Josh Payne :: Founder & CEO StackCommerce @jnp1 - Tumblr Blog

4 Leadership Lessons for Founders After Running a Startup for 5 Years

This time five years ago, I founded StackSocial, what is now StackCommerce. Each year for the past four years, I’ve shared a few lessons (Year 1, Year 2, Year 3, Year 4) for other founders who are on the same arduous path. It’s been humbling, it’s been exhilarating, and I’ve grown in ways that I couldn’t have imagined. This year I’m back with 4 more takeaways from the past 12 months … perhaps the most important ones thus far.

Before I get to that, I want to give you a quick background on us:

At its core, StackCommerce is a product discovery platform. We work with brands to help them tell their story through online publishers including Engadget, Business Insider, Gizmodo, Aol.com, The Chive, Lifehacker, Macworld, IGN, HuffPo, CNET, and 750+ others. This consists of not just editorials and embeddable widgets with a slick checkout experience, but a complete immersion of the consumer journey from product discovery to purchase, fulfillment, and beyond to the next product. We simply call it: “Native Commerce”.

Now, as promised, here are a few lessons learned over the past year:

1. Empathy is the most underrated virtue of leadership

Like many entrepreneurs, growing up in my 20’s I revered Steve Jobs. I admired his take no bullshit, take no excuses, accept nothing but the best, and demand perfection, slant on life. I expect it of myself and so, why shouldn’t I expect it of my team? Shoot for the moon and worst case you end up in the clouds, right? But, with people, that’s not always the case.

Perfection is a tough standard to meet.

Putting that standard on yourself is your right. It’s probably not a smart one in the long run, but if you want to live with high bouts of anxiety, tension, and stress in pursuit of your ultimate satisfaction — that’s your right. But to project that onto others in pursuit of perfection often times causes us to remove all sense of “understanding” of someone else’s circumstances. That lack of empathy can hurt. It can really alienate people in a way that you may not foresee.

I’ve had some major setbacks in my life and as painful as they were — they have been a great asset to me. They taught me how fragile the human spirit is and in those moments how much we all need comfort, understanding, and encouragement … not a hard-ass with unreasonable expectations. Finding an acceptable balance in the pursuit of greatness and empathy with yourself and your team will help you endure because, frankly, you are nowhere near as good as Steve Jobs, so stop trying to mimic something you are not.

2. Communication is the antidote to almost every problem

Setting up formal feedback loops should be a top priority. When you are smaller, informal 1:1’s, happy hours, and one-off meetings can be enough to get a sense of people’s thoughts and give them the opportunities to let you know their thoughts. As you grow, implementing consistent channels for frank and/or anonymous feedback is vital to staying aligned with your team. Some of the things we have done this year include:

Management OKR Process — Quarterly Objectives and Key Results help align the entire organization behind the top metrics and KPIs. You’d be surprised how misaligned folks are until you get everyone in the same room. This also allows lower level managers to gather feedback from the bottom-up to help build consensus on what’s important to them.

360 Degree Reviews — Everyone in our org gets anonymous 360 degree reviews from peers, their direct reports, and the layer above them. We’ve found that this can surface incredibly insightful feedback that helps the individual to understand how their actions are helping or hurting, not only those that they report to, but everyone in the org.

Team Off-sites — Last November, we took the entire team on a 3-day cruise to Mexico. (WTF…I know, right?!) That investment has paid for itself and then some. There’s something magical that happens when you get everyone out of the office. People relax…they let their hair down a bit and they get honest. And there is gold in those moments of honest, direct feedback. I’ve probably learned more about what my team thinks about the leadership of our company in those few moments then all my 1:1’s combined. Do not underestimate the importance of spending time away from the office as a team.

3. Have a non-business mentor

I have a team of awesome advisors and investors who are phenomenal when it comes to startups and tech. And when I have a business question….they are who I turn to. But, often times, the issues I have as a founder can’t be resolved in an excel spreadsheet. They are matters of the soul.

This job will rip you apart. It will bring you to your knees. I don’t care if you are Elon Musk or Marissa Mayer or Mark Zuckerberg … you feel pain… you have low days, low weeks, and, yes, even low months. The highs are higher than you can imagine and the lows are pretty low.

If you don’t have a personal, non-tech confidant you can turn to — make it a priority to get one. Today, my wife and my dad are the two people I turn to when I’m at my lowest. And, everytime, without fail, they are there for me with doses of reality, empathy, and love.

Before I was married, when I was first starting launching Stack, I was really up and down based on the momentum of each day. I took every single day personally, and when you’re in that state, you need someone to vent to and just let go. In those early days, I saw a therapist and it was the best thing I could have ever done. It helped so much that the therapist knew nothing about tech, because at the end of the day, my problems weren’t about tech, they were about emotions and feelings. Many of our problems are internal and not external as we might think. I encourage you to find someone, anyone, outside your tech circle to talk to and just let go.

4. Cash is King

Every startup has a different track. Ours is what I’ve coined as being “Seed-Strapped”. We raised a small Seed round of $800k back in 2012, but we’ve been profitable ever since so we haven’t needed to raise more funding. We’re not a completely “bootstrapped” startup, yet we also haven’t raised large rounds of institutional capital. Those two facts make for a very unique creature in the startup world, but it’s a path that I would personally recommend.

Raising a Seed round gave us access to new potential partners, press, hires, and social capital that we needed to grow the business and it was well worth the dilution. But, instead of going the traditional route of raising more capital and further diluting my ownership and that of my team’s, we focused on staying cash flow positive.

Some may say it was a mistake and we could have grown much faster with capital, but I also know many hooks that come with that money. Hooks that I didn’t believe were a worthwhile trade-off. Easy capital does not equate to success and, in fact, can lead you to your demise by allowing you to go too fast too early before you figure out product-market fit. We’ve seen this all too often. Founders think that raising capital is like putting training wheels on a bicycle, but it’s more akin to slapping a rocket on a tricycle.

Regardless, the ability to stay independent, make your own decisions, and have your own path is invaluable. Take on capital wisely, even if you can raise more. I would advise you to take what you need and, if you can, get to profitability ahead of growing a few percentage points faster. Maybe that’s heresy in the startup world, but I’m a bit cynical after seeing too many startups grow quickly and fade even faster.

To wrap things up, here are a few #humblebrags on my team and some accomplishments over the past year:

5th Year Highlights:

Grew the team to 60+ people while remaining profitable (on just $800k of capital raised in 2012)

Grew our publisher network to over 750 publishers and our user community to over 3.5 million registered members

Expanded into our 4th Vertical: 1. Tech, 2. Men’s Lifestyle, 3. Education, 4. Women’s Lifestyle … with plans for the 5th.

Built out an incredible management team with experience from companies including Google, Gilt, Fab, Headspace, and Pivotal Labs

Adopted five insanely rad Office dogs: Bill Murray, Kiley, Cowboy, Zoey, and Uni

But, beyond all of that, the biggest highlight over the past five years is that we’ve not only created a successful company, but also a culture, a family, and movement. I couldn’t be more proud of the blood, sweat, and tears that this team has put forth to help better the lives of our vendors, publishers, and customers.

Here’s to the next 5 years. Good luck and Godspeed.

Founder Feedback Year #4: It Actually Is About The Journey, Not The Destination

Four years...I can’t believe how fast it’s flown by. Four years ago I left my corporate gig to take a risk on becoming an entrepreneur. It hasn’t been easy, but I’ve learned a lot in that timeframe and managed to share some lessons over the year’s: Year 1, Year 2, and Year 3. So, to keep my annual blogging tradition alive, I’m sharing five new lessons learned over the last 12 months while leading the StackCommerce team.

While we made great strides over the last year, it was no fairy tale. The lessons learned this year, frankly, are one’s that I am still trying to take in and fully accomplish myself. They are the one’s that if go unheeded, will hold us back from scaling to the potential that we know is possible.

But before we get to that, I do want to humblebrag on behalf of my team because they’ve worked so hard to get to where we are today and they deserve some serious recognition. Here are a few highlights over the past year:

Highlights

Grew the team by 50% from 30 to 45 people & stayed profitable

Doubled Publisher Shops from 45 to 90 expanding into new categories

Scaled top-tier shops to gross sales well into the 7 figures annually

Launched an in-stream product recommendation ad product

More than doubled our user community to over 2.5 million members

Expanded the SC Network reach well beyond 150M monthly visitors

On-boarded top-tier partners: Engadget, Business Insider, Boing Boing

Lesson #1: Invest in your people. They are your lifeblood.

Investing in your team is much more than free food, cool happy hours, and silicon valley perks. It’s about ensuring they see a path to empowerment and ultimately being able to make key decisions which will help them make a mark on the company and their careers. For employees and employers alike, the grass can often times seem greener elsewhere, but the same problems exist in almost every startup. So, instead of waiting to hire that next “rockstar VP” -- invest in the manager or director that you have and signal to everyone in the company that you are willing to invest in the people that you have rather than looking outside the company.

It seems like everyone wants to be entrepreneur these days, so give your people the autonomy to create new opportunities internally and benefit in a commisurate way. This can be tricky if it takes you too off-course, but innovation should come from within and you’ll never make progress if you don’t allow room for some trial and error. For us, two times per year we hold full day “hack days” where the entire company groups into teams or 3 to 5 and spends a week working on any crazy idea they want. It fosters not only innovation, but also empowerment and creativity.

Lesson #2: Be Prepared to Falter...and Get Up Quickly When You Do

Last year, I spoke with another LA entrepreneur who said their 4th year was by far the toughest as they had exhausted all the “low-hanging fruit” in the business and getting traction was now much harder. The fact is that for most startups (and we’re no exception) things get harder, not easier as you attempt to continue growing at the same rate as previous years. Old customers / partnerships suddenly evaporate when a company goes out of business, new customers are harder to come by, and gaining traction in a new vertical can be just as tough as starting a new business from scratch. So, where does that leave you? It’s nothing new -- startups are fucking hard. You develop a growth strategy, focus on executing against that and do nothing else until you’ve iterated to succeeding in that mission.

You are going to fail at some point. Things are not going to go as planned. You may even fall down -- but don’t stay down. Sound the alarms, rally the troops, go back to doing what you do best and make shit happen -- FAST. Find the root of what drives your business and focus on that maniacally until you breakthrough.

Lesson #3: Edit more than you write.

For founders like myself who are more operationally-minded than externally-minded, this lesson can be a make-it or break-it factor to getting to the company to the next level. At some point in your growth, it’s time to set the path, not create it. Or, to paraphrase Jack Dorsey, “...as a CEO you should be editing more than you are writing...” - otherwise you become the bottleneck to growth.

Hire the right people - mentor them, coach them, advise them - but stop trying to get into the weeds. Create process that helps them do their jobs better instead of trying to do their jobs for them. It won’t scale and they will resent you for it. When innovation and direction comes from within, everyone feels more bought in … it doesn’t mean you have to completely let go, just coach instead of do.

Lesson #4: Trust your gut, but don’t forget to listen.

As your startup gets bigger and has more success, your ego tends to grow along with it. Your strong decision-making is what got you here … but ignoring the input of those closest to you is a warning sign you’re going off the rails. Your employees, your advisors, your investors -- you have to pick and choose when to listen and when to go your own way, but if you find yourself thinking your way is the right way 80%+ of the time….you’re probably in for a rude awakening.

As you get bigger, you’re getting further and further into uncharted territory. The risks become greater than ever before. Give real credence to those closest to you because they are seeing things from a different angle that you are likely blinded to. You often won’t know it until 6 months later, but do your best to take into account those that have been there before. It's unlikely that you are the exception to the rule as you think you are.

Lesson #5: Find some balance in your life.

You’re 4 years into your startup. On average, startups take 7 to 10 years to exit….so, realize that this is a marathon and not a sprint. If you’ve made it this far (most startups die in the first 3 years) and you haven’t kept any semblance of balance in your personal life you’re probably exhausted and nearing burnout. A friend and fellow founder wrote about her path to balance here -- which I think lays out the stake you eventually have to put in the ground.

For me, every year I schedule a couple of triathlons or half-marathons far enough in advance that I have to take time out to train. Being proactive about taking time off helps enforce it when it gets to crunch time. Remember, creating balance isn’t just good for you, it's good for your team, your family, and ultimately your investors.

Finding balance will give you a different perspective and clarity around mission and vision breakthroughs. The only way to settle in for the long haul is to surround yourself with great people and focus on the areas you can make the biggest impact. And, everyone will thank you for it...

In Conclusion

While we may not be a fucking unicorn just yet, we’ve achieved quite a bit and I’m extremely grateful for that. Four years have flown by and I’ve made more mistakes than I ever thought possible, but I’ve learned some things along the way as well. For the 99.998% of you that aren’t on Uber’s growth trajectory -- take heed and be prepared for bumps along the way. Take a moment to smile everyone once in awhile and pat yourself (and your team) on the back. You’ve done something amazing if you’ve made it this far.

Now...get back to work… ;)

JNP

The Heart and the Hammer

When you are grounded, believing you can compete in the realms of greatness is audacious. Think about it....the odds are astounding: First Round Capital tells us that the chances of becoming a billion dollar startup are just 0.00006%.

Yet, having this intrinsic belief that we can achieve beyond measure is at the very core of what great startups are built from.

Some startups are bred from greatness, with serial entrepreneurs as founders and funding amounts that set the stage. Others, like the underdog, undersized thoroughbred in the picture above (btw...can you guess who it is?) are born with something else -- heart. As entrepreneurs, we talk about "culture" a lot ... but really culture is just a synonym for shared passion amongst a group of individuals. There is nothing that can create greatness without passion and there is no passion without meaning and there is no meaning without mission.

"Why are you here? What does it mean to be great?"

Communicate that answer to your team on a weekly basis. If they don't understand what you, as the founder, believe, then you're all just working for a paycheck. Do they realize how special it is what you are building? How it change lives in ways big and small. That their contributions to a team goal will lead them to far more individual fulfillment than imaginable.

Pounding away with a hammer is necessary to get the job done, but the audacity to #HOPE is what creates outliers. Hope sounds easy, but you are the underdog and you know it.

Don't let that stop you though because hope is contagious...

Give your team the hope to think different.

Give your team the hope to stay hungry.

Give your team the hope to be foolish.

All they need is someone to believe in them - and it starts with you.

#heart #startups #founderseries #founderfeedback #motivation

Founder Feedback Year #3: Go Big or Go Home

It's hard to believe that another year has passed since my last post...clearly I failed to follow up on my pledge to blog more, so now I'm embracing it as an annual tradition.

In Year 1, I talked about the mental and emotional challenges that founders face and some practical ways to overcome them. In Year 2, I discussed how founders must look outside themselves to make it to the next level by investing and trusting in their team instead of trying to do it all themselves.

Year 3 is typically the "make it or break it" year for most seed stage startups. As an example, we were incubated at Amplify in LA and of our class of 11 startups -- 1 has been acquired, 4 are in the deadpool, 5 have raised additional funding, and only 1 is still operating without raising more funding (that would be us).

By this time, you've busted your butt to create a "real business", you have lots of customers, you're generating some revenue, and you've hired a phenomenal and loyal team. But....either your cash is running dry, your competition is catching up with you, new startups are challenging you with innovative offerings, or likely all three. So, like the title of the post reads....Year 3 is time to Go Big or Go Home.

Over the last year, we hit some MAJOR milestones, so I have to do a little #notsohumblebragging on behalf of my team! We...

Doubled the size of our team from 16 to 32 people.

Transformed a 4000 sqft warehouse on the beach into our new HQ.

Grew our user community to over 1 million members strong.

Launched our native iOS app from scratch.

Reached our first seven-figure month of sales w/ native commerce.

Launched StackCommerce with over 500 publisher partners, 1000 vendors, and a network reach of over 75 million visitors per month.

Built upon and solidified a world-class company culture bar none.

Of all the bullets above, I am most proud of the last one. The friendships, camaraderie, and bonds we've built over these past three years are priceless and I believe they are what keeps us continually striving and innovating to build an amazing product experience for our customers.

We did all this while profitably bootstrapping ourselves without the need to raise additional capital. I wouldn't recommend that strategy to everyone, but for us, it's given us the right amount of control and "smart growth" to learn without diluting ourselves and our shareholders.

Lastly, I want to provide four lessons I learned over the last year that might help you along your journey:

1. Lesson #1: Revisit Your Mission + Vision

As any founder will tell you, over the course of 2+ years, your company’s core product will take a few tumbles and turns, so it's highly likely that your original mission and vision are now out of sync with your original thesis. However, if you don’t take the time to go back and reevaluate that original thesis and either update it or reconfirm it, your team will become splintered, confused, and potentially, worst-case scenario, disenchanted with its core value proposition.

My team helped to wake me up to how big of an issue this was for us … it paralyzed employees from making important decisions and robbed them from a deeper sense of purpose. After a lot of soul searching and two team off sites, we concluded that our mission had in fact changed from the initial one created long ago, and ultimately decided to launch a new B2B brand and to update the company name to ensure both internally and externally people knew who we were and what we were set out to do.

2. Lesson #2: Product-Market Fit….Do You Have It?

If you've made it through two years and have either raised follow-on funding or are profitable, you've certainly done something right. But, that doesn’t mean you’ve necessarily found product-market fit. Product-market fit probably means different things to different people, but to me it's about a startup's ability to acquire customers with a lifetime value that is more than what it cost to acquire them AND the ability to retain those customers over time.

Most startups focus on acquisition, but no matter how many users you bring into the top of the funnel, if they go out of the bottom of the funnel at the same rate….you will never scale. There are many, many examples from mobile (Viddy) to subscription commerce (ShoeDazzle). Now contrast those examples with two more from the same industries: Instagram and Birchbox … all of these startups found product-market fit because their customers keep coming back organically again, and again, and again at no additional acquisition cost.

For StackCommerce, we found that once we onboard a publisher to our white-label “Shops" product, that publisher stays active and their revenue grows quarter over quarter approximately 90% of the time. We felt that was strong product-market fit and chose to double down on that part of our business.

3. Lesson #3: Innovate or Die Slowly

A major dilemma for every founder is focus. Most founders I know have what I call “Focus ADD”. We see an ocean of opportunity and if we juuuust … streeeetch … a … liiiittttllle … mooooore ... we could grasp that additional opportunity — a new revenue stream, an incremental user acquisition channel, or a shiny new market … and admittedly the majority of the time those ideas need to be reigned in and shelved for a better time, but they are also vital to keep the lifeblood of innovation flowing through your company.

This advice is counterintuitive to what most will tell you, but to me, the minute you stop ideating, and stop asking yourself how something can be done better or faster … you die. I’m not saying launch a new product every quarter, but evaluating market trends and what's happening on the bleeding-edge will help you stay one-step ahead of your competition. In order to help us stay focused, yet continue to ideate and innovate, we hire freelancers or outside consulting firms to build MVP’s of one-off features or products to validate them prior to burdening our core product and engineering teams.

Everyone has a best guess as to what will work, but until you actually test it in the market, you never really know what will resonate.

4. Lesson #4: Automate & Scale

In the early days, if it could be done by an intern, virtual assistant, or junior employee - we didn’t add it into our product roadmap. Things like documenting site metrics, onboarding partners, or paying out vendors - the time it would have taken early on didn’t justify the time it took someone to do it manually.

As you grow, however, these seemingly small, repetitive tasks can cripple your growth if you don’t find a way to automate them. You don’t want to do it too early, but there will come a point where instead of making five to ten partner payments per day, you are making dozens, eating into your team’s valuable time. That’s when you know it's time to integrate a full-blown payments feature to automate and scale the process for the future. Tracking metrics is another manual process that is seemingly innocuous, but starts to eat up valuable time and annoy your engineers when you ask them to constantly build new types of dashboards. We leveraged RJ Metrics which pulls data directly from our back-end and its been astounding at how much faster we’ve been able to uncover and report on key metrics that help us focus on the right initiatives.

The best way to prepare to scale is to find the processes that are slowing your team down and will cause issues at scale: dashboards, payments, metrics, email management, etc...

Now, go #CRUSH it....

#founder #feedback #startups

Founder Feedback Year #2: Its Not Just About Execution Anymore

Today is the two-year anniversary of StackSocial. Exactly one year ago, I published a blog post that helped me survive the emotional rollercoaster that is being a startup founder. Writing that post forced me to put down on paper some important reminders not only for others, but also for myself. I love writing (and learning), so I'm back for another installment of founder "lessons learned". Hopefully this year I'll keep my resolution to write more than once per year! :)

For me, the first full year of business was an all out war. In the trenches with my comrades, day in and day out. There were no days off...no timeouts....it was an all or nothing battle, or so it seemed. My post last year discussed the toll that can take on any human being and ways to best handle it.

This year I want to address how our growth has helped us evolve our focus and mature beyond "survival mode" to "thriving mode".

Typically, we don't toot our own horn much around Stack HQ, but Its worth celebrating some of the extraordinary "wins" we've had since a year ago. The number of StackSocial customers has grown nearly 4X from 130,000 to over 500,000, our team has grown from 5 full-time employees to 16 full-time employees. Our publisher commerce platform has never been stronger: we have over 25 white-label integrations and our commerce partner roster includes prominent Internet titans such as: AOL, CNET, Gizmodo, LIfehacker, TNW, and others. We completely redesigned our site from the ground up improving every aspect of the user interface and customer experience. Our product inventory on site has never been better -- the brands are stronger, the apps/services are more relevant, and the gadgets are more innovative. We've captured a lead and uniquely positioned ourselves in the epicenter of the shift to "native commerce" on the web. We've listened to our users and we know where 2014 is leading us -- mobile, social, and native. I've never been more excited about the future of this company and all this was done while raising less than $1 million in seed capital and never spending a dime of it.

And with all that being said, times could never be more volatile. Last year, I discussed how founding a startup is like a rollercoaster; this year I feel a better analogy is to that of a Class 5 whitewater rapid. You are moving forward at a rapid pace in a monstrously powerful river and all you have to steer is a tiny oar. There are huge boulders to the left, right, and just ahead to navigate. Each new moment brings an alarming mixture of awareness and anxiety that makes the hair on your arms stand up.

How could this happen? It can't be done. I have no f*cking clue what to do.These are all phrases that have been said by many an entrepreneur before. Funny enough, somehow we manage to continue down the rapids and find our way to an exhilarating, demanding, and, yes, enjoyable journey. If year one was about simply getting down the rapids without smashing into a rock, year two was about figuring out how to steer a fleet of rafts down that same rapid.

Here are 4 more lessons I've learned this year that helped me navigate:

1. Lesson #1: Its Not Just About Execution Anymore

There are many types of leaders out there. My style is all about execution by example as opposed to visionary by story-telling. It served me well in year one: signing contracts, calling potential partners, raising capital, doing customer support, paying out vendors, designing the product, creating facebook ads...whatever needed to be done. As we grew, I was forced to hire (happily) and that brought new challenges: communicating a vision, cultivating a culture, discovering talent, instilling process, and building a brand.

As you grow, you must leverage your time and be prepared to switch your focus from being "task-oriented" to being "people-oriented". Its no longer about "getting it done"...now its about building a team that can scale at the same or better efficiency you can. Stop doing - start managing.

2. Lesson #2: Build Something You're Proud Of

Sounds obvious, but actually my advice for anyone prior to year two - is to just build something (fast) and test it. Don't waste time building the "perfect" product only to see that there isn't a viable market.

But, once you've ascertained some product/market fit, you have customers and traction - there is nothing more powerful than working on something that you are truly proud of from both a front-end and back-end perspective.

People told us that our product was selling just fine on our old site design (which it was)...and not to focus on anything other than "growth" features. Its certainly sound advice for many, but for us, post re-design we saw an surge in pride of ownership within our team -- and its made all the difference in the way both our customers and our employees perceived our product. It wasn't just the "skin" that had changed -- we took the entire team offsite to discuss our values and mission statement and integrated that into a totally "re-branded" company. We get more inbound leads from partners, investors, and potential employees than ever before. Never underestimate the power of great design.

3. Lesson #3: Hire Slow, Fire Fast

Its been said many times before by smarter people than me, but I'm here to reiterate this tried and true advice once again: Hire Slow, Fire Fast.

On the firing front: there is nothing more debilitating, more poisonous to your team's morale (and culture) than an employee that is not a fit for your organization. The lack of fit could be in the form of an employee who is a "C Level" player, a "non-believer", or someone's who's simply not a team player, etc. Regardless of the reason, you need to cut them out of the organization as soon as you become aware of the reality. One bad apple can affect the morale and efficiency of the entire team.

On the hiring front: we've been cautious with hiring, perhaps overly cautious...and every time we jump the gun because "we REALLY need to fill that role" -- it seems to backfire in the long run.

Once your culture is "set", create a consistent hiring process that ensure multiple employees vet each new hire across a wide range of facets including both quantitate and qualitative. Almost every single one of our first 10 hires were through personal referrals of team members -- its by far been the best resource to find talent early on. As we've grown, we've used more recruiters which can be hit or miss...kind of like playing russian roulette -- so always go in-house when you can.

4. Lesson #4: Find Your Secret Sauce & Make It Even Better

There's always at least one (usually more than one) user acquisition channel...one type of customer...one product feature...one unique aspect of your company that sets you apart. Something that your competition wish's they had or tries to replicate, but you do better than everyone else. Hone in on that.

Do insane amounts of due diligence on why that is....make it a science...then do whatever it takes to make it even better. For us, our publisher platform is the key differentiator in our offering. All of our competitors have either: a) a "destination" flash sales/marketplace site or b) a B2B platform focused on businesses (not consumers)...we have both.

Its been extremely daunting to manage two different stakeholders, two different products and many told us that we would fail if we tried to do both -- but instead we've found them to be complimentary. The key is that we built them so that they actually feed into one another and have helped us create partnerships and growth that wouldn't have been possible had we only had one of the other.

But, ultimately, your secret sauce should always your people - at least it is for us. Every time I think about the challenges that lay before us, the audacious goals we've set...I wonder how we're going to make it and then realize its because we have the best f'ing team on the planet. Bar none. We started from humble beginnings and each day, each month we continue to increase our ambitions, our passion, and our will. I am floored by how much this group of individuals puts into our mission each and every day.

If you don't have that, you won't get anywhere...so focus on the people.

#founder feedback #stacksocial

Founder Feedback: Celebrate The Small Wins

Exactly one year ago today, StackSocial was born unto the interwebs. This week, we had a little celebration from our four-story beachside loft on Venice Beach. As I look back, I find myself reflecting on what has been a very emotional rollercoaster....many ups, some downs and a lot of excitement.

I also find myself wondering what I could have done different...should have done different...and how to distill those experiences into a learning lesson for the future. There are many, but the one I want to focus on applies to not only both current and future founders, but also to anyone leading a team of people: finding emotional balance.

Sounds pretty straightforward, but the real challenge is that your entire existence as a founder is unbalanced. A funny story - the first week we joined the Amplify accelerator program, Jason Nazar (founder and ceo of docstoc) gave a talk in which he described how our lives were about to change. He said that in general there are 5 fundamental aspects to everyone's life:

Family - parents, siblings, wife, kids...

Friends - best friends, college buddies, locals...

Health - working out, sports, staying in shape...

Work - your startup.

Personal - hobbies, tv, reading, vacations, fun...

The average person balances their time across these 5 fundamentals in some reasonable fashion. BUT...as a startup founder, you only get to pick TWO.

That is IT. You get a) your startup and b)....... X. Period.

A funny thing happened. I sat there in that chair actually feeling sorry for Jason - thinking it's sad that he believes that he can only do two of the five. He must be one of those overzealous founders that can't figure out how to live a balanced life and be successful.

Well, let me tell you, one year later, he was more right than I ever could have imagined. Being a founder means making sacrifices that you a) don't want to make (i.e. - not taking vacations, not going out with friends as much, etc) and b) thought you would never have to make (i.e - your mental and emotional balance). If I knew all that it took to do this job, there are many times where I doubt I would have gone ahead.

I don't tell you this to scare you off or have a pity-party for founders, but just to let you know that it's a bumpy ride emotionally, mentally, and physically. When all your eggs are in one basket and that basket is constantly going up and down up and down...it's damn stressful. So, what to do about it?

After a year or so, I've started to realize there are a couple things you can do to have some semblance of emotional balance in your life from a work perspective:

#1 - Focus on the long-term.

You're going to have some bad days, bad weeks, and probably a few bad months. And, remember, you are the one that determines what "bad" means. Most of us would be happy to hit 500 Million users in 3 years, but maybe to Zuck for Facebook - that wasn't fast enough and he missed his goal. Take a step back, realize how far you've come, and realign your expectations for the long-term. Don't let short-term bumps throw you off course.

#2 - Celebrate the small wins.

Dove-tailing off #1, it doesn't sound hard until you really think about what it means to "win" in the startup game. Your goals are seemingly ever-evolving and increasing as you grow. A great example was just the other morning when I woke up:

I checked our month-to-date revenue and it was 100.4% to goal. Instead of sending out a congratulatory email to the team...I looked at it and thought to myself: "Huh....we underestimated revenue". So, I bumped up our goal by 20% with 2 days left in the month!

That's kind of like crossing the finishline of a marathon ahead of your time and telling yourself you were too fast, so you need to run an extra 4 miles instead of celebrating a victory!

No one is going to be pushing harder that you to make your company a success, but you have to pat yourself and your team on the back every once in awhile. Otherwise - what's the point?

#3 - Trust in Your Team

As a founder, no one wants to succeed more than you do, but that doesn't mean you have to bear the entire burden. That's why you hire people smarter and more experienced than you. Communicate the goals, share the weight, trust in your team to help you hit the milestones you set out to accomplish.

#4 - Seek out Advice

You probably formed an advisory board. You may have some investors. UTILIZE THEM! And, don't be afraid to go to them with bad news -- in fact, that's when you need them the most. They are there to help you overcome the obstacles and bring back emotional balance to your life. :)

You started this because it was a lifelong dream and it was actually insanely fun! Don't lose that spirit as you grow. Expectations grow, pressure grows, but no matter what win, lose, or draw- don't stop having fun.

Celebrate the small wins.

#motivation #feedback #founderseries

Design Is How It Works.

I usually try to write fairly in-depth posts, but came across this blog post from John Gruber today that made a point that I find myself constantly trying to make, so I wanted to re-post it real quick.

He writes about how Walter Isaacson misrepresents design as how a product looks and feels instead of understanding what it's really about -- how a product works:

Isaacson clearly believes that design is merely how a product looks and feels, and that “engineering” is how it actually works.

Jobs, in an interview with Rob Walker for his terrific 2003 New York Times Magazine profile on the creation of the iPod, said:

“Most people make the mistake of thinking design is what it looks like. People think it’s this veneer — that the designers are handed this box and told, ‘Make it look good!’ That’s not what we think design is. It’s not just what it looks like and feels like. Design is how it works.”

"Design" is so core to what Apple is and why it's so successful that I'm glad Gruber corrects this distinction. It's unfortunate that so many people assume, as Isaacson did, that design is fluff (or veneer as Jobs puts it).

User Interface design and User Experience design should be so intertwined that you never consider one without the other. And therefore, clearly, design must be at the crux of every product...otherwise, what's the point?

#steve-jobs #design

Wanna-preneur to Entre-preneur: 4 Steps to Making the Leap

Last week was a big week for me. For as long as I can remember, I’ve always wanted to be an entrepreneur. And, although I had many characteristics of one, I never rose to what I consider to be the true definition of one. (Now, I can finally say that has officially changed.)

Sure, I have been starting ventures, projects, and even full blown online companies with users and revenue since my first paper route at 12 years old, but none of these “projects” were ever my “full-time” job. I always had some backstop (i.e. - a good excuse to tell people why what I was working on failed) whether it was school, a corporate gig, or another job that provided my source of income or security.

To spur on a bit of motivation, I would self-deprecatingly refer to myself as a “wanna-preneur”. And in my opinion, a wanna-preneur is the worst kind of person in the startup world…the type of person that always talks about building a company, can recite every story from TechCrunch for the past 3 months, and is the world’s best critique of why your idea will never work, but never takes the big risk themself.

So, I began to think…why did it take me 32 years to become an entrepreneur even though I’ve known this is what I wanted to do since the 4th grade. So, I made a list and surprisingly, I could only come up with a couple reasons. Here are my personal roadblocks to entrepreneurship:

1. Lack of personal network of technical people

2. Fear of letting go of a secure job and income

3. Belief that you can successfully build a startup while keeping a day job

4. Not becoming part of/participating in an entrepreneurial community

So, let’s break those down:

Lack of personal network of technical people.

I was actually a Computer Information Systems undergrad and learned some front-end development skills (HTML/CSS/Photoshop/etc…) which lead to me building my first startup in 2001 from scratch. So…why did I need technical people if I could code (a bit)? Because as many solo founders will tell you – it sucks. And, at my core, I am product/strategy/design guy even though I can understand and code a bit…it’s not my forte.

Point being, I knew I needed to find a technical cofounder, but I had no idea where to find one. All of my friends were marketers/BD guys/sales guys…and all of their friends were too. I am shocked looking back at how few engineers I hung out with earlier in my life. There is like this invisible Chinese wall between communities of business guys and engineers. Usually they don’t share the same interests and therefore they’re usually hanging out in very different places.

A huge mistake I made was not taking the time to make purposeful attempts to find and develop friendships with more technical-oriented people…whether they were software engineers, designers, web developers or whatever. It never dawned on me that building a personal circle of friends that were engineers was important instead of trying to simply “hire” someone. (Google: “Wharton MBA seeks Code Monkey”…yeah, not good).

Fear of letting go of secure job and income.

All four of these reasons tie into one another in some way…but this one is probably the biggest issue for me. Growing up in a lower-middle class family, we always had enough, but I knew I wanted more. And right way out of college, I found my first year salary to be more than what I ever remembered growing up with. This was a big deal. Giving up this income to start a company would very likely mean that I could end up back in the same financial position where I grew up…and that was simply unacceptable. Instead of letting that fear motivate me into going full-time into my entrepreneurial endeavors, it paralyzed me to stay in a corporate gig I hated.

I had actually built and coded a fairly successful ecommerce startup during my senior year of college and ran it for a couple years afterwards, but it couldn’t generate enough revenues because I refused to go full-time, I didn’t have a technical co-founder to add the functionality necessary to differentiate it from competition, and I refused to quit my job because of the above reason.

So, I was stuck.

What have I learned on this point? Take the biggest risk acceptable to you.

If you refuse to quit your job for security/income purposes…sit down and calculate how much money you would need to “securely” make that decision.

Secondly, start building the company on the side and get it to a stage that you feel comfortable displays enough traction to get others interested in your idea/project.

If fear and security are your issues, systematically attack them. Make goals and promise yourself that you will take certain actions after certain milestones are hit.

Belief that you can successfully build a startup while keeping a day job.

Including this is someone hypocritical of me since I just said in the previous paragraph that you should start a company as a side project. To a certain extent, you can, but you have to know when to say when...and usually most people never say “when” at all. And that’s the point of this post – don’t be like me and take 10 years to grow some balls. The truth of the matter is that keeping your day job makes it infinitely harder to build a successful startup.

Paul Graham has laid this argument out much better than I ever could, but basically it comes down to the fact that it allows you give up so much easier than if you don’t have a backstop. Obviously, it also takes away from your ability to give it 110% as well as reduces your credibility when trying to get co-founders, partners, investors, advisors, etc) to work with you.

No one really takes you seriously until you are “full-time” on your start-up, especially yourself…so, if you believe in yourself, don’t wait.

Not becoming part of/participating in an entrepreneurial community.

You may say, well…duh, doesn’t take a genius to figure out you might want to network with other entrepreneurs. But, I think people severely underestimate the importance of deeply integrating yourself with like-minded people. This is how you meet co-founders, vet ideas, learn best practices, bounce ideas off people. Otherwise, you’re stuck in your own head or reading reactively what others did in the past. Innovation comes from something as simple as a few guys sitting around talking about problems and how to solve them.

What I’ve learned here is that if you truly want to become an entrepreneur…you need to a) geek out w/ some engineers, devs, etc b) contribute to the community and not just troll and c) do it consistently.

My whole theory of becoming a “true” entrepreneur is just to “get myself into the game”.

That’s 80% of the battle right there. I’ve always been confident that if I can get myself on the field of entrepreneurship, I will win…so now the biggest battle is behind me. I’ve been practicing the fundamentals of entrepreneurship long enough that I’m confident the rest is going to come. I have no doubt in my mind about that.

This post probably won’t apply to a lot of people, but if you’re currently a wanna-preneur I hope this helps you to start mapping out actions and milestones to becoming what you really want: an entrepreneur.

#wannapreneur #entrepreneur #mental

Entrepreneur Series: Part 4 - Intro to PR

In my previous entrepreneur series posts, I covered developing the idea, the name, and doing field research. Now you're on the path to launching...and you want to come out guns blazing. Let's run through some of the do's and dont's and get you on your way to your first TC article.

The pic above is a photo used in one the articles covering the launch of my current startup. Its a reminder for me of what a pain in the &$$! getting PR can be if you don't have the connections or the right "kind" of startup. If you are a Silicon Valley insider with social media connections to your buds like Adam Ostrow @ mashable or MG @ TechCrunch...well, then this post probably isn't for you. But for the rest of us, PR requires a long-term strategy that needs to honed...read on for some basic tips to hacking your way into a bit of PR for your launch.

Lesson #1:

Plan in Advance. Now I know most of you are probably saying to yourselves: "no shit sherlock"...but hey, when you're busy these things can creep up on ya! I made the almost hilarious mistake of waiting until 1am the night before the day of our launch to start emailing PR folks. For some unknown reason, I totally underestimated how busy bloggers and press folks actually are...do not make this mistake.

If PR folks are just hearing about your launch a few hours before everyone else is...it's too late. Its all about "the scoop" with bloggers and the press. That's really the only currency you have to offer as an unknown startup...that is unless you already have a serious track-record. My suggestion...start creating your PR list about 10 days in advance and start emailing folks about 5-7 days before your launch.

Lesson #2:

Build your own Momentum. Imagine...you have launched nothing other than a LaunchRock launch page, but you've been designing and building your startup for months. When you reach out for a cold email to any blogger, the first thing they will do is google you. What will they find?

Obviously, you will have your blog up. But, what type of content will be there? Will you be perceived as an expert in your space? Will you give your startup a personality that resonates with your potential customers and partners? It sounds obvious, but for those of you not in YC, TechStars, and the rest...you need to start somewhere. Start early.

Lesson #3:

Bloggers write about lines not dots. I'm borrowing this phrase from a post I read by Mark Suster that said the same thing about how VC's invest. They invest in people that they have a series of encounters with them so they can plot several markers to make a determination to say 'yes' to investing in an entrepreneur. Bloggers are much the same. A cold email is not all that cold if the blogger has had quick convos with you on twitter or in the comments sections of their articles.

You can't follow everyone, but pick a few favorites and make sure you follow them on twitter and read their articles consistently. That way, when an email comes in from you...your name may actually stick in the back of their mind somewhere.

Lesson #4:

Get some heavy hitters in your corner. Now, for the most part, this entire article series is aimed at very early entrepreneurs that are just getting started...so I'm assuming you're not well-connected in Silicon Valley yet. But...regardless, you need to line up some "heavy-hitters" to back you up on the day of your launch. And by "heavy-hitters"...I don't mean Darryl Isaacs...I mean, anyone in the tech industry that has connections to VC's, startup CEO's, bloggers, etc...and has some serious klout.

Again, its all about building relationships. Reach out to anyone that you admire in your space and ask them to have coffee. You'd be surprised how many will say yes...people have big hearts in the startup world and they know what goes around comes around. So, get out there are mingle...and if they believe in what you're doing and they ask how they can help...this is fairly easy way.

Lesson #5:

Give something away. If all else fails and you missed steps #1-4 above, then do what I did...give something away. We built an e-commerce startup, so we reached out to niche bloggers (not TC et al) and offered them a handful of promo products to give to their customers as a giveaway. Its not quite the same as getting a "real" review, but hey...at least you're getting some press.

If you don't have a product to giveaway, then buy an iPad or something and give that away. Look at it as an investment...a way to get your foot in the door. Once you've worked with those bloggers/publishers once...hopefully the next time you have a scoop, you do it the right way and they write about you for real.

Good Luck!

JNP

#entrepreneur series #pr #launching #press #bloggers

Discover the Web: Design

Last year, I co-founded a start-up aptly named dscover.me. The idea behind it is to help people serendipitously discover new sites, articles, and interests online. Although, its implementation still needs a pivot, I've found it to be extremely useful in seeing what my friends, family, and network ACTUALLY do online. From shopping to reading, etc...

Which brings me to today's topic. Where to GO on the web? Depends on the category of course, so I figured I'd break it down that way.

Here are a few of my favorite design-oriented destinations...not so much Internet design, but more fashion/home design:

Pinterest (www.pinterest.com) - UGC Design

Allows me to "pin" photos and links of various designs, fashion, etc that I enjoy across the web. In web geek speak, it's like Instragram except for design.

ApartmentTherapy (www.apartmenttherapy.com) - Home Design

This is a cool site with great home design tips from DIY tips to personal home tours. If you're wondering how to spruce up your digs, look no further.

Rue Magazine (www.ruemag.com) - Design Inspiration

Say hello to the "new" kid on the block. Although, Rue is only on its fourth issue, the founders of this design inspiration machine have built quite the following even before starting the magazine. With a style all its own, look to Rue for all things chic.

The Foundary by Hayneedle (www.thefoundary.com) - Home Decor Deals

The Foundary is the lesser known (and better, in my opinion) version of One Kings Lane. The deals aren't ostentatious and actually seem to be made up of stuff one would actually buy. Think of that...

Lastly, but not least, is a mention for Everlane (www.everlane.com).

Still in beta, but this is one to keep an eye on. Looks very promising as most things made by Jesse Farmer and company are...

JNP

#fashion #design #home decor

Unwrapping the iPad2

it has arrived...

so far, so good...

they weren't jokin'...its razor thin!

a little personalized touch...

the backside ain't so bad either...

booting up...

and with the "smart" cover...

#ipad #gadgets

Entrepreneur Series (Part 3): What's in a Name?

So, in Part 1 and Part 2 of this series I talked about ideation and field research. Next up: The Name Game.

So, when is a name, more than a name? Well, why don't you ask how it worked out for say...CareerBuilder (big company) vs. Doostang (still alive, but easily the winner of the worst startup name evvvver). Or how about Mint (acquired for $170M) versus...Wasabe (deadpool).

Look, no one is saying that a name makes or breaks you...but it certainly helps set the tone for the future. I have founded two startups...one with a pretty terrible name for all intensive purposes (to clarify, this was somewhat intentional, but we'll get to that later), dscover.me, and the other with what I feel like is a great name, StackSocial.

I've touched briefly on why a name is important...but to dive a bit deeper, in my opinion, it comes down to a couple things:

Common Sense Translation. When someone hears the name of your company, they will immediately begin to determine what it means and attach that to your brand. It's one thing to name your company a made up word like Zozi (which is a great name), but this method goes completely awry when you name your company something that puts it in the wrong context (like Doostang...sounds like, uh, well..."doo. stain." Not good).

Spell-ability. I don't think spell-ability is a word, but I'm using it anyway. Yes, we have google so thankfully even if people can't spell the name of your company...they can google it, but its another barrier. For example with dscover.me - first off...no one knows how to spell it. And when you type it into the search bar, Google automatically changes it to: "Showing Search results for discover.com instead of dscover.me". Not good.

While there are certainly others such as: How long is the name? How easy is it to pronounce? How memorable is it?...i think it ultimately comes down to the 2 factors above. Jason Calacanis has some interesting input here on the topic.

How to get the Great Name.

Next is the process for getting the great name. There really is no secret, it's usually a painful process. On both startups I've founded, we spent weeks agonizing over the name. Simply because everything you can think of is probably taken. This being said, you then have three choices:

1. Buy a kickass name. Will cost probably at least $1k or more. This option is fine for anyone that's funded. I would probably go this route if money wasn't an issue.

2. Use a misspelling, a non dotcom domain, or use a prefix. I would avoid this route. Sure, it worked for Flickr, Tumblr, bit.ly, MyMint.com (now Mint) and GetDropBox.com (now DropBox)...but for the average startup, this route is rife with headaches. Dropping vowels is cliche, many mainstreamers still don't get non dotcom domains, and banking on getting big enough to buy the real name violates my two rules above.

3. Mash two meaningful words together. Facebook, EverNote, OpenTable, StackSocial...etc. Even if you don't know what StackSocial is...you at least begin to understand its probably community based and perhaps it has something to do with...say a building things? or maybe software stacks?...or something to do with programmers?...well, you get the picture. Its close enough and it doesn't lead the user astray.

Once you have the name, then check the availability using a service like this one. And obviously vet it by bouncing it off a few friends, googling it, and as Jason suggesting doing a Google images search to see what kind of images are evoked from the name.

Good luck.

#entreprenuerseries #naming

Hacking Your Twitter Name

I think we've all been there: crap usernames. There's nothing worse that going to sign up for a major a new ground-shifting site like facebook or twitter only to find that your username has already been taken. "Yeah, tweet me @joshpayne89234"...riiiight.

Same thing happened to me when I initially signed up for Twitter back in December 2007. So, after not doing much about it for years...I finally did some digging and stumbled across a great blog post by Kyle Reed explaining exactly how to go about requesting a username switch.

Its actually pretty simple.

First, you go here and make an Impersonation Claim. (that's right)

In your claim, explain why the username that you want should be yours (you really only have a shot if the person that has the name is a squatter and hasn't tweeted for at least 6 mos or so. also it helps is the username is very close to your real name.)

Wait for a response from team twitter with their decision

I was stoked when I heard back literally within hours with a positive response on my claim. Some people said it takes up to a couple days...but twitter is not a fan of squatters, so give it shot if you have any sort of case.

Obviously there are no guarantees, but its worked for several others. The one downside is the SEO hit when people google your name + twitter as it will still point to the old account for awhile. So, once you switch names on your twitter settings page...make sure to go back and claim the old account and let people know that you have switches usernames.

Good Luck!

#twitter #socialmedia

Entrepreneur Series: Step 2 - Field Research

In my earlier post I covered ideation, so now that you have your rockstar idea the next step is to do some analysis.

In the antiquated days of the 90's and 00's entrepreneurs were encouraged to write extensive business plans in detail explaining their concept, marketing strategy, biz model, etc. However, in recent years...the pendulum has swung completely the other way: no biz plan whatsoever...just whip up some code, develop an MVP and get your product out there as soon as possible!

My 2 cents: find a happy medium in doing "field research". Conducting field research is essentially testing your hypothesis in a very hands-on manner. Rather than tons of unrealistic analysis and conjecturing in a biz plan, you actually go out and interview your potential partners and customers. This can save you considerable amounts of time if you were to build an MVP, but then quickly realize after building and getting a few customers that the model is broken.

Field research sounds easy enough: just go talk to people, right? Right...but trying to do so with no credibility or experience in that particular arena and people are weary of taking your calls. A good way to start building credibility is to start writing about the field you are looking into online. Blog, if you have one, answer questions on Quora about the topic...in other words, do your homework!

Next, develop an online survey or list of questions for the key stakeholders in your potential startup: your customers and your partners. Generally, you want to ask open ended questions that get some discussion brewing:

Which of the following best categorizes you: x, y, z? (helps determine how to bucket the customer)

When was the last time you bought or considered buying x? (helps determine how active they are)

What are the best/worst aspects of the existing process?

If you could only change one thing about the current marketplace, what would it be?

If this new offering existed, how would that change your decision-making process?

Hopefully this will yield the insights necessary to build a model that will answer other questions around user acquisition, revenue generation, etc. Most importantly, don't ignore the advice you get. Take the feedback, let it resonate, and adjust accordingly.

#startups #entreprenuerseries #research

2011 New Year’s Resolution: Reduce Digital Media’s Death Grip

Like it or not, digital media has become an integral part of our lives and by "integral", I mean it has a death grip on our minds. Ask yourself, what’s the VERY FIRST thing you do when you wake up? Got it? Ok, well for me, I turn off my iPhone alarm then hit the email button and before I’ve wiped the sleep from my eyes, I check my email from bed. Are you kidding me?! How has this become normal? I tell myself I’m being more productive this way, but all its doing is making me more compulsive and essentially manic.

The result is my ability to focus has plummeted. I’ve become more forgetful than ever. And my life seems overwhelmingly busy…even though, I’m supposedly “more productive”.

So, what to do? When I stopped to think about it...I realized that digital media isn't just around me, no, it pervades every single aspect of my day. Ask yourself - what never leaves your side? Your wife – sorry, honey gotta run to the store. Your loyal pooch?...nope, not coming to work with me. Surprise! – it’s your cell, err smart phone.

My iPhone NEVER leaves my side…I take it to the bathroom to play some tunes as I get ready, plug it into my car so I can make Bluetooth calls, check email on the way into work, listen to Pandora at work, check into Foursquare at lunch, check Twitter while I’m waiting on the elevator (being productive, see), text friends on the treadmill (yes, its possible), email on the way back to the car, search for recipes for dinner once I get home, check facebook in between commercials, and finally of course use the “rainmaker” app to get to sleep. Rinse and repeat…

We’ve tricked ourselves into thinking we're being “productive” by spending time perusing sites like Quora and Twitter because we're “researching” startups, industry vets, and their musings. It’s true that this is a better way to spend time than watching TV for instance, but its abuse is eating away at the ability to actually get anything done. The constant flow of email and digital content packs our brain instead of enabling us to be present in the moment. My brain leaps from one distraction to the next.

This “digital media distraction” has become an addiction that seems impossible to kick. Not the least of which is because it’s hard to convince oneself that its actually “bad” for you. But don’t fool yourself…reading TechCrunch definitely isn’t going to make you the next Ev Williams…getting shit down just might.

Goal #1: Reduce Digital Media Consumption

For me, the number one culprit of digital media addiction is email. I probably check my (work and personal) email (on my computers and mobile) at least 10-15 times per hour (maybe more, since I make the cardinal sin of working from my Inbox for direction). So assuming 10x per hour and 16 hours…that’s 160 times per day on average. Holy sh!t.

Following the advice of Timothy Ferriss, part one of my new year’s resolution is to reduce my personal email consumption to just 3 times per day: once at 10am, 4pm, and 10pm. For work, it’s a bit more challenging, but my goal will be to check it about once per hour…which is a bit more realistic until I can change my manager’s/stakeholders’ expectations around response times.

Secondly, using a simple webapp called RescueTime, I'm going to monitor and reduce my usage of social media sites like Facebook, Twitter, Quora, LinkedIn, and other tech blogs. The goal is to only check these sites no more than once per day. I want to stay informed…just not “addicted”. To take things I step further, I've installed a browser extension called StayFocusd to deter my ability to get to these sites.

Goal #2: Increase Digital Media Production

Don’t get the wrong idea, I don’t think digital media itself is evil…in fact, just the opposite. The problem lies in that, currently, the system is using me instead of the other way around. If I’m going to spend time interacting with content, the goal is to be the one producing it as opposed to being a passive consumer.

So, my second resolution will be to produce at least 2 blog posts per month, 1 quora post per week, and 5 tweets per week. Like all resolutions, this is easier said than done, but my hope is that by reducing my digital media consumption that I will have freed up some additional time to actually create something instead.

Wish me luck…

#socialmedia

Entrepreneur Series: Part 1 - Ideation

In Silicon Valley, everyone will tell you that ideas are a dime a dozen. And for the most part, this is very true...without the proper hard work, sweat, tears, and red bull...the vast majority of ideas get booted to the mythical "idea deadpool".

However, it should also be noted that its a significant mistake for talented entrepreneurs/engineers to waste their time going down the wrong path -- to go "heads-down" and build a complete prototype and then realize there is no market for it. Ask any solo engineer entrepreneur...very rarely does the adage "build it, and they will come" ever hold up.

Here are what I believe are 5 keys to solid ideation:

#1 - Practice early and often. Continuously brainstorm ideas. Write them down. Compare and contrast them. Think it all way through from...from value proposition to the customer to the market size to the business model. Be practical.

#2 - Stick to what you know. If you're outside the Internet industry....you might want to focus on developing a company that rectifies a broken process in your industry instead of trying to create the next Google. Not saying you can't create a web startup, just that you should focus on your unique aspects - whether it be your location, current industry, or hobbies - but just make sure that you have a leg up over your competition. Otherwise, you'll spend 10x the effort your competitors will given they probably are experts in that arena.

#3 - Keep it Simple Coming up with elaborate ideas that take months or even years to develop at costs of anything more than 5 figures isn't really going to do you any good. Anyone can dream up a supernatural product that is awesome...but you gotta be realistic. My litmus test is, can a prototype version be built in less than 6 months with less than $10,000? (Many would say 3 months and $5000 nowadays.) If so, keep moving...otherwise, be prepared for a long, expensive slog without much knowledge of what happens on other side.

#4 - Find a Partner I can't stress this one enough. Everyone wants to go it alone. It's a mistake...ask any solo entrepreneur. Building a company is hard...building one by yourself is even harder. Partners help flush out bad ideas, are a great sounding boards, and provide motivation to keep going when you're ready to quit alone.

#5 - Validate the Value Prop All ideas must be vetted before committing any resources. Once you've developed the next Facebook, Zynga, or GroupOn in your mind...go out and talk to those folks who would be your initial customers and ask them if they would value your proposed service. Either way, you'll probably be very surprised with what you hear.

#idea #startups #entrepreneur series

my top 5 apps

I'm in a torrid love affair with my iPhone. iOS4 and iphone4 have me salivating for better, newer, and more...pathetic, I know. Android is exciting, but for now Apple has me hooked. Here are 5 apps that keep me coming back:

1. RTM (Remember The Milk) - I was a user of RTM back when I was in business school, but dropped it as it just became too cumbersome being tied to my laptop to remember my tasks. But now, having all my tasks synch on the fly with this mobile app...it's an unstoppable productivity combo. This app is free with a $25 annual pro subscription to RTM online. Well worth the investment.

2. Sleepmaker - With 4 different rain settings ranging from gentle to torrential downpour...this app puts me to sleep everytime. It's free, it's always by my side, it's perfect.

3. Words with Friends. I have to admit it...I'm not a gamer. I loved my original Nintendo circa 1990...but nowadays I just can't seem to keep up with Farmville, Fishville, Cowville, and the rest of 'em. But I've made one exception - WWF. This has gone beyond being a simple game to bordering obsession. If you're competitive like me...you'll find yourself scouring your address book for more friends to challenge.

4. Dragon Dictation. Not as well known as some others...this app has saved my life while texting and driving. I can simply speak into my phone and then Dragon Dictation will translate my voice into text allowing me to shoot off a quick, easy, and safe text. Anytime, anywhere....

5. tie: InstaPaper and Evernote. I have about 100+ RSS feeds on Google Reader, but I don't always have time to read the articles then and there. These apps can easily capture articles on the fly and download to your iPhone so you can read them on the go. Just make sure to synch the app prior to "going offline".

#apps #mobile #iphone

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Josh Payne :: Founder & CEO StackCommerce