How to run your brokerage like a start-up

Curaytor

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Ventures I have recently “started” up online.

Lean startups must often defeat established competitors which are better funded and have established customer bases. Superior products, economically delivered to an appropriate target market are effective weapons against such incumbents.

Better Funded and Inauthentic, Loses

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Lean startups often need to ignore the wisdom of industry experts. In many cases, an expert’s legacy knowledge makes it difficult for them to accurately assess an innovative technology’s potential impact.

Experts Are Wrong

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Work hard to close the information gap and people will love you for it. Test for interaction and simplicity before adding design.

Realize People Use the Web Differently Than You

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You can’t learn what customers want simply by sitting behind your desk. You must “get out of the building” and talk to your customers, and your customers’ customers.

Get Out Of The Building

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Lean startups must rapidly and cheaply develop minimally viable products and quickly assess the merit of their underlying value propositions.

Fast and Economical

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The goal of an MVP is to test fundamental business hypothesis (or leap-of-faith assumptions) and to help entrepreneurs begin the learning process as quickly as possible.

Minimum Viable Product

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You can’t judge what you do not deliver to consumer. Indecision is often the worst decision.

Ship

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Different versions of a product are offered to customers at the same time. The goal of a split test is to observe changes in behavior between the two groups and to measure the impact of each version on an actionable metric.

A/B Testing

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Obsess about user feedback. Use social, surveys and software to get smarter AND make changes.

Enable Simple Questions Be Asked

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The points where you decide to continue or re-jig the offer (but keep some core fundamentals).Too many businesses stay wedded to old decisions and poor assumptions.

Pivot

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Lean startups must leverage free promotion, as they seldom have adequate capital to outspend their competitors and cut through the ever-present market “noise.”

Buzz

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Great book for restarting the way you operate.

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