 20 minutes, 30-point font

    How can your business model in 10 slides and 20 minutes? Think of the limitation as a challenge to crystallise your idea. If your product is unique enough, it should be easy to convey in one sentence. Also, your slides are not your notes. If pitch shows enough concrete numbers, an investor will follow-up. Check out some of the most successful startup pitch decks online.

    6. Making life serial.

    Wouldn’t it be nice if life went step by step: prototype, raise money, hire awesome people, get sales, hack hockey stick growth, then have a spectacular exit.

    Life doesn’t wait for step one to finish before starting the next. Realistically, an entrepreneur needs to be building that prototype, fundraising, recruiting top talent,making sales, and figuring out business strategy. The chicken and egg feeling will never go away. If you are growing, your next opportunity will always be that uncomfortable stretch.

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    7. Recognise that 51% is an illusion of control.

    The moment you’ve taken outside money, you’ve lost control. Walked out of your last fundraising round with 51% of company ownership? As a founder, you are accountable to all your stakeholders. Your investors may not be that involved in running your business, but they can get 100% involved in voting with their feet. You need your investors behind you, and they get behind you when they think they will get $50 per $1 that they invested in you.

    8. Using patents for protection.

    Guy puts it succinctly: patents are for your parents. You’ll make them happy, and if you’re lucky, maybe the company acquiring you in the future will like it. That’s a big maybe.

    Realistically patents do not bring you sales and if a larger company produces something similar, are you going to sue them? Are you really going to spend all your investor money on litigation? Your investors probably wouldn’t want to take on Microsoft or Apple.

    Market share is the best self-defence. Get over yourself. For every product that you come up with, someone else in the world has probably developed something similar. One of Oursky’s favourite in-house products is Filesq, which is similar to many other prototyping and wireframing tools out there. Companies like InVision got market share. We didn’t. They didn’t steal our idea; most product managers and UX professionals wanted the same thing. Life moves on.

    9. Thinking VCs add value (and trying to make friends).

    Your investors are busy people. VCs and angels alike are looking at a dozen portfolio companies and maybe even running their own business on the side. Of course, they want you to succeed and will pick up the phone to connect you to the right person, but they won’t do much more.

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    Earn attention by performing. VCs think you may be a good investment and after closing the round, they’ll hover to see how you do. Your investors are much more likely to engage if they see you’re gaining traction and growing sales. Guy suggests you expect 2-3 hours from your investor. They’re not there as a buffer for your screw-ups. Guy summed it up as a Tindr world.

    10. Hiring yourself.

    He just gets it. From the moment you sit down for coffee, you two can go on and on for hours. You both have the same vision, concerns, working style and, of course, sense of humour. He fits the company culture. He’s hired. By the time you’re on your 10th team member, you’ve got a hundred blind spots and one big HR problem.

    Fill the gaps with complementary people. Hire someone who is different from you and brings in a complementary perspective. Bringing in men, women, people of colour, people with experience, people with inexperience depending on where you are. You need a team that can make, sell, and collect your product. A systematic way to do so is to map out all the different hats you (and your early team members) are wearing. Figure out where each of you are weakest and where the company has the greatest need. Start scouting for someone to fill that gap, even before you’re ready to hire.

    You can check out Guy Kawasaki’s talks on Youtube. Let us know what your best biggest learnings were as a founder!

    Featured photo credit: Drew Bennett via flickr.com

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    Published on July 27, 2021

    15 Smart Video Conferencing Etiquette Tips to Follow

    15 Smart Video Conferencing Etiquette Tips to Follow
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    During the pandemic, video conferencing replaced in-person meetings and has now become the standard option for business meetings. Over the past 17 months, most workers have gotten past the video conferencing learning curve with Zoom or Microsoft Teams (or their platform of choice).

    But just as with in-person meetings, attention can wax and wane. Some say we’re just not used to staring at ourselves so much on the screen. Instead of fixating on that, try employing smart video conferencing etiquette, or you may risk indiscretions that will flag you as a slacker.

    Put the Pro in Professional

    After more than a year of fine-tuning, here are the new rules of video conferencing etiquette.

    1. Mute Your Mobile and Other Devices

    The first video conference etiquette you need to know is muting your other devices. Just as in the pre-COVID days, someone’s obnoxious ring tone blaring Taylor Swift’s newest single in the middle of a meeting is also an annoyance if it happens during a Zoom meeting and so is the inevitable fumbling to turn off the sound. Even the apologies to the group get tiresome.

    Also, when notifications are activated on the computer that you’re using for the meeting, the incoming message takes over the audio and you’ll miss out on snippets of the conversation. Be sure to eliminate this possible faux pas.

    2. Dress the Part

    While working from home, you may have fallen into the habit of slipping on your comfiest T-shirt each day. Hey, no judgments! But before you log on to your video conference, try to make an effort with your appearance.

    Depending on your company culture and the importance of your meeting, consider dressing the part of the professional whom you wish to project. It will help you feel more self-assured, and others will likely take you more seriously.

    For women, wear light make-up, put on earrings, and make sure your blouse is crisply pressed. For men, show up freshly shaved. Wearing a crisp collared shirt in a solid color will usually suffice.

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    Pro Tip: Stay away from wearing white or black, unless those colors look great on you. Consider wearing light blue or brown instead.

    3. Stage Your Workspace

    Have you noticed the backdrops of experts interviewed on news shows? Bookshelves and photographs are carefully curated, and no busy-patterned furniture or artwork is in sight.

    Take note of what appears behind you when you choose the location of your video conferences. Piles of junk mail on the table or stacks of folded laundry on the couch will convey more about your personal life than you care to share. Make sure you remove clutter from the camera’s eye, and present a tidy, orderly workspace to your colleagues, coworkers, and bosses.

    4. Put Some Thought Into Lighting and Perspective

    Be aware that in a video conference, your computer camera can actually make you look up to ten pounds heavier depending on where you sit. But you can easily drop those added pounds by moving back from the screen to diminish the wide-angle distortion.

    Frame your head on the screen by tilting the screen up or down. Also, it’s best to not place yourself in front of a window or bright light, which makes you appear in shadow. Instead, face the light source, moving it (or yourself) until you have a flattering amount of illumination. You can also purchase some small spotlights that allow you to add light as needed.

    Pro Tip: If your lights add too much redness to your skin, consider counter-balancing with a green filter.

    Remember That Half of Life Is Showing Up

    5. Arrive on Time

    In the old days of in-person meetings, it was nearly impossible to slip in late into a meeting unnoticed. In today’s video conferences, logging in late still shows poor form. Instead, strive to arrive five minutes early and get yourself settled.

    Once the meeting is underway, the host may be less attentive about late arrivals waiting to be let in. Diverting the host’s attention away from the meeting with a tardy entry request is the ultimate giveaway that you didn’t honor the schedule. If you don’t want a black mark against you, log in on time.

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    6. Turn on Your Video

    Few people like to see their face on the screen, but buck up and turn on your camera in video conferences. In most cases, it’s better to be a face on a screen than a name in a blank square. Your statements will be more memorable when other meeting attendees can see you.

    If you need to turn off the video, either because of a poor connection, some commotion in the room, or a need for a quick break, give a short explanation via the chat feature. Then, go back on video as soon as you’re able.

    Pro Tip: Keep your explanation for your departure pithy. “Sorry! Doorbell rang. Back in five” says it all. Be sure to honor what you say in chat and really do return in five minutes.

    7. Plan Ahead Before Sharing Your Screen

    Don’t be one of those people who makes everyone else wait as you click through folders in search of a document. That’s just poor video conferencing etiquette. If you know you’ll need to share a document or video on your screen, prepare by pulling it out of its folder and onto your desktop. Also, clean up the files and folders on your desktop to reduce clutter and facilitate easy access. Close other programs like chat, calendar notifications, and email. Disable pop-up notifications to ensure there’ll be no unforeseen distractions.

    Be sure to remind the host before the meeting that you’ll need them to activate the screen-sharing function. Show courtesy once you’re finished by hitting “stop share” to return to the screen with participants.

    Attend to the Pesky Details

    8. Make Sure That Meetings Remain Right-Sized

    With the easy accessibility of video conferencing, it can be tempting to extend the meeting invitation beyond the core group and include everyone peripherally involved in a project. But just as with in-person meetings, the more people involved, the more unwieldy the meeting becomes.

    Use good judgment when asking others to sit through a video conference so that you don’t needlessly take up others’ time and so that participants can be fully engaged.

    9. Remember to “Unmute” Before You Speak

    Most of us are likely able to count on one hand the number of video conferences when someone didn’t have to be reminded, “You’re on mute!” Forgetting to unmute before speaking has become one of the most common missteps in video conferencing.[1]

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    Show everyone your impeccable video-conferencing poise by managing your mute feature with flawless control.

    10. Stay on Point to Keep the Meeting Length in Check

    As with in-person meetings, an agenda with assigned time limits for discussions remains necessary to keep a meeting focused. Data shows, however, that video conferencing can actually reduce meeting time.[2] Reasons include the elimination of commuting time and the ability to screen share and annotate to keep everyone on task.

    Additionally, side conversations are virtually impossible with video conferencing now that you can no longer have back-and-forth exchanges with the person beside you.

    Pro Tip: If you’re running the meeting, let attendees know in advance the protocol for the chat feature. Is it okay for them to “chat among themselves” or not? (See point 11, as well.)

    Talking Has a Time and a Place

    11. Chat Appropriately

    Just like side conversations or texting in an in-person meeting, the use of the chat feature during a video conference can be disrespectful unless it’s directed to all participants. Hence, it’s good video conferencing etiquette to mind your use of the chat.

    At the start of the meeting, you may want to ask the host if it’s alright for participants to use the chat feature. This allows them to disable it if they choose. Used appropriately, it can be a helpful tool to clarify or amplify an earlier point once the conversation has moved on or to let the group know that you need to sign off early (and why).

    12. Use the “Raise Hand” Feature to Avoid Interruptions

    The slight lag in many video conferences can result in speaking over another person if you attempt to jump into a conversation. To avoid this awkward interruption, indicate when you have something to add to the discussion with the raise-your-hand feature that signals the host you would like to speak. This effective meeting management device makes video conferencing run more smoothly, especially with a large group, but it must be activated and monitored by the host.

    Pro Tip: For meetings of six to ten people, sometimes the old-fashioned raising of your physical hand may be the best option. But it’s up to the meeting host. Ask them what they would prefer, and follow that.

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    13. Don’t Record the Session or Take Photos Without Prior Permission

    In this case, not sharing is caring. The “sharing culture” made popular through social media has little place in video conferencing. Before recording a meeting or capturing a screenshot of the participants, always ask for consent in advance from the full roster of attendees. Knowing that a video conference will be photographed or recorded could have a bearing on what others are willing to discuss.

    Manage Yourself

    14. Minimize Distractions

    While de-activating audio and video features can keep distractions from affecting the other participants, you will need to manage noise and disruptions on your end to give your full attention to the meeting.

    Move out of high-traffic zones in your home, keep your door closed, and ask family members to be considerate.

    15. Save Snacking for Later

    Save snacking for later—or earlier. Eating while on video conference is a no-no. Munching in front of the group while close to the camera—as you are when video conferencing—subjects the participants to an up-close and (too) personal view of your food consumption process.

    However, it’s perfectly fine to sip quietly from a glass of water or cup of coffee or tea. If the meeting threatens to last for more than two hours, you may want to ask the host in advance to schedule a five-minute break at the halfway point.

    Final Thoughts

    Even though bosses are now beginning to ask workers to spend some of their workdays on-site, up to 80 percent will permit employees to work remotely at least part of the time, which means more video conferencing in your future.[3] Mastering these video conferencing etiquette tips will help you dial in—as well as dial back—your participation and demonstrate your unwavering level of engagement to the team.

    Featured photo credit: Chris Montgomery via unsplash.com

    Reference

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