How to Pivot Your Startup Before You Launch 🚀 Pre-Pivot Strategies for Entrepreneurs

In this episode of Feel the Boot, host Lance Cottrell dives into the concept of pre-pivoting for startups. Avoid the common pitfalls and wasted resources of traditional pivots by learning how to identify potential problems before building your product. Lance shares three effective ways to foresee issues, focusing on customer conversations, systematic testing of assumptions, and conducting a pre-mortem. Perfect for early-stage founders looking to navigate the complex journey of launching a successful business.

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In this episode of Feel the Boot, host Lance Cottrell delves into the concept of 'secret sauce' for startups. Learn why identifying and protecting your unique differentiator is crucial for attracting investors and maintaining a competitive edge. Cottrell shares insights on developing a valuable and defensible secret sauce, using trade secrets and patents, and the importance of articulating it effectively in your pitch deck. This video is a must-watch for early-stage founders seeking to innovate and secure their business's future.

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In this episode of 'Feel the Boot,' I address a common frustration among startup founders: investors who show strong interest but delay their commitment. I explain the reasons behind this behavior, such as risk minimization and strategic leverage, and provides actionable techniques for founders to expedite investor commitments. Key strategies discussed include structuring funding rounds in tranches, leveraging social proof, and utilizing time-critical events to encourage quicker investments.

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Startup Failure Analysis 🔎 Key Lessons from Abby Sugar

In this episode of Feel the Boot, host Lance Cottrell delves into the startup journey of Abby Sugar, the impressive founder of PlayOut Apparel, a gender-equal apparel brand. Despite the brand's promising concept and innovative approach, it ultimately failed. Abby bravely shares her experiences and the unique challenges she faced, providing valuable insights for early-stage founders. Topics covered include founder mental health, team dynamics, investor relations, and the impact of external market factors. This in-depth conversation offers actionable lessons for anyone navigating the complex world of startups.

Abby Sugar’s Bio:

Having worked as a writer, editor, and independent personal trainer, Abby Sugar is a lifelong learner and taught herself about fashion, business and startups after studying English Literature in college. Abby is a graduate of Barnard College, Columbia University, and studied abroad at Hertford College, Oxford University.

To Abby, learning is everything, and her life motto is f*cking figure it out – so she set out to build the brand that she and her cofounders wish existed when they were younger. As an outgoing, unapologetically queer startup founder, she strives to be a leading voice in and for the LGBTQ+ community. Abby founded Play Out Apparel in 2018 with her cofounder, Grey Leifer. As Play Out's CEO, Abby:

- Graduated from the Founder Institute as a Select Portfolio Company

- Raised $750K in pre-seed from mission-aligned investors and secured loan opportunities

- Won $20K from the National Business Inclusion Consortium’s pitch competition and $10K from Alibaba and HelloAlice (chosen as 1 of 50 winners from 12,000 applicants!), as well as winning other pitch competitions

- Shared her story in the New York Times and Forbes

After an incredible journey, Abby closed Play Out Apparel in 2024 to pursue other opportunities as a startup founder, consultant, and investor.

Abby was named to the Forbes Next 1000 List in 2021, she speaks on podcasts, international panels, and gives frequent interviews about startups, fashion, diversity and inclusion, and topics important to LGBTQ+ individuals.

Be sure to SUBSCRIBE to Multitudinous Musings, Abby's monthly Substack Newsletter, where she shares general educational articles about startups and investing, longform journalism, and poetry/literature that she reads - it's also known as Sugar's Recommended Reading. https://abbysugar.substack.com

LinkedIn https://www.linkedin.com/in/abbysugar/

Instagram https://www.instagram.com/a.n.other.sugar

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🚀 Why Startups Fail: Top 10 Mistakes to Avoid 🚀

🎥 In this podcast, I dive into the common pitfalls that cause most startups to fail within their first few years. Based on my decades of experience in the startup ecosystem, I share invaluable insights and practical tips to help you navigate these challenges effectively.

👉 What You'll Learn:

Market Needs: Understand how to validate the real demand for your product.

Running Out of Cash: Strategies to prevent running out of cash before hitting your key milestones.

Gaps in the Team: Tips on assembling a team that can pivot and adapt as needed.

Competition: How to stand out in a crowded market.

Pricing Mistakes: Aligning your pricing with the value you deliver.

Prototype to 1.0 Transition: Avoiding the pitfalls of technical debt.

Timing Your Launch: Identifying the perfect market entry point.

Maintaining Focus: Keeping your startup on track amidst potential distractions.

Go-to-Market Strategies: Ensuring you can reach your customers cost-effectively.

Co-founder Dynamics: Preventing conflicts that could derail your venture.

💡 Bonus Insight: Learn about "zombie corporations" and how to avoid becoming one.

🔗 Stay Connected:

📘 Read the full article for a deeper dive into each topic: [Link to article]

💬 Join our community discussion below and share your startup experiences and questions.

👍 Like, Subscribe, and 🔔 Ring the bell for more insights from Lance.

🌟 Whether you're a budding entrepreneur or a seasoned founder, this video is your guide to avoiding common startup mistakes and steering your venture toward success. Let's get your startup on the path to thriving, not just surviving!

#StartupAdvice #Entrepreneurship #BusinessStrategy #LanceCottrell #StartupSuccess

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In this episode of 'Feel the Boot,' Lance Cottrell shares essential advice on crafting an effective elevator pitch to capture the interest of potential investors or partners quickly, stressing the importance of brevity, clarity, and engaging storytelling. He emphasizes that the goal of an elevator pitch is to spark interest for further conversation, not immediate commitment. Drawing from his experience and common mistakes observed, Lance provides practical tips on avoiding overly rehearsed or jargon-heavy pitches, suggesting instead to focus on conveying the unique value proposition plainly and compellingly. He highlights the versatility of elevator pitches across various contexts, from investment pitches to hiring and product sales. Throughout, Lance shares examples to illustrate key points, including how to structure a pitch, the significance of opening questions, and the importance of practicing pitches to ensure they are understood and engaging.

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00:00 Introduction to Crafting an Impactful Elevator Pitch

00:59 The Essence and Purpose of an Elevator Pitch

02:12 Applying Elevator Pitches Beyond Investment

02:45 Common Mistakes in Crafting Elevator Pitches

04:15 Effective Strategies for Engaging Elevator Pitches

07:28 Crafting Your Elevator Pitch: A Step-by-Step Guide

10:46 The Importance of Practice and Feedback

This podcast is tailored for startup founders looking to enhance their negotiation skills. It emphasizes the importance of negotiation in various aspects of running a business, including dealing with investors, vendors, customers, employees, and co-founders. I know that many founders may lack experience or feel conflict-averse, so here I share practical advice and strategies to turn negotiations from potential conflicts into win-win situations. In the episode I discuss understanding everyone’s needs and priorities, adopting a collaborative and creative approach, and aiming for equitable outcomes to facilitate ongoing positive relationships.

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Book Suggestions:

Never Split the Difference https://amzn.to/3VTix4S

Negotiate Anything https://amzn.to/4azwQA4

00:00 Negotiation Skills for Startup Founders

01:40 Negotiation Challenges and Strategies

03:26 Diving Deeper into Negotiation Tactics

06:21 Framing Discussions and Preparing for Negotiations

08:13 Adopting a Healthy Negotiation Philosophy

10:00 Creativity in Negotiation: Finding Win-Win Solutions

12:01 Conclusion

In this episode of Feel the Boot, host Lance Cottrell delves into the significance of understanding and presenting your startup's market size to investors through the concepts of Total Addressable Market (TAM), Serviceable Available Market (SAM), and Serviceable Obtainable Market (SOM). He emphasizes the importance of achieving a plausible market opportunity, critiquing the TAM, SAM, SOM methodology for its arbitrariness and complexity, and suggests a more dynamic approach through a bottom-up analysis. Cottrell walks through hypothetical examples to demonstrate how startups can realistically project their growth and market potential. He also covers common pitfalls in market size estimation and offers insights on how to conduct effective market research, ultimately guiding founders toward a more credible and compelling representation of their market opportunity to investors.

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The episode explaining why angels and VCs need such big exits https://ftb.bz/92V

00:00 Unlocking the Secrets of Market Size in Your Startup Pitch

00:33 Welcome to Feel the Boot: Navigating the Startup Journey

01:09 Why Market Size Matters to Investors

02:29 Decoding TAM, SAM, and SOM: The Basics

04:09 Common Mistakes in Market Size Presentation

05:39 A Real-World Example: The Acme Clothing Company

08:19 Bottom-Up Analysis: A More Accurate Approach

09:36 Finding the Data: Tips for Accurate Market Analysis

14:56 Presenting Your Market Size: A Strategic Timeline Approach

20:49 Conclusion and Next Steps