After decades of leading technical teams at companies like Looker, LiveOps, Netscape and ReadyForce, Lloyd Tabb’s biggest lesson isn’t what you would expect — or want to hear: you’re measuring the wrong metrics. We all are. The numbers that are often elevated within technology companies — from daily active users to revenue growth — effectively compare companies, but don’t necessarily help them run better. He describes these measurements as vanity metrics. Instead, he urges companies to track clarity metrics: operational metrics, such as active engagement minutes that drive growth. To not fall into the vanity metrics trap, Tabb suggests centralizing user activities and milestones into a single event stream. Event streams show a comprehensive view of how people move through your product, enable you to analyze their behavior, and track how your metrics influence each other. Once you create your event stream, he recommends trying a simple exercise: “Count the number of active five-minute blocks your user spent with you in a day and look for clusters of action — and gaps of inaction — in their behavior. It’s a cheap way of understanding what your customers are actually doing. Are they spending a lot of time on a page because they are interested or are they confused? If they are making a purchase, how many pages do they visit before they buy?” asks Tabb. “If you don’t have your data arranged by time in an event stream, you’ll never be able to answer these questions.”
You may have heard it again and again that entrepreneurship is not a dish which everyone can enjoy. It carries its own taste which is a mixture of sweet and sour spices. The mixture of both spices in a balanced way is the key to become a successful entrepreneur. There are multiple stages that the journey of becoming an entrepreneur will show you. If after analyzing yourself, your aims and what you exactly want to do in your life makes you feel ready for the next big step in business then it is advisable for you to learn a few things before you enter in the world of entrepreneurship. More information can be read on Entrepreneur resourses.
To substantiate the business plan you will need to do a market research, but this is just the beginning: to increase your chances of success in business you need to become an expert in the industry, products or services you deliver, if you are not already. An initial solution would be to sign up for professional associations. An entrepreneur is not and does not have to be a man – orchestra: you do not have to be an expert in everything and you do not have to propose yourself, so you learn to work with professionals in those areas you do not master: accounting, legal, marketing, business consulting etc. A useful guide to choosing a consultant can be found here: How to hire a consultant. You risk losing a lot of time and money if you try to learn to do all the things a specialist should do, so don’t hesitate to call in experts whenever you have a specialist problem.
Take any opportunity to network and learn from more experienced executives, as well as to be mentored and coached by some of them. Further, exposure to specific meetings, boardroom discussion, and strategic planning would be utterly beneficial. – Izabela Lundberg, Legacy Leaders Institute Source: https://theentrepreneurresearch.com/.