startuptips

The Art of the Ask

The Art of the Ask

Have you ever someone say, “Well, you should have asked.” The lesson learned that those who don’t ask, don’t get. This article will tell you about top reservations why people don’t ask for things, what business opportunities can be missed, and how to structure the Art of the Ask!

The art of asking questions

The art of asking questions

The Art of the Ask could be anything such as inquiring questions to which you don’t know the answers, sharing where your company is really at and what you are looking for, asking for help, etc..The ask isn’t always a favour but it can make people feel that way.

For startups that means there are many missed opportunities over their journey because they didn’t ask; they know they could have asked; ultimately, they didn’t get the opportunity. Sometimes, these missed opportunities mean they missed meeting an investor, meeting a potential customer or learning about a new resource that would make their business more productive.

When you are running a lean startup, your main advantage is speed. Startups are all about catching opportunities at an accelerated speed! As they grow, new opportunities arise every day and it is either a gain or lost.

So then why are people so afraid of asking for things? Here are some top reasons why people don’t ask and how to master those reservations.

1. Fear of bothering or annoying others

As people, we want to be liked. So it is natural to not want to bother others. This is also a fear that the other person will say no. A simple and collaborative way to ask for help with something is to prepare to offer something in return. When we offer our expertise, services, etc., we get the opportunity to meet the needs of others. In turn, it helps limit the fear of bothering or annoying others.

For example, when our company was going through UX testing, I wanted to find a way to repay a user for going out of his way to meet us and give feedback. I found out that he was hosting an event so I knew how I could help. I lead a group of entrepreneurs within the Internations.org organization and I could help him promote his event in our community. So my promotion efforts filled up his remaining seats at his event.

2. Fear of showing your vulnerability

Sometimes an ask is indirect such as a description of how the business is going and what you need. When you express your need, you may be surprised how often others try to help. Because our clientele are startups, whenever I ask someone how business is going, the first automatic answer is “things are going really well.” This is because we are so used to saying it and so used to feeling the need to protect our “baby” (which in this case is the business). People tend to not let others in because they are afraid of any potential criticism. An easy way to perform the “tell others what your need is” would be to structure your sentence this way, “Things are going well. We just hired a new developer and we are just starting to look for funding.” It gives a realistic sense of how things are going and gives a peek about what you might need. When performing this one, just remember to keep an open mind. Don’t expect that others will suddenly know an investor to refer you to. However, when you keep an open mind, you may find opportunity in the unlikeliest of places.

Don’t be afraid to share things that you need. It takes a lot of strength to own your vulnerabilities. You would be surprised about the opportunities it open up when you share your truth. Like a child, it takes a village to build a company and startups need to grow as fast as they can. Unforeseen opportunities from unexpected sources can help you alleviate some of those “growing pains.”

3. “Oblivion is Bliss”

Oblivion

Oblivion

When we don’t ask for help or insights from others, we will be sure to stay on the same path. At the time same, we will also be sure to protect our egos. When people start companies, the market does not care about your ego; therefore, living in blissful oblivion will not help your startup in the long run. Startups need to ask, learn, and reiterate. It all starts with the ask.

When we were doing our market research when we first started, I met an entrepreneur who told me that his biggest fear was to be copied by competitors. He didn’t show me his product. It was ok. He told me that he was so afraid of being copied that he spent 3 years building it and never talked to a single potential customer. He did not want feedback and did not welcome it. It was very surprising to me that even though there were best practices on how to do product market fit and why market research was important, there are many startups who choose to build businesses their way.

Ultimately, there are always going to be new reservations about why first time entrepreneurs will not ask for things such as help, insights, and perspectives. When you do, you get the chance to uncover the possibility of the good, the bad, and the ugly from others. But here is the key thing, at least you get to uncover A POSSIBILITY that wasn’t there before! I want to leave you with a quote from my grandfather who said, “Those who ask the most questions, get the most answers.”

Asking Questions

Asking Questions

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3 Reasons Why Every SaaS Startup Need to be Consultants!

3 Reasons Why Every SaaS Startup Need to be Consultants!

As a super busy startup in today’s world, it seems impossible to be doing anything extra. Today, we want to tell you why that extra added service will go miles for your new SaaS (Software as a Service) business.

1. Research on Your Customer’s Needs

Customer-centric companies win. Getting there, however, requires getting to know customers so well that there’s not only understanding of what they do, but why they do it. This is the mentality that Founder of Apple, Steve Jobs, always understood.

An excellent way to do it is to simply ask. Work with them on the solutions directly. Help your target market to achieve their goals so you can benefit from key takeaways to that will benefit your technological solutions. Find out what not only what the solution should be but how customers want to use it and any other extra features that would make it more valuable.

When startups are close with the customers, that relationship will act as an insightful competitive advantage. (This rings true if the target market for your SaaS is the same as your consultant clients.) For us for example, it would startups who are first time business owners looking for their first round of funding (Pre-Seed — Series A). If you are very specific with your target, the more you will benefit in the long run.

2. Use it as Your Side Hustle

Get some revenue coming in from the side hustle. Depending on how much you charged, your startup can still reinvest that money into things such as Facebook or Instagram ads like we did. If your consultancy packages enough for you to invest in automation softwares or salaries, even better!

This would also be play a helpful hand when you are applying for government grants where they require you to show some form of revenue.

3. Use It to Build Your Startup Brand

To utilize the customer feedback and questions to build your brand will show community engagement as well as branding your company as an expert in this industry. It is always hard for startups with no money to build a brand so utilizing as much content in a consistent format as possible is a big step in the right direction.

For example, VenturX, has free monthly Health Checks for subscriber users. This takes place on Skype. Because I have a close friend who is a startup on our platform, I asked if our Health Checks can be recorded. This recording would show her asking questions about our VenturX metrics, why these metrics are important to investors and what other considerations she needs to think about before submitting to investors. She agreed it was a good idea. So starting March 4th at 8PM EST, we will have our first Health Check session. This is ideal for branding because her questions may be the same as others in our target market when it comes to investing and it gives a sneak preview of what to expect as a VenturX user. If you want to catch the video, please follow us on FacebookTwitterInstagram, and Youtube.

In addition, we will be writing a Medium blog and Youtube debrief on how the first session went. We expect there to be at least 2 sessions so you would be able to see a typical startup user’s improvements and added value.

Resources on how to get started on branching out your consultancy services

  1. Post your services on your website

2. You will need a consultancy package to send to potential clients so the understand what your field of expertise is and the price.

Here is a sample of how ours look like:

Pricing Package

Pricing Package

3. Other places to post your consultancy services:

a) ME University

We put ours under Raising Capital and Funding. You can see ours as an example of a typical description of the services:

ME University

ME University

b) Freelance Service Sites: FiverrUpwork, and Guru.

c) Post it on your social media as announcements of your new services

d) If you have a newsletter, make sure your audience is aware.

The main thing startups should beware of is contributing too much too little time. If your SaaS company is your main operation, be sure to devote the necessary care and time to it. When startups do not have the history of clients and built up a reputation yet, a lot of clients may have a lot of questions in order to feel more trusting and secure about taking that next step with you. This could take a lot of time to “nurture” new leads. From our experience, we help answer some of those questions on our website and our latest blog post to explain the pros and cons of hiring startup consultants here!

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Should First Time Entrepreneurs Pay for a Startup Consultant or Not?

Should First Time Entrepreneurs Pay for a Startup Consultant or Not?

“A journey of a thousand miles begins with a single step” — famous Chinese proverb

With entrepreneurship becoming so popular nowadays, it is certainly overwhelming to know which resources are right for you (ie. investor platform, incubators, accelerators, startup consultants, etc..)

As our business who mainly targets startups, we devote a lot of time keeping our ears to the ground and finding interesting startup problems, solutions, and ideas to explore. Here is a post that inspired this post. It was from a popular Facebook group.

Facebook
Facebook Post

This post was from a first time entrepreneur who received 54 comments in 24 hours from startup consultants, entrepreneurs who have used consultants, people who have not used consultants, etc.. (This post has been edited several times and we cannot find the original post.)

The most detailed and interesting comment was this one:

“I started my business with $100 and a hunger to create freedom in my life.

At the time I couldn’t afford coaching or programs and guess what?

I didn’t buy any.

I did market research by talking to people (that costs me nothing).

I then created a membership program (in the B2C space) on WordPress (had to learn how to use WordPress) — that costed me the $100 of Siteground hosting and nothing else.

I had a Facebook group I was running the community in. That cost me nothing.

I then went on and started doing live videos and promote my membership (costed me nothing).

I sold 60 memberships, that replaced my banking job. So I quit.

I then with the money I made bought a new MacBook so I can work faster.

I then sold more memberships and more memberships and here I was making $5000 a month.

And that’s when I decided to invest $2000 in the 90 Day Year.

This year (1.5 years later) I am on track to have a 7 figure year by the end of 2018.

You see… all these programs you see.. you don’t have to buy them.

Also.. the people that sell them.. they don’t need to change their pricing to accommodate “people who can’t afford it”.

Coaching IS NOT a right.

It’s a privilege.

Programs and courses are NOT a right.

They are a privilege.

And Iike any privilege, you either

1) make money and work to deserve it (and reward yourself with it)

2) don’t make money and don’t buy it.

3) look for organizations that offer free mentorship for startups (lots of them in the World)

Sooooo

I don’t understand what the issue is.

Work hard.
Make money.
THEN invest.” — Anonymous

There were also other comments from the post explaining how startups who are new to the world of entrepreneurship have reservations about investing because of these following reasons.

Why People Don’t Pay for Startup Consultants

  1. Insecure feelings about their business- or the consultant
  2. Not 100% sure about their own ROI from the business enough to pay for a consultant
  3. Lack trust in the consultant
  4. Feel that there are enough free resources about certain areas on the internet
  5. They do not understand the long term value of the business and how a consultant can make a difference (ie. spending $1000 to make $20,000)
  6. They cannot find the right fit for the exact field of expertise that they need

You Don’t Know What You Don’t Know

You don’t know what you don’t know

You don’t know what you don’t know

This famous saying rings true in entrepreneurship. This boils down to whether this million dollar idea is worth the risk you are taking or not. For most first startups who come to our team and ask for investment money, it tends to stop right here and they will tend to go back to their full time jobs or take our advice to ponder about whether or not they go forward for another 4–6 months.

Since we run a startup platform, VenturX, that helps prepare and connect early stage startups for investments, we have the opportunity to see with our own eyes what success and failures within startups look like everyday. Even though they come from diverse backgrounds, the checklist of startups we can accept in order to maintain a high level of successful launches and investments are still the same. We can quickly tell a) if they are in our target market and b) what their next step would be in order to best be prepare for big investors like ours.

Time VS Money VS Quality

Time, Money, Quality

Time, Money, Quality

From working with over 300 startups and hearing their stories of successes and failures, there are only so many things you can invest into your business if you don’t have the luxury of quality. Quality stems from knowledge and experience. Every investor who has been an entrepreneur in a previous life always talks about getting your hands dirty. That is where your “je ne sais quoi” value comes from and therefore enhancing your overall “quality.” If it is your first time, you really only have the options of investing your time (known as sweat equity) or your money (known as hiring people or purchasing resources).

Even though we have a platform where potential clients can already see there are startups using our platform and getting investment, they have valid questions before signing up or hiring our consultation services. Their questions are ones that all startups should consider when investing any amount of money into their business.

Why Should First Time Entrepreneurs Hire Startup Consultants? (What do potential clients ask?)

  1. What is your field of expertise? Why should I choose you?

Answer: Helping prepare you for your first big round of funding and helping get to you launch with business intelligenceFrom working in the startup industry, we get to see the ingredients of success and failures on a daily basis that we use to benefit our consultation clients so they don’t have to suffer with their time and money in the long run.

2. Do you have referrals from other startups?

Answer: Yes — some are on our website: www.venturx.ca and others can be sent to you privately. We strongly recommend our best practices such as developing good positive relationships with clients in order to collect those success stories!

3. How does the consultation services work?

Answer: You can purchase specific packages such as “Review my investor’s pitch deck” or purchase a set of 5 or 20 hours of consultation. We meet on a call to help you with specific goals and come up with a structured plan of implementation and we make sure this plan is executed in the best manner possible.

4. Do you connect us with contacts?

Yes! As an added bonuses are connections and contacts when applicable. We know that not all consultants, coaches or mentors do that; however, it is part of our practice. There are some that are exclusive to only VenturX platform users.

4. Can I get a discount?

Answer: Discounts are available to all VenturX platform users or those who purchased larger set of consultation hours (ie. over 20 hours).

There you have it! The reasons why first time entrepreneurs opt to hire or not hire help. We hope this article helps you make informed decisions that can help your startup in the future years to come! For more startup tips, check out our other blogs!

Work

Work

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Do Networking Events Contribute to Your Business Goals?

Do Networking Events Contribute to Your Business Goals?

Networking

Networking

People always say that a plan without a goal is just a dream. Networking events should be part of your overall plan to ensure you get the most out of your valuable time. If there is no connection between your strategy and your actions, there is a problem.

During my first year of business, I personally wasted a lot of time going to startup networking events because I thought I had to. It could easily become a norm or hype to go without reflecting on how it was affecting your overall business strategy. Some people go just to be seen; some stay for 20 mins to take a picture for social media. That could be their overall goal but at least it means they are aware of their goals and understand how networking events fit into those.

Success

Success

Why are goals important?

Goals should be tied to the different tactics of your business. Each thing that requires any piece of your precious 24 hours in a given day should have a goal. Without goals, we have no purpose and no way of measuring the success of our actions.

Networking Event

Networking Event

There are different types of networking event goals:

1. Meeting prospective clients (to generate new leads)

2. Giving a presentation at that event (as a guest speaker or panelist) to boost brand awareness

3. Blowing off steam (that is personal goal but it may have no affect on your business)

4. Boost LinkedIn numbers

5. Find UX testers

6. Meet investors

7. Nurture relationship with particular person you know is attending that event (as part of lead nurturing tactic)

8. Find startups who need help with getting funding of $25,000-$1,000,000+ (which is our goal)

For each networking event, have a goal. As long as we know why we are going and what we are hoping to expect from the opportunity, our business strategy will look more and more clear every day.

Stayed tuned for our upcoming startup event on February 15th at 6PM EST by checking out our Twitter, Facebook, and Instagram LIVE!

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BIG Mistakes business owners make when hiring ’TOP’ Employee’s

Guest Post by: Jeff Consul, Institute Of Innovation

1.) Skills can be Taught — VALUES CANNOT. Always first confirm that you would trust them to work on your grandmothers house, or babysit your kids — before you start to see how they handle the tools. People with crappy attitudes and bad values are NEVER worth the effort. Inevitably they find something to externalize about; you’re not paying them enough, they don’t get enough time off, the gravity is too heavy…

2.) Confirming GRINDABILTY — But don’t ask how hard there last job was. Ask How LONG this hard job lasted, ask why they DIDN’T quit, ask what they LEARNED from this hard job, and how it changed them as a person.

3.) Call References — BUT — ask questions that allow you to see if you were right about their character. Remember that’s what you’re ultimately judging. 70% of the stuff on any resume is going to be questionable/exaggerated. When they worked for you; What were they the most proud of? When were they the happiest? What’s something most people wouldn’t know about them?

Call References

4.) Always remember that doing one or two more interviews is always MUCH less time than retraining anyone. Wait for the right person, even if their particular skill is lower — someone who lines up with your values can be leveraged over the long run, someone who quits in the middle of a job because the gravity is a little too heavy that day… is always going to be a let down

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5 best free apps for startups for 2018

5 best free apps for startups for 2018

5 best free apps for startups for 2018

Here is a countdown of the top must-have apps that startups should have on their phones or computers to start 2018 on the right foot. As a startup in this digital age, you can bet that there are very creative solutions out there to help savvy entrepreneurs save time, money, or headache. Here are our top picks.

5. Vidyard

Vidyard is a Google Chrome extension that captures videos and uploads it for you. From there, you can share the link to the video or upload it directly into gmail email or your Youtube channel. With just one click, you can capture video and audio on what is happening on your screen. You do need strong internet to in order for this to work. As a technology software startup, we mainly use this for demonstrations to clients to showing bugs to the development team.

A video tells a better story about what the user is seeing or should be seeing than screenshots with text. To see an example of how it works, here is an example of a video we made recently for a prospective startup customer: https://share.vidyard.com/watch/Qwm9VwRj5udCNZ74Evwd86

4. Hellosign

HelloSign

This is a digital way to sign contracts. You can use the web version for free at www.hellosign.com. The neat thing about this fan favourite is that you can sign your own signature and email it to others to sign too within a few clicks. Not only do we not have to find an old school printer somewhere in the city…but it saves us a lot of time and money! Make sure this is marked down as one of your must have’s. Personally, I use the web version to do this.

 

 

 

 

3. Paperspan

PaperSpan

Paperspan is a very interesting app that instantly downloads webpages/articles to save offline and reads it out loud to you later. This is particularly useful when I was flying a lot this year from Montreal to Vancouver to run beta tests with incubators for our startup success tool. This came in handy because I got to read up on different Facebook campaigns, eBooks, etc..It is perfect to catch up on reading and research during transport such as in airplanes, subways, or even just walking.

Voicealoud is a similar app that reads out loud but you require internet.

These audio apps are what I used to read one of my favourite eBooks, Crush It by Gary Vaynerchuk, Entrepreneur and CEO of Vayner Media. Voice is dominating because it gives the concept of saving time. Here is a great segment on Gary Vaynerchuk’s take on voice https://www.youtube.com/watch?v=qgGllljdC-k&t=1698s

That means that these audio apps are the ultimate “time saving” apps especially for people who don’t like read. I put it on the startup list because we have to learn so much in such a short time. We put on many hats during the day. Any time we want to find research on best practices can be done here.

2. Crowdfire

Crowdfire

A lot of first time entrepreneurs know they should use social media but don’t know how. They either don’t know what content to put, when to publish or what channels would be most effective. Crowdfire has a long free trial (about 100 posts) that helps you post cross Twitter, Instagram, and Facebook. It can include other mediums as a part of the premium paid package. We used this and saw instant success that helped VenturX grow:

400–900 followers on Twitter

from 0 to 500 followers on Instagram,

boost engagement on our Facebook.

It also teaches users how to do it and what to look for. For example, the app encourages users to like similar topics, when to repost your latest Youtube video or Medium blog post, etc.. It helped us maximize exposure to our startup fans and it drove traffic to our website.

One thing that really stood out about Crowdfire was how user-friendly it was. They had a unique chatbox technology combined with their AI algorithm to maximize its effective interaction with the users. Even though VenturX used it for B2B, I expected it would be even more successful for B2C startup businesses.

1. Shapr

Shapr

Welcome to the “Tinder for LinkedIn.” You can swipe left and right on people’s profile and get matched. It is especially great for B2B businesses like VenturX because it targets keywords and job titles. For example, VenturX would interested in these job titles: “CEO, Founder, or investor” and we scroll through 20 daily picks with those related job titles as close to our geographical area as possible. Just like the hot in market dating mobile applications, you can only talk to each other when you match. Also, users can get suggestions such as “ask them for a coffee meeting” in order to encourage more offline meetings.

I loved this app so much that I tweeted a customer testimonial video to them directly.

This is how you know your work is really changing the market.

The forgotten app of 2018:

Saying goodbye to Hunter.io app.

Hunter.io

This Google Chrome extension was a stellar business development assistant that helps you search email addresses on Linkedin. They had to shut down or got acquired unfortunately. Otherwise, this would be on the list of top 5 too.

So there you have it! You are well on your way to boost your startup with a bang in 2018!

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Founder Spotlight: Jennifer Chan (Preview Careers) – #1 Career Platform for Students

Founder Spotlight: Jennifer Chan (Preview Careers) – #1 Career Platform for Students

This week, I had the lucky opportunity to follow and engage with a Vancouver-based entrepreneur who is a true Lead by Example type! Jennifer Chan, Co-Founder of Preview Careers opens the door into her startup world!

Jennifer Chan, Entrepreneur, Co-Founder of Preview Careers

Jennifer Chan, Entrepreneur, Co-Founder of Preview Careers

I knew that this startup was definitely someone to watch out for when she scored over 140+ personal customer discovery interviews in a matter of DAYS with just 3 people hustling like warriors; these are results that other entrepreneurs take a year to accomplish. Preview Careers’ passion is predicated by their actions and their impact. There is no doubt Jennifer Chan was the perfect choice to highlight as someone who truly stands out! Not only did we get to see the next big thing being built, but we also got a lot of great startup tips from Jennifer Chan that you can check out: https://www.youtube.com/watch?v=vmpTxB8ZsSg&list=PLCZnT5ANSu9ZxOGg-dcyc9sqYXFWaw7eC

Preview Careers is the second product to come out of Appfabriqa, the parent company. Being education focused, Preview Careers took their mission back on campus. Jennifer took the bright initiative to personally survey students on campus one on one to understand their pain points when it comes to careers. She quickly built out a sign up page on Wix and starting building out features that the users wanted.

Jennifer’s customer-focused attitude is something that came from her previous startup experience and drove much of how the startup was run. It was a major influence on hiring decisions, product features, task management, etc..

What does a typical week look like for this founder?

She works from 9am-9pm consistently. (It’s pretty impressive!)

Preview Careers’ scores on VenturX’s Entrepreneurship Tool

Preview Careers’ scores on VenturX’s Entrepreneurship Tool

Mornings:

· Starts work at 9AM

· Design creative assets for marketing content in order to acquire new student users

· Send emails and update her team

Afternoons:

· Track user sign ups and send them over to product manager

· Customer research via online forums, social media, feedback from users to further identify the pain points and analyze in depth research of this market

· Attend afternoon meetings: check out new office space, interview new brand ambassador for student user recruiting at UBC, etc..

· Film mentor videos for website all around Vancouver

Evenings:

· Review marketing content from Marketing Intern

· 9PM meetings with her international team

What is Preview Careers?

The PREVIEW mission is to help driven, ambitious, young people explore and discover which career paths will lead them to doing work they love. PREVIEW believes that one of the key ways to exploring the career opportunities that exist, understanding the competitive landscape of the job market, and knowing the nuances of specific roles/titles is through connecting with mentors/advisors that can share their experiences, insight, and wisdom.

www.previewcareers.com

www.previewcareers.com

What is the next big milestone?

The next milestone is preparing for Back to School! If you are a university student in Vancouver, check out Preview’s student activities and giveaways on campus coming September 2017! Don’t miss out! Sign up today at www.previewcareers.com!

Get connected to your next mentor!

Preview Mentors

Preview Mentors

That is all for today! If you are a student or mentor and have questions for Preview Careers, we added her contact info at the bottom!

Contact info: Jennifer Chan

Email: Jennifer@appfabriqa.com

Linkedin: https://www.linkedin.com/in/jenchanbarnes/

Website: https://www.previewcareers.com

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Success Doesn’t Just Happen, It’s Planned For!

Success Doesn’t Just Happen, It’s Planned For!

Success Doesn’t Just Happen, It’s Planned For!

Startups plan and plan and plan…but where does it all go?

We wanted to find out how many startups like to draw out plans so we sent out a survey across Canada and the US to 175 startups. A whopping 68% of startups still like to use Post Its and visually draw it out. Nowadays, we have so many amazing business tool that we can use to make sure that your plan is:

  1. Improving your metrics (ie. conversion, engagement, etc..)
  2. Thorough (so not a single note gets lost)
  3. Visual (65% of people are visual learners according to Forbes Magazine Article — https://www.forbes.com/sites/tjmccue/2013/01/08/what-is-an-infographic-and-ways-to-make-it-go-viral/#6452cd047272)

So check out how your startup is planning for your success!

Old and New Ways to Build Your Strategic Plan

Old and New Ways to Build Your Strategic Plan

For more ways to make sure you are planning SMART, check out this great read: http://blog.venturx.ca/2017/08/23/smart-startup-goals/

Thanks for reading!  If you enjoyed this article,

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4 Reasons Why Startups Should Take Advantage of Business Intelligence

4 Reasons Why Startups Should Take Advantage of Business Intelligence

What is Business Intelligence?

Since starting my customer discovery, I have noticed that a lot of startups do not track their metrics. I don’t just mean the metrics that VenturX focuses on (Product Market Fit, Real-time Runway, Conversion, and Engagement); I mean most startups do not look at any metrics on a weekly basis. At first, I thought it was because some people may be less analytical types than others. But one day, a startup finally told me the answer.

I don’t have enough data to track! [It is not reflective of my business.]” — Local Montreal Startup

What do we mean by data?

Data is a collection of facts and quantities used for analysis. In this case, we mean tracking your customer interviews and meetings, revenues and expenses, industry metrics, how many customers signed up this week, how many customers are retained, etc.. All data is good data as long as it is tracked accurately and updated regularly. Business intelligence is the process of analyzing data to make business decisions. 

1. I don’t have enough data to input!

Quality over quantity. Keep in mind that 2 early adopters who love your product is far better than 100 surveyed people who are only so-so about it. Those 2 that really felt the problem your startup is trying to solve should definitely be tracked.

What to do next: Investors want to see how much you have evolved over time. Tracking early is the only way to show improvement!

2. I am too busy to input my data

Time is Money! If you don’t start tracking from the very beginning, you might end up losing running into dead ends without even knowing it!

What to do next: Spend 10 mins/day to track your data with VenturX and save yourself months of pursuing the wrong path. Almost all startups who ignore data tracking don’t see how much time is wasted. It is just a way for founders to be very conscious of where they invest their time and money.

Time is money

3. I won’t want investors to see my metrics

Investors do want to see that startups are using business tools to monitor their customers, finances, teams, and project. Not only do you need to have intimate knowledge about how well your startups is doing but you also have to be able to prove it. There is nothing better than seeing a visual of how your business is doing. Investors are keen on data driven results and decisions which is a great habit to form for all startups. Don’t worry if your progress at that stage looks bad, the improvement is the most important part. If you only track when you are rising, it doesn’t look like you improved by very much. You need to show how much you have learned.

“It is not about how much you fall, it is about how quickly you get back up.” — Barbara Cocoran

What to do next: Sign up today www.venturx.ca to get into the good graces of VenturX’s list of investors.

4. It is not reflective of my business

Business intelligence focuses on the business as a whole, not just one particular part. The business includes customers and users, finance, product,etc.. Some founders are technical product managers while others have team management skills. All founders need to be focused on the overall well being of the business, not just the parts they are comfortable with. This is a big reason why some founders feel discomfort when seeing that their metrics are low regarding some parts of their business. The good news is that modern business tools also come with hints on how to improve on weaker parts of the business!

VenturX Startup Dashboard with Hints

What to do next: Make sure to use a credible and well-rounded tool like VenturX to get the most benefit!

The bottom line is why wouldn’t startups want to use every resource in their toolbox including tracking their data to make smart decisions? Corporations have been using business intelligence with all their C-level executives forever so wouldn’t startups want to model after those best practices?

VenturX is a startup success tracker that focuses on early stage startups who want an operational view of their Product Market Fit, Conversion, Real-Time Runway, and Engagement. Its unique SMART scoring mechanism will provide hints and daily SMS notifications when you reach danger zones in your scores to help you quickly improve. As an added value, you can also submit your metrics and application directly to Seed and Series A investors on the platform with just one click! For more info, go to www.venturx.ca

Why Venturx? In comparison to corporate business tools that are not customized for startups, this is is only a fraction of the price. So this is a very affordable tool with credible value, real time metrics, and even connect to investors who favour analytics and metrics at the startup stage.

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