After decades of leading technical teams at companies like Looker, LiveOps, Netscape and ReadyForce, Lloyd Tabb’s biggest lesson isn’t what you would expect — or want to hear: you’re measuring the wrong metrics. We all are. The numbers that are often elevated within technology companies — from daily active users to revenue growth — effectively compare companies, but don’t necessarily help them run better. He describes these measurements as vanity metrics. Instead, he urges companies to track clarity metrics: operational metrics, such as active engagement minutes that drive growth. To not fall into the vanity metrics trap, Tabb suggests centralizing user activities and milestones into a single event stream. Event streams show a comprehensive view of how people move through your product, enable you to analyze their behavior, and track how your metrics influence each other. Once you create your event stream, he recommends trying a simple exercise: “Count the number of active five-minute blocks your user spent with you in a day and look for clusters of action — and gaps of inaction — in their behavior. It’s a cheap way of understanding what your customers are actually doing. Are they spending a lot of time on a page because they are interested or are they confused? If they are making a purchase, how many pages do they visit before they buy?” asks Tabb. “If you don’t have your data arranged by time in an event stream, you’ll never be able to answer these questions.”

Looking at the history of startups, it is often clear that most businesses will fail within the first 18 months. The reason behind the same is that people don’t know how hard it is to become a successful entrepreneur. No one can promise that your business will definitely bloom, but with these considerations, your journey will become smooth towards the success. More information can be read on Entrepreneur tools.

Build a good team. Yes, you must be the brain of all activities and decisions, but your team matters too. Without it, the work cannot be completed, and the desired success will be delayed. So make sure you have professional people around you who are doing well in their field and who can help give your company added value. Once you have the team, start with the beginning! Focus on the image. What you do, your actions matter most. Thus, you take care of the image that you post, because in the end you represent your company and you are solely responsible for it. But do not try to look like someone who you are not, because you will seem fake and you will not inspire confidence. On the contrary, choose to be yourself, honest and open and people will appreciate this. Perhaps the least interesting activity of an entrepreneur is the one regarding the legal and tax aspects, but these are essential both for the success of the business and for the peace of the entrepreneur. In addition, it is much more difficult and costly to try to repair such mistakes later, so together with your consultant or your accountant and notices are needed, which is the tax regime, etc.

It’s easy to get caught up in the day-to-day challenges of running a business, but you MUST carve out time at least once a week to take stock of what you’re doing for the long-term health of your business. That includes marketing, training, employee development, community engagement and capital development. Sound investments today will pay dividends in the future. – Jim Judy, Try Franchising Source: https://theentrepreneurresearch.com/.