Analytics for entrepreneurs
A noteworthy statistic about startups is that 9 of 10 new ventures fail in a four-years period. Research shows that this happens mainly because of market-related reasons. Research also shows that entrepreneurs tend to prove whatever they want to prove (for example that there is a profitable market opportunity), even when the evidence goes in the opposite direction or when there is no evidence at all. This cognitive bias affects a number of outcomes throughout the startup process; from the way business-model hypotheses are set out and tested, to the KPIs that are chosen. The highest risk to tell yourself always a compelling story is that that increases your probabilities to be part of that noteworthy statistic. The good news is that analytics can help.
Entrepreneurs interested in measuring their progress against metrics tend to jump very quickly into data without first defining what value the data is supposed to provide. When working with entrepreneurial metrics is worth keeping in mind that they depend on the stage of the venture. So, before collecting data, the following six key points should be clear: What to measure?, Why to measure it (now)? How to measure it?, How to analyse the data that will be collected?, How to use the results…and how to present them? Furthermore, metrics are not necessarily acquisition, activation, retention and so on. In order to properly capture the startup situation, sometimes different metrics are required. Moreover…statistics needed are not only averages and frequencies. There are many analyses that present far more accurate pictures. So yes, analytics can help, but a well-developed entrepreneurial analytics system.
I offer Entrepreneurial Analytics as a service and as a training programme as well.
The service is customised to your startup’s current needs. I accompany you in developing a sound analytics system covering the complete process or focusing on specific steps.
Experience shows me that some founders versed in analytics may need just a one-time consultation. If you want to double-check your approach or you have few questions regarding your chosen metrics or the analysis to use, this option is for you! This one-time consultation is a perfect choice for those entrepreneurs who have experience in analytics and just faced some unusual situation.
The training programme covers the mentioned six key topics, the most relevant metrics, and goes into detail on how to set out hypotheses and how to avoid fallacies and biases when working with data. The training uses an experiential approach and it is illustrated with a real business case.
On demand: Do you want a customised training for your team? Let’s develop a programme on demand based on your goals.