Startup Questions: Starting a Business, Startup KPIs and Product development

by birtanpublished on August 23, 2020

Hey guys good morning or afternoon depending on where you're watching today we're just gonna answer questions so we've we're excited we've done a bunch of questions from the community we're trying to keep up with them as you saw in a video last week where we're

Starting to add questions to the end of each video but today we're just gonna dedicate you know I don't five seven minutes to answering questions of you guys sent over so alright so the first one comes from Syed hala Hwanhee

I have a naive question did you build the AI solution just for getting more round of investment Silicon Valley mouths words or do you need to differentiate your company with your competitor I don't think that neither of

Them applies we really built it to build a better user experience in the way slobbing worked originally we used a set of rules that would arrange slides based on certain characteristics and the type of content they had but slides ended up

Looking rather similar and they weren't cool like they didn't stand apart the word as cool as a slide that a designer would build because they were just following rules the idea of kind of rethinking the way that worked and

Building it on using AI was to make it look drastically better without the need for for a human being to do it and then end up working rather well so no like the reason is no it's not just a buzzword we didn't try to raise money

After this it's more about providing the best user experience and the way AI has evolved in the past few years it's really the best option to providing a better experience next up now question by Oh doing old wing alright amazing

Video this is on the start mistakes video thank you very much would love a video on what statistics a start-up should track or maybe which ones you track and slide me into why what KPI is you find most important that's pretty

Good it really depends you know for teams for each team there's a KPI that they should be sticking to in our case I mean in like a company broad case it's probably around revenue it's definitely around em are are in our case as a SAS

Company so revenue em are our churn rate for a SAS companies is a really important metric which kind of derives into customer lifetime value into cost of acquisition into margins again I'm talking specifically about a SAS company

Growth rate is another metric that we report to investors and then investment usually gets new investors interested in joining the business in our case we're a profitable company now so in the end you know probably our key metric is just are

We making money is a company in green or black numbers instead of red but yeah the Aged team will have its own KPI after that next up a question by Oh Bayesian no team doing everything alone at this point what is the best way to

Approach this in pitching that really depends on the business right I am a bit of a skeptical in terms of solo founders not that it can't be done there are fantastic solo founders out there and fantastic companies both out by solo

Founders but you know if ask me if you ask me I wouldn't start my next company alone we actually made a video about that go check it out no I wouldn't start alone because there's so much to do as you start a company that you not only

Need like the emotional support of having somebody who is suffering suffering next to you but you know also an extra pair of hands to do all these things you know I am NOT a developer but I can code a little bit but I couldn't

Kind of code and do the business side and do the marketing side of the business and the operations I just you can't do it everything even at the very beginning so yeah I think you need an extra set of hands

It creates credibility it projects an image that you were able to convince one other or two other people to take a huge risk in their lives and their careers and join this company because they believe in it so there's there's an

Intangible value to having co-founders next up by Christian okay love your videos you're welcome keep it up I do have questions I'm hoping this finds your way we found it so okay so what is your best advice or

Recommendations for founders who are working with an agency helping develop an app and launch it to the market containing work with the agency as it grows or have them transfer everything to start doing it in-house man if I

Don't I don't do outsourcing agencies I'll tell you why if you're building an app any software product website whatever you as a CEO you'll come up with with an idea of how this product should be and how this product shouldn't

Work and you'll project that idea to the design agency you to the development agency and they'll create a prototype based on this the problem is you as a CEO you're not a product person you're you

A businessperson and you have an idea of how the product should look and how the product should work the agency will just follow those specifications but it is very likely that this product is not what customers want even today like if I

Were designing a new product and I have some experience and and and the whole startup thing probably my first idea of a product would be wrong so point being that product is gonna have to iterate it's gonna have to change and if you

Have to pay an agency for each one of those changes you're gonna run out of money really fast a lot of those changes require strong good strong arguments and conversations about you know what needs to change and what's needs to evolve in

The product you know a lot of our features I mean our most complex features we've sat down you know five people in the company who are well digging deep into the metrics involved in the business on a day-to-day they

Have a stake in the game like they're actually my co-founders or their business shareholders and they really care about the product succeeding so it you know there are no kind of like secret agendas here of you know the

Agency wanting to bill you more or the end user wanting to take in a larger project it's you know it's people that who's first and foremost priority is just growing this business and that's something that you don't get with an

Agency so no I think that this that your team should be in-house as soon as possible I've never paid an agency to build a first version of the app I think it's something that needs to scale inside the company that's just the way I

Think I've seen companies succeed and like outsourcing their their products I just don't think it's it's the norm all right thanks a lot for watching guys we're gonna do we're gonna be doing questions on our weekly basis now and

We're gonna add those questions at the end of each video so go ahead and submit them in the comments on this video or any other video I'll drop links to our usual 33 month promo code right here and our of course our subscribe button so

We'll see you next week you

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