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Questions are the new answers!? Asking the right question at the right time to yourself, your team, the market, your AIâŚ. is a key skill for founders. The entrepreneurial world is a whirlwind of decisions. From product development to team building, every step is crucial. But in the frenzy of "what to do," it's easy to forget the power of "what if.â The quality of your questions determines the quality of your solutions. A vague question like "How can we grow our user base?" might lead to generic marketing tactics. But a sharper question like "What specific user needs are we not meeting, and how can we address them?" opens doors to targeted innovation. So for todayâs challenge, letâs cultivate our question-asking superpowers. ⢠We want to challenge our Assumptions: to not accept the status quo and ask "why" behind every "how." ⢠We want to Embrace Open Ended Questions: Instead of yes/no, ask questions that spark discussion and explore possibilities. ⢠And we want to Get Specific to tailor our questions to the situation. We can't ask generic questions and expect specific answers. Pick a decision your facing today, pause and ask yourself: What questions can I ask that will truly illuminate the path forward?â The answer might just surprise you.Happy question quest on Day 041 of The Daily Founder. Have you joined the community group on austrianstartups.com yet?Letâs do this.
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Do you like clarity? You dream up solutions, craft roadmaps, and chase that ever-elusive vision. But the reality of an entrepreneurial journey? It's a swirling fog of uncertainty. New markets emerge, pivots become necessary, and unforeseen challenges pop up left right and center. So, what's a control-craving founder to do? Embrace the ambiguity.And here's why: ⢠Innovation thrives in the gray zone. Disruption rarely emerges from perfectly defined spaces. Ambiguity allows you to explore uncharted territories, test unconventional ideas, and stumble upon groundbreaking solutions. ⢠Agility is your superpower. The ability to adapt quickly is a founder's secret weapon. When you embrace ambiguity, you become comfortable with course corrections, allowing you to seize fleeting opportunities and dodge unforeseen roadblocks. ⢠Resilience is your armor. The startup journey is paved with setbacks. Learning to navigate ambiguity builds mental toughness, allowing you to bounce back from the inevitable bumps and bruises. Ok so, how do you transform ambiguity from an enemy into an ally? Thatâs our challenge for today. See which one of the following points resonate and where you apply one small step today: ⢠Befriend the question mark. Instead of freaking out about unanswered questions, view them as springboards for exploration. Embrace research, gather data, and conduct experiments to illuminate the path forward. ⢠Build a culture of "what if." Encourage your team to brainstorm alternative scenarios and contingency plans. This not only fosters creativity but also equips everyone to handle the unexpected. ⢠Focus on agility, not rigidity. Ditch the overly-structured plans and embrace flexible frameworks. Prioritize clear goals over micromanaged processes, allowing you to adapt as you learn. ⢠Celebrate calculated risks. Don't let the fear of the unknown paralyze you. Taking calculated risks in ambiguous situations can lead to exponential growth Remember, ambiguity isn't the enemy. It's the fertile ground where groundbreaking ideas take root and resilient founders flourish. So, take a deep breath, step into the fog, and embrace the beautiful mess that is your entrepreneurial journey. Thanks for tuning in, this is Day 40 of The Daily Founder. Find more good stuff in the community group on austrianstartups.com. Letâs do this.
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As a founder, you're constantly pitching your vision. Whether it's to investors, potential customers, or even your own team, you need to be a master storyteller. But simply telling people how great your idea is won't be enough. You need to show them. Today, weâll try to improve how you can better showcase what you got. Here are 4 ways Iâve encountered that do just that. Pick at least one today and try it out! 1: Paint a Picture with Data & Facts Instead of saying your product is "revolutionary," back it up with data. Showcase impressive user growth statistics, positive customer testimonials, or market research that highlights a clear gap your product fills. Let the data do the talking and paint a picture of the potential. 2: Demonstrations Over DescriptionsDon't just describe your product's features â demonstrate them! Have a working prototype and showcase its capabilities. If it's a software product, walk through a real-world use case. For a physical product, highlight its innovative design or functionality. A visual demonstration is far more impactful than a lengthy technical explanation. 3: Use Customer Stories to Show Impact Numbers are important, but stories resonate. Find early adopter customers who are excited about your product and let them share their experiences. These real-world examples showcase the positive impact your product is having and its potential to scale. 4.: Show Your Passion & ExpertiseBeyond the product itself, you, the founder, need to be captivating. Your passion for the problem you're solving and the deep understanding of your market should be evident. Demonstrate your expertise through your presentation style, responses to questions, and the overall confidence you exude. This is Day 039 of The Daily Founder. Join us in the community group on austrianstartups.com, like, comment subscribe. See you tomorrow. Letâs do this.
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Looking to create a meaningful and lasting solution? Well, a solution starts with a problem. So before looking into solutions, you gotta identify and understand the problem. Today, weâre looking for pain points and let them be the driver for creativity and innovation. Identify a pain you face as a customer, user, community member, or any other role you might have. Answer these two questions: - Is it a big enough problem to justify big efforts to solve it? - Would you pay for a better solution and if so, how much? Both yes? You may be onto something. Try to truly understand where the problem or pain comes from and the impact it has. Then youâll be set up to let your creativity run wild and start building a solution.A quick solution to a pain point Iâm having would be for you to like, comment, subscribe and join the community group on austrianstartups.com. Letâs do this.
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Do you trust your gut? I think in many situations itâs wise to trust your instincts. But on an entrepreneurial journey there are so many uncertainties that itâs also wise to recognize when to question your initial gut feeling and get some data to back it up. Donât ignore a gut feeling, thereâs probably something there to investigate, but donât think itâs enough to take big decisions.
So todayâs challenge:Follow up your gut feeling about something thatâs been on your mind with curiosity. Where does it come from? Why do you have it? Do others feel the same? Why?
Enjoy investigating and understanding your gut feelings! Thanks for tuning in to Day 037 of The Daily Founder, please help us out to keep going with this by liking, commenting and joining the community group on austrianstartups.com.Letâs do this.
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Letâs build a prototype today! Why? Prototypes allow you to test if your ideas and assumptions are actually true. It saves you time and money to first build prototypes and test with them before building and designing your full product or service offer. Going on a prototyping journey gives you more confidence and actual data if itâs technically possible, if anybody would actually want it and how it should look like.
So letâs create one today.
I suggest to define 4 things for your prototype: First: The right question aka the hypothesis. Which assumption do want to test?
Secondly: Define the minimal feature set. What is the MINIMUM requirement, the cheapest and fastest way to get to an answer to your question?
Number 3: Design your experiment. Are you just testing if it can be done technically? Do you need two versions to show to people to see which one is better - an A/B test? Is it a questionnaire? Unleash your inner scientist and try to figure out which setup is best suited to give you the answers you need (not the answers you want!).
And for number 4: Define the success metric. How will you know whether your assumption is true or false? Define how you measure and at which number or result youâll count it as confirmed or not.
Voila. This is it for Day 036 of The Daily Founder. Comment, like, subscribe and join the community group on austrianstartups.com Always be prototyping. Letâs do this.
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Nobody really gives a flying f*** about what you do - a very liberating realization, at least it was for me. It just means you should do you, go do your thing, make stuff happen, donât overthink it. But what will other people think? - Nobody cares! Of course your friends and family care about you, but we tend to drastically overestimate how much others actually think about us and what we do. In reality, everybodyâs got their own stuff going on and perceive everything through their lens. And other people are not on the same path you are on. Youâve got to walk your own path. And nobody can stop you, but yourself.
For todayâs challenge. Every time the thought arises âWhat will other people think?â slap yourself on the wrist and ask yourself instead, is this the right thing to do for me right now?
Care less about what other people might think. Just keep going and be kind along the way.
It would be very kind if you left a comment and like. Join us in the community group on austrianstartups.com. This is Day 035 of The Daily Founder. Letâs do this.
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Letâs celebrate today! It's so important to celebrate your wins. In entrepreneurship weâre experiencing frequent and unpredictable ups and downs , which can be rather unsettling. Every day is a journey and the low moments of uncertainty and doubt are inevitable. You will question yourself, your model, your team. When that tide turns again (and it will), then take the time to celebrate and reflect on that win. It will serve as your foundation for the next bumpy ride and give you more appreciation for the journey and achievements along the way.
So for today! Celebrate something, anything, focus on something good and enjoy! Do that regularly. It will be worth it!
Weâre celebrating making it to Day 034 today! And would definitely celebrate your contribution in the comments of the community group on austrianstartups.com. Letâs do this.
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How does your network look like? How much time do you spend with whom and why? The 33% rule is a great way to maximize your networking potential.The 33% rule states that one third of your network should be people you can learn from, who once stood where you stand. The benefits are obvious. Use the wisdom and experience of others who have done it before. One third should be people in the same boat as you, peers who inspire you, people you can share comparable insights and experiences with for mutual growth and collaboration. The last third should be people who can learn from you, so you can give back to the community that nurtured you. Teaching is a great way to learn yourself and strengthen your own knowledge. So for today, aim to follow the 33% rule and network with one person from each third. Thanks for tuning in on Day 33 of The Daily Founder. You can find a great network of entrepreneurial minds on austrianstartups.com in our community group. Come join. Letâs do this!
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Plenty of ideas, but not sure where to start? Here comes the ICE score.
ICE, for Impact, Confidence and Ease, is a simple framework to help you pick your next battle. Rate your ideas, features, options or whatever you want to prioritize on a scale from 1-10 in these three dimensions, add up the points and sort for the highest, there you go. You got your winners. So for today, try out the ICE score for whatever it is you want to prioritize. Please do the thing, you know, comment, like, subscribe and join the community group on austrianstartups.com. Letâs do this.
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âDonât limit yourself. Many people limit themselves to what they think they can do. You can go as far as your mind lets you. What you believe, remember, you can achieve.â â Mary Kay Ash Letâs see where our minds can take us today with this little exercise: Step 1: Where do you think is your limit? Step 2: What do you think is needed to break through it? Step 3: Letâs assume for a second that this would be easily solved. What would be next? What would open up to you? What would be the next limit? Letâs keep going through the steps 1,2,3 for two more rounds. Where are you now? Can you imagine it? Can you believe it? Allow yourself to, nobody is stopping you. There's also no limit on comments in the community group on austrianstartups.com. Letâs do this.
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Just build it and they will come. Sounds very risky and overly confident, donât you think? Hereâs a better way: The Lean Startup - the methodology created and championed by Eric Ries helps us build products better and faster. The core principle is to keep going in the iterative and continuous cycle of Build - Measure - Learn. The idea is to only build small iterations of your product to then measure the impact and learn as fast as possible if your assumptions are actually true. This helps you fail fast and save time and money as youâre not building something nobody actually wants. The approach reduces risk, increases efficiency and is more customer-centric. Are you using the lean startup method? Define a small iteration of your product or idea and think how you can measure and learn if one assumption you have about it is actually true. Thanks for tuning into The Daily Founder on Day 30. Join us in the community group on austrianstartups.com and comment, like and subscribe. Much appreciated. Letâs do this!
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âWhen everything seems to be going against you, remember that the airplane takes off against the wind, not with it.â - Henry Ford Feeling strong resistance? Make it your friend and let it lift you up as todayâs challenge! What is it that is going against you? Can you think of a way you can use it to your advantage somehow?Let me know in the comments wherever youâre getting this and consider joining and sharing in the community group on austrianstartups.com. Letâs do this.
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Weâre all biased. Whether we like it or not, but it helps to know and how our mind works. This is where Daniel Kahnemannâs groundbreaking book âThinking, fast and slowâ offers great insights into the two systems guiding our thinking.
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System 1: Our intuitive, automatic thinking that relies on heuristics and biases to make quick judgments. It's fast, efficient, but prone to errors.System 2: Our slow, deliberate, and logical thinking that requires effort and focus. It's slower but less susceptible to biases.Today, try to get a feel for it. For the next decision youâre facing, big or small, take a step back and challenge yourself where your first instinct came from and how it might be biased.
Enjoy figuring out how your mind works and how to overcome your biases on Day 28 of The Daily Founder. I might be biased, but I think itâs a great idea to comment, like and subscribe and join the community group on austrianstartups.com. Letâs do this!
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As a founder you get a lot of advice from many different people, wanted or unwanted. Investors, coaches, customers, employees, friends, partners, the neighborâs uncleâŚeveryone has an opinion. Some of it is very valuable. Most of it is not. And thatâs the challenge with advice: high variability of value and high volume. Today, letâs take a first step figuring out which pieces of advice you may want to take up. List the people in your network you trust to give you advice on specific topics as a first filter to manage it all. In further steps you may want think about the psychology of advice, yours and that of the advice givers. You may also want to look at which type of decisions lend themselves for which kind of advice from whom. As you become more strategic about receiving advice youâll become better judging whether itâs good or bad advice. My advice on Day 027 of The Daily Founder, join this community of entrepreneurial minds on austrianstartups.com. Letâs do this!
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As a founder, questions like:
How do I acquire customers?How much should I spend on marketing?Am I actually making money?are central to the journey and you gotta be confident in anwering them.
Enter Unit Economics.
Think of unit economics as the profitability of a single customer acquisition, product sale, or any core unit within your business model. It's about understanding the revenue generated by this unit and the costs associated with acquiring and serving it. Breaking it all down to these units will give you key metrics like ARPU (Average Revenue Per Unit), CAC (Customer Acquisitions Cost), and CLTV (Customer Lifetime Value)
By understanding and optimizing your unit economics you can make informed decisions, ensure your business is financially sound, and ultimately, achieve sustainable growth.
So for today, figure out or check in with your unit economics and calculate your ARPU, CAC & CLTV.
Happy number crunching. Letâs do this!
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The Comfort Zone - a cozy, familiar and safe place, sure, but itâs not fertile land to grow anything, itâs where you rest. Innovation, growth and resilience are built outside of it and in discomfort. So challenge yourself, regularly, deliberately, as calculated exploration and with a growth mindset. This doesnât mean you should spend all your time outside your comfort zone and one can overdo it of course. The goal is not to run in constant panic mode and into a burnout. As with everything, itâs about finding a good balance overall that you can sustain. Letâs take a small step outside of your current comfort zone today. Whatever that means for you. Maybe itâs a cold sales call for you, or attending an industry event you havenât been to before, maybe a new marketing tactic, participating in a professional development workshop or seeking advice from a coach. Whatever it may be, take a small step into something uncomfortable today and celebrate it! Do share your steps outside your comfort zone in the comments and join us as a subscriber or in the community group on austrianstartups.com. Letâs do this!
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Revenue is vanity, profit is sanity, but cash is king. Whether you like it or not, this saying, well, kinda says it all. Sir Richard Branson puts it this way: âNever take your eyes off the cash flow because itâs the lifeblood of business.âPeter Drucker: âEntrepreneurs believe that profit is what matters most in a new enterprise. But profit is secondary. Cash flow matters most.â Jack Welch: âIf I had to run a company on three measures, those measures would be customer satisfaction, employee satisfaction, and cash flow.â In simple terms, cash flow is all the money coming in and going out. Cash is what allows you to do things and it can provide freedom and flexibility to act. In PT Barnumâs words: âMoney is a terrible master but an excellent servant.â So for todayâs challenge, take a close look at your cash flow and try to figure out what your current situation means so you can take good next steps.Find our great community of entrepreneurial minds on https://austrianstartups.com and please comment, engage and like what we do here. Letâs do this.
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The Golden Circle. Letâs circle back to Day 002, when we were talking about purpose - your WHY. Simon Sinekâs Golden Circle is a simple yet powerful framework that helps leaders and organizations communicate their purpose and inspire action. Itâs made up of three concentric circles: The outermost circle is WHAT, representing the products and services you offer. The middle circle is HOW, representing the unique processes and values that differentiate you. Finally, the innermost circle, and the most crucial one, is WHY, representing your core purpose, cause, and belief.The idea is to think, act and communicate from the inside out. So letâs try this today! Pick any situation you will encounter today and approach it with the Golden Circle in mind and communicate in that order. Hope the Golden Circle helps you to inspire many people and communicate effectively! Letâs do this!
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Being a founder is like juggling flaming chainsaws while sprinting uphill. Time becomes your most precious resource, constantly slipping through your fingers. Yet, even with limited hours in the day, tasks seem to expand to fill every available second. This, my friends, is the insidious reality of Parkinson's Law.
Work seems to expand so as to fill the time available for its completion." In simpler terms, if you give yourself a week to write a business plan, it'll take a week. But, if you only have 2 days, guess what? You'll likely crank it out in that timeframe.
So what can we do? We make it our challenge for today:
Embrace deadlines seems to work. So set yourself a tight deadline for task youâre facing.Timeboxing is your friend: The next task you start or meeting youâre going into. Give it a clear time frame and donât go over.Track your time. Really take a look at what youâre spending your time on today.Say no! Just once today. Learn to politely decline requests that don't align with your core priorities. Your time is precious, don't let others squander it.Share how youâre overcoming Parkinsonâs Law in the community group on austrianstartups.com, where youâll also find more strategies on how to overcome Parkinsonâs Law. Letâs do this!
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