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Startup Port Newsletter - Issue #4

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Helping founders create and implement a lean roadmap with fast turnaround and execution
 

Startup Port Newsletter

March 1 · Issue #4 · View online
Create + Collaborate + Launch

Helping founders create and implement a lean roadmap with fast turnaround and execution

SHARE WHAT YOU KNOW
LIFE IS ALL ABOUT SHARING YOUR KNOWLEDGE
BE PART OF CONTRIBUTING TO THE SUCCESS OF OTHERS
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Ah, give this Cobbler some new shoes...
There is an old-world saying: “The Cobbler does not have time to fix his own or his family’s shoes…” That kind of resonate with us! We teach startup founders on what to do and not to do, in marketing, presentations, sales, searches, website design, product development, etc… But when it comes to our website, well, we kind of let go it down the drain… We have recently made some updates, tweaks and wanted to share it with you. First, we added some better insights on what we do on the landing page: WE HELP CREATE STARTUP SYNERGY, we added Program Modules and Services which describes the solutions & processes we provide, and added the Resources section. We are going to upgrade the entire site design during the first half of this year and are looking forward to your suggestions and insights. 
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What Is Grit and Why Does It Matter?
GRIT! We always mention this character trait in our conversations with startup founders and entrepreneurs.
We emphasize the extreme value of this trait and how building discipline in what you do through habits and confidence can improve your persistence and will to do what you say.
Yes, you can develop GRIT! it is in your power. And you need it more than anything else when you are creating a successful startup.
And don’t forget: Over time, grit is what separates fruitful lives from aimlessness.
Here is a great article by our friend Aly Juma on “What Is Grit and why does it Matter” Worth the read.
What Is Grit and Why Does It Matter?
One way to think about grit is to consider what grit isn’t.
Grit isn’t talent. Grit isn’t luck. Grit isn’t how intensely, for the moment, you want something.
Instead, grit is about having a goal you care about so much that it organizes and gives meaning to almost everything you do. And grit is holding steadfast to that goal over time. Even when you fall down. Even when you screw up. Even when progress toward that goal is halting or slow.
Talent and luck matter to success. But talent and luck are no guarantee of grit. And in the very long run, grit may matter as least as much, if not more, to what you achieve.
Develop “an intense, and persistent sense of consistency”
Great article from our partner Aly Juma about Grit.
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What do investors look for when evaluating startups? Beyond Financials, Management Team is a crucial component to success.
While every investor or VC firm has a different approach in evaluating startups, startup founders know most will want to review financial information like revenue, sales numbers, number of customers, future goals, and projections. But beyond financials, sometimes startups fail to realize the importance of Team and Founder market-fit! And this key component is most of the time not include in your startup pitch. Besides the product/service market-fit the whole journey it begins with your startup’s management team.
In an investor’s eyes, your management team is key. Company leadership can make or break your chance of building and executing your plan, so your team should have complementary skills within operations, marketing, and product development. Where one team member may have years of experience as senior executive in product development or sales, another can bring a background in operations management to the team to ensure well-rounded leadership. With many moving parts, your team should be able to interface and collaborate and understand where each individual’s skill-sets are best utilized. It is also crucial that for best practice and positive leadership your team members must be able to leave their egos aside and have a strong passion for making it happened regardless of their personal feelings.
Industry and market segment ties for team members are also something that investors look for in management teams. With relevant experience, and insights of the industry your team can understand how the industry works and can more clearly take advantage of potential areas for disruption and expansion opportunities. This type of experience often gives startup teams unique relationships, enabling them to connect or collaborate with industry leaders no other startup can access. Plus, showcasing the well-known and accomplished members of the industry within your team provides professional proof of support for your team’s ability to succeed.
Without the right team, it may be difficult for the startup to scale when the time comes. While some investors may want to sit on the board or be tapped for advice, most do not think of themselves as management consultants – especially if they’re seasoned investors and are working with a number of startups at the same time. Investors’ interest is better gained when a strong management team in place beginning day one.
Stay tuned for our next article about what makes a great startup team.
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TIPS FOR PERFECTING YOUR ELEVATOR PITCH
We have already had an article about pitching in the previous newsletter. We know you may say this is redundant or repetitive, but believe us, the pitch and the way an idea, a startup, a project even a person is presented and promoted is extremely important and it could be the fine line between success and total failure! So we are again emphasizing on the importance of the perfect pitch! (By the way this applies to all companies, whether a startup or established one!)

The Elevator Speech: Most people have the wrong idea about your elevator pitch!
It should be based on a social conversation rather than trying to sell something! It has to be a conversational process and very succinct and short!
There are three fundamental parts of an elevator pitch:
1. The Benefit
2. The Differentiator
3. The Ask
Want to know more about how to create a winning elevator pitch? Read our article about the perfect elevator pitch. 
Want to create the perfect presentation collateral such as your tag line, elevator pitch, your pitch deck, your executive summary, you short video and all the other tools to “differentiate” you from the crowd? Get in touch with us.
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Short takes and newsworthy stuff...
(We had a typo on the header of this section last time! Doh! we spelled newsworthy newswordy and for some reason our spell checker did not catch it! Hey, we never said we are perfect! not even close.. Learning everyday.)
How Daymond John of Shark Tank Shuts Down Skeptics–and Why He Thinks Most Entrepreneurs Are Wasting Their Time! He describes his daily rituals, “healthy paranoia,” and his intense time management tactics to Inc. Magazine: Read Full Article. 
Ah, hindsight. Like an annoying relative at a family party, it nags in your ear reminding you of what you should have done instead that. Hindsight isn’t always the enemy though, and that’s especially true when you can mine the wisdom of successful entrepreneurs. Here are 5 Nuggets Of Wisdom From Start-Up Moguls from the Esquire magazine. Read Full Article. 
“Work smarter, not harder.” Sounds good. But how do you actually do that? Well, luckily UC Berkeley professor Morten Hansen finally took up the challenge of finding a clear answer… from the Ladders. Read Full Article.
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About Startup Port: We partner with outstanding entrepreneurs and founders to help them build successful companies. Beyond just plain dollars, Startup Port brings “intellectual capital” in the form of matter experts who provide guidance, mentoring, operational advisory and coaching to entrepreneurs, by serving on their boards, providing much needed contacts/networking relationships, assisting with strategic growth planning, key hiring decisions, and preparing them for fundraising
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If you like this, please share with a friend, a colleague or better yet a young entrepreneur. Thank you, and make sure to manage your TIME properly, we do not have the luxury to restart it with a few keystrokes!
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