I was recently interviewed by ASBN, an online "television network" serving the small business community, about how to define what exactly is an entrepreneur.  As you will learn, it comes down to being a leader, a visionary, a risk taker, a pitbull and a superhero.  I thought this video turned out great, and I wanted to share it with all of you, to see if you have what it takes to be a successful entrepreneur.  I hope you like it!! The embedded video player didn't give me the option to change the size of this video.  But, if you want to see a bigger version, simply ..read more

  In business, you need to be running as efficiently as possible.  But, I have seen many businesses carrying a lot of “dead weight”, which is holding them back.  Some of that dead weight are smaller things, like being overstaffed or spending too much for services.  Or, poorly investing their sales and marketing dollars.  And, some of that dead weight is pretty material, like operating too many divisions or focusing on channels that don’t have a material payback.  This post will help you learn how to identify the various types of dead weight, so you can assess yo ..read more

I was recently interviewed by ASBN, an online "television network" serving the small business community, about what key milestones a startup should track as it is getting its business off the ground.  As you will learn, you can manage what you are not measuring, and these milestones will help you set the proof-points that will impress prospective investors.  I thought this video turned out great, and I wanted to share it with all of you, to make sure you are defining the key milestones and metrics for your busines.  I hope you like it!! The embedded video player didn't ..read more

CB Insights, a leading research organization that tracks venture capital financings, recently released its report on the state of the venture capital market in 2023 and, most recently, the fourth quarter of 2023.  Long story short, it was a terrible year for raising capital. The global market was down 30% year-over-year to its lowest levels in six years. The U.S. market fell to its lowest levels in 10 years, down 21% in the last quarter alone. Gone are the days of "unicorn" creation (companies worth more than $1 billion), mega-sized financings, and excessive valuations.  And ..read more

  I am a graduate of the University of Michigan and lived through the roller coaster ride of the Jim Harbaugh era in Ann Arbor, which has recently come to an end with him returning to the NFL after winning the national championship at Michigan.  But, the last nine years has provided many nuggets for entrepreneurs to learn from, in terms of how to approach leadership.  This article summarizes the best of those leadership lessons to potentially apply in your businesses. A Quick History Michigan football is the winningest program in college football history, with a rich tradition ..read more

I was recently interviewed by ASBN, an online "television network" serving the small business community, about how passion is a key driver of entrepreneurial success.  As you will learn, without passion and a true love of what you are building, it will be very hard to get your business to succeed, especially through the bad times.  I thought this video turned out great, and I wanted to share it with all of you, to make sure you are doing all the right things to instill a passion for the business in all of your employees.  I hope you like it!! The embedded video player d ..read more

It's common to close approximately 20% of leads and lose 80%. What's frequently overlooked in the search for growth, however, is that increasing that conversion rate by just 10 percentage points can be the equivalent of increasing revenues by no less than 50%. That's why, in my experience, a rigorous analysis of lost opportunities is among the most pivotal steps to consider when a change in strategy is needed. Some missed sales are directly related to the selling company, including the product and its pricing and marketing. Some are related to buyers' companies, including having management a ..read more

Red Rocket gets introduced to hundreds of startups each year, in the normal course of doing business, or via our involvement with various startup groups or events.  We wanted to honor the best of these startups that we met in 2023, in Red Rocket's 12th Annual "Best Startups of the Year".  This list is not intended to be an all-encompassing best startups list, as there are many additional great startups that we are not personally exposed to each year.  And, this list is not intended to be only for businesses that launched in 2023, it is open to startups of any age, that they or ..read more

I was recently talking to an entrepreneur that passed on an investment because it would not need yield the company at least a 10x growth opportunity.  I told him those level of returns are reasonable when investing in small businesses under $5MM, but that he should consider lowering his ROI threshold when investing in larger companies.  My logic was twofold: (1) bigger companies are harder to grow as quickly as small businesses, so the growth percentages will be lower; and (2) you can make “oodles” more money in dollars on the bigger company investment, even if the ROI was only 3x ..read more

I was recently interviewed by ASBN, an online "television network" serving the small business community, about the five key skills in good decision making.  As you will learn, being knowledgeable, intuitive, receptive, nimble and flexible are your keys to success here.  I thought this video turned out great, and I wanted to share it with all of you, to help you make better decisions in your business.  I hope you like it!! The embedded video player didn't give me the option to change the size of this video.  But, if you want to see a bigger version, simply click t ..read more