- 10x better at One Important Thing. In the early days, you will be buggy and feature-poor. Maybe even in the not-so-early days But if you are 10x better at (x) One Important Thing that (y) customers value and will pay for, that’s enough. Many founders get this wrong however, and build a key feature that is indeed 10x better — but not one important enough to pick a raw new vendor to get. It’s only a subset of critical functionality that customers will pay to have implemented 10x better than an existing, trusted vendor. Usually, the part that is close to the money they make, manage, process, or collect. A little more here.
- Dramatically Cheaper. This one’s tough to play. Because businesses trust and value brands they can rely on. But often, Continue reading "5 Ways to Enter a Crowded Market. And 3+ Ways Not To."
Here’s my list of the best golden advice I was given as a first-time — and second-time CEO:
- Manage People — In General, and Earlier. The earlier in your career you can learn how to manage people, the faster you can excel in learning to scale. Managing people isn’t always fun. But embrace it if you want to be a CEO, a founder, and/or be a part of something bigger.
- Listen to “Audibles” and Act on Them. Your best bosses, VPs, mentors and others will give you “audibles” — quick bits of micro-advice duringpitches, customer meetings, interviews, etc. While you are in the process of working They’ll see where you could improve in real-time. Take this real-time feedback and leverage it and act on it immediately. If someone else great is in the room with you, these audibles can make the difference between a positive outcome and a Continue reading "The 7 Best Pieces of Business Advice I Was Given"
- How Mark made his way into the world of SaaS over 25 years ago. How has he seen the industry change so remarkably over that time?
Why does Mark believe that many startups today are created with the wrong intentions? Who is ultimately to blame Continue reading "SaaStr Podcast #164: Mark Godley, President @ LeadGenius Discusses the Right Way To Sell To Enterprise Buyers"
- Hiring any reps you wouldn’t buy from. This never works out in the early days. Later, once you have a strong VP of Sales, it’s fine though. More on that here.
- Hiring a “VP” of Sales before you have 2 scaled reps and a repeating process. Never works out.
- Crazy quotas. Continue reading "15+ of The Top Sales & Marketing Mistakes SaaS Startups Make"
The biggest mistake you are probably going to make is hiring B or even C players for key director and VP positions when you get your startup going. This will set you back many, many months. Time and money lost investing in a key individual who simply doesn’t deliver in a critical position.
As a first-time manager, you really won’t have the experience to know really who is an A, B or C player for any position you haven’t held yourself.It’s hard to judge if you haven’t done it before and/or if you are a first-time hiring manager. How do you really know who is a decent director of product management when you’ve never even worked with one, for example?
But there is an easy hack / fix: get an advisor / mentor who has done it before — and well — to interview your final list Continue reading "How to Know if a Key Hire is an A or a B (or even a C)"
- In the very early days, the CEO should be one of the worst paid. Until you have material revenues and/or funding, the CEO should ideally only take out the minimum she needs. If you are taking more out before $1m or $2m in ARR (or a large round) than you need to survive, something is off.
- Post-Initial Traction, and the hiring of a VP or Two — the CEO should probably be the 3d best paid. Hopefully, your VP of Sales is doing so well, she makes the most — not in base salary, but in salary + bonus. Then, hopefully, you’ve hired another Great VP that is so Continue reading "How Much Should the CEO Pay Herself?"