Do Lots of Small Bets Increase Chances of Success for Your Small ...

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In this video, we discuss why making a series of small bets are the best option for an entrepreneur looking to build a small business start up. A small business start up has limited resources, both time and money. One of the most difficult choices you need to make is where to spend the most of your resources. You can do market research, talk to experts and stuff like that but in the end, you need to make a decision about what is going to work.

Or, you can run a series of small experiments, each designed to move you along, till you have found the winning formula. How does it help your small business start up? Well, each step tests a well defined idea but costs very little. If the idea does not work out, you can quickly move on to the next one without having lost much. If it works, then you increase the bet and test again. You can even test multiple ideas in parallel. You repeat the process till you have clear winners. You can apply it to new product development, sales & marketing or even hiring.

For example, we use it all the time when hiring a new employee at MyGroupId. After the usual interviews, we ask the candidate to work on a small but well defined task in his or her spare time. The test usually runs for 2-4 weeks. It allows us to evaluate the person more deeply, not just skills but also the attitude and personality. The person also gets a chance to evaluate us, to figure out if we are the right place for him. If, at the end of the test, both sides feel happy, we hire the guy. The process dramatically cuts the risk of hiring the wrong guy at a very small price.

Do you have interesting stories around this concept? Have you used it effectively in your small business start up? We would love to hear about it. Please share your stories and comments and don't forget to subscribe to the channel.

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With MygroupId, business owners don't need to learn any new software or technology. Instead, they use something they use every day - email!

Using email, business owners can set up and build email lists, send email marketing messages and also automatically create blog from the email. MyGroupId is insanely simple - the small business owner simply types the email, attaches images or inserts youtube video and sends the email to the marketing list. MyGroupId uses a its technology to transform this email into an elegant newsletter that customers will love to see. Our studies show that an average small business owner can save up to two hours for each email marketing campaign with MyGroupId.

We will be posting new videos everyday that discuss issues related to small business sales and marketing. Want to see how small businesses like yours are growing your sales and profits?

Source: http://www.youtube.com/watch?v=gE2-KdmZGlo

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