Home / Career & Money / An Evening with Jason Nazar from Docstoc

 

6. Monetization: “Grow and track online revenue”

One of the most difficult elements of starting a new company is funding. When money is tight, it’s important to use every cent wisely. Therefore, Jason recommends charging for everything, and charging early. Until you start charging for something you don’t know what it’s worth, so it’s in your best interest to make your offerings valuable up front.

Additionally, rather than getting to a place of comfort with your business, it’s important to focus on what’s working and making you the most money. When you’re keeping up with what people want and focusing on value over comfort, your business will be on a much better track for success.

7. Business Development

Out of all the points Jason made, he could not stress enough the importance of business development. After all, without securing mentorship, funding, and a customer base, any business is doomed to fail. The best thing to do here is to get warm introductions to high-powered people from contacts you know and meet, and always shoot for the decision-makers in any company. This will ensure that you’re speaking to the people who can get things done.

When meeting new people Jason recommends that you listen carefully to what the other person has to say and provide as little information as possible. This will ensure that you are leaving the meeting with more than you gave, thus benefiting you and your company.

It should go without saying that when approaching meetings with high-profile people, persistence and pressure go a long way. With their busy schedules, these people will respond best if you continue to show interest in a courteous and respectful way. Once you get the meeting, make sure to keep an excited and enthusiastic attitude until you close the deal.

8. Strategy: “4 Factors to factor”

Too often in the startup world we focus on “strategy” while ignoring or omitting other important aspects of running a new business. Strategy should be looked at as a means to an end, which should be used to create the most value with the least amount of capital input.

In the case of Docstoc, Jason is quick to tell you that what got them ahead was their “working capital,” or in other words the time the team put in to make the business a success. He’ll even tell you that this was even more important to Docstoc’s success than any capital investment.

Jason recommends four criteria to judge a particular strategy as to how much value can be derived from it – potential upside, likelihood of success, effort involved, and strategic value. If the benefits outweigh the costs, go ahead and implement your strategy; if not, you should possibly consider a pivot.

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