In the late 1990s Reed Hastings recognized that there was a problem with the video rental business. After paying a hefty $40 rental fee, essentially twice the price of a new movie, he recognized that there was a business model waiting to be developed. Fast forward 9 years later and in 2006 Netflix was the dominant player in the online rental business with just under a million subscribers and profits over $370M.
Guy Kawasaki’s book ‘The Art of the Start’ provides a fantastic glimpse into key tasks and the mindset required for startups. Here are my favorite lessons I picked up.
According to Kawasaki, there are 11 entrepreneurial art forms required to be successful in a new venture: “starting, positioning, pitching, writing a business plan, bootstrapping, recruiting, raising capital, partnering, branding, rainmaking and being a mensch.”
Here are the basics on actionable metrics for expanding your knowledge of how users can become customers. Just think like a pirate and say “Aarrr.” Your goal is to get users through the funnel from activation to revenue with as little drop-off as possible.