Blog

<h2>Understanding Strategic Planning in Startups</h2>
Strategic planning is a crucial component for the success of any startup. In the bustling business landscape of Vancouver, where innovation thrives, having a well-defined strategic plan can make the difference between success and failure. For startups, strategic planning involves setting clear goals, defining actionable steps, and aligning resources efficiently to achieve business objectives.

Startups often operate in fast-paced, competitive environments. Therefore, having a strategy that is both flexible and robust is essential. According to a Vancouver-based expert, strategic planning should be an ongoing process, allowing startups to adapt quickly to market changes and emerging opportunities.

<figure id="figure-nbzoez6x88mf61ikds"><img id="nbzoez6x88mf61ikds" src="https://media.gettyimages.com/id/1480578223/photo/new-ventures-taking-flight.jpg?b=1&s=2048x2048&w=0&k=20&c=kCw181JVrUGY5gvyHvejSClGs7LHJj3NLSCrRQZYLsw=" alt="startup strategy" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h2>Learning from Vancouver's Business Ecosystem</h2>
Vancouver's business ecosystem provides a fertile ground for startups to learn and grow. The city is home to numerous incubators and accelerators offering mentorship and support to budding entrepreneurs. Engaging with these resources can provide startups with valuable insights into strategic planning and help them avoid common pitfalls.

One key lesson from Vancouver's experts is the importance of understanding your target market. Startups should invest time in researching their audience, identifying their needs, and tailoring their products or services accordingly. This customer-centric approach is vital for creating a competitive edge in any industry.

<figure id="figure-7tuxjqivxjmf61ikds"><img id="7tuxjqivxjmf61ikds" src="https://media.gettyimages.com/id/1346256092/photo/false-creek-in-vancouver-canada.jpg?b=1&s=2048x2048&w=0&k=20&c=cbPQs4w0xa9M73sETmPwVkRe0TxmTHLdTUyP9UW8ycc=" alt="vancouver business" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h2>Essential Components of a Strategic Plan</h2>
A well-rounded strategic plan comprises several essential components that guide a startup's journey. These include:
<ul>
 <li>Vision and Mission: Clearly articulate what your startup aims to achieve and how it plans to get there.</li>
 <li>Goals: Set specific, measurable, achievable, relevant, and time-bound (SMART) goals to track progress.</li>
 <li>SWOT Analysis: Analyze your startup's strengths, weaknesses, opportunities, and threats to understand its position in the market.</li>
 <li>Financial Planning: Develop a realistic budget and funding strategy to ensure financial sustainability.</li>
</ul>

These components lay the foundation for a strategic plan that not only sets direction but also prepares startups for potential challenges.

<h2>Adapting Strategies as You Grow</h2>
As startups evolve, so must their strategic plans. A flexible approach allows startups to pivot when necessary without losing sight of their overarching goals. Regularly reviewing and updating the strategic plan helps startups remain relevant and responsive to market demands.

<figure id="figure-9tl7816i4mf61ikds"><img id="9tl7816i4mf61ikds" src="https://media.gettyimages.com/id/1503371245/photo/percentage-sign-on-top-of-coin-stacks-before-blue-financial-graph.jpg?b=1&s=2048x2048&w=0&k=20&c=xdiQZRtp0byYT8NpKOpKcb05JFSpBDpa5lu4jH4Pelc=" alt="business growth" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

In Vancouver, many successful startups have thrived by fostering an adaptive culture. Encouraging feedback from team members and stakeholders enables startups to stay innovative and agile in their strategic endeavors.

<h2>The Role of Technology in Strategic Planning</h2>
Technology plays a pivotal role in modern strategic planning for startups. Utilizing data analytics tools and software can provide valuable insights into market trends, customer behavior, and operational efficiency. In Vancouver's tech-savvy environment, integrating technology into strategic planning processes is not just beneficial—it's essential.

By leveraging technology, startups can make informed decisions that improve their competitive position and drive growth. Adopting digital tools early on can streamline operations and enhance collaboration within the team.

<figure id="figure-r44dz0nz2bmf61ikds"><img id="r44dz0nz2bmf61ikds" src="https://media.gettyimages.com/id/1415703636/photo/chinese-adult-woman-standing-in-contemplation-with-ideas-in-urban-modern-city-with-nature.jpg?b=1&s=2048x2048&w=0&k=20&c=h_RNnvYHjUtqjPM9hp_Z85OvX5gKyNL_Dr0p-4CfGzs=" alt="technology planning" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h2>Conclusion: The Path Forward</h2>
Strategic planning is a dynamic and ongoing process crucial for startup success. Learning from experts in vibrant business ecosystems like Vancouver can provide valuable lessons that guide startups toward sustainable growth. By embracing flexibility, understanding the market, and leveraging technology, startups can navigate challenges effectively and seize new opportunities.

As you embark on your entrepreneurial journey, remember that a well-crafted strategic plan is not just a document—it's a roadmap to realizing your startup's vision. Stay committed to your strategy while being open to adaptation, and you'll be well-equipped to thrive in Vancouver's competitive landscape.

Strategic Planning for Startups: Lessons from a Vancouver Expert

Consciously or unconsciously, success is defined by market pull. It is the force that shapes your career trajectory.&nbsp;It’s the difference between a mediocre career and making millions (or billions).&nbsp;Most people don’t really understand what it means.The clearest examples are from people that have been in the startup grind for a long time.You work tirelessly on an idea. Grinding 12 hours a day for years. Squeezing out just enough revenue to survive. You finally decide to throw in the towel, and spend a few months on a throwaway project.That project grows to millions (or billions) in revenue.The canonical example is Slack. It started off as a video game, and ended up selling for $27B.OpenAI was a research lab for a decade before they launched a free consumer preview of their latest LLM. That became the fastest growing product in history, ChatGPT. &nbsp;Every successful founder you know has been through this, many times over. Here are my own personal experiences with market pull, at a much smaller scale.&nbsp;<h3>$1m+ ARR with 2 full-time employees</h3>After launching dozens of different products to varying degrees of marginal success, I was ready to give up the startup dream and get a job.Instead, I decided to take one last shot and launched a <a data-mce-href="visualcv.com" href="visualcv.com">resume building website</a>. Customers really liked it. A few months after launching we put up a paywall. It made $5k in month one.&nbsp;The first year we made over $1m a year with 2 full-time employees.&nbsp;Why did it work, when all my other stuff failed?Retroactively, I can come up with dozens of reasons.It was a simple product that solved a universal problem. The timing was good, people were ready to build their resume on the internet. We crushed it on Google search. It was a good domain name.&nbsp;Things succeed and fail for the same reasons.&nbsp;People want it or they don't. People wanted this product. It was a good time for this product. I'm still can't pinpoint the exact reasons it grew so fast. I still don't think it's a great idea. But it was a hell of a business, with real market pull.&nbsp;<h3>Beware of headfakes.&nbsp;When it feels like pull, but isn't.&nbsp;</h3>I sold that business in 2020, and started a new one that felt like it had real market pull.It was a tool that helped remote teams collaborate better. Hundreds of great companies signed up organically, like BarkBox, Uber, Surveymonkey, and Verizon.But it just wasn’t growing - despite constantly improving the product. No real virality. Impossible to monetize. A few mid-market deals on enterprise timelines. We worked tirelessly but everything felt hard.100s of fundraising calls and one commitment.1000s of customer signups but just dozens of paying customers.Finally, I made the decision to shut down that business. We found a buyer, and moved on.This is the most dangerous zone to be in. As a founder, you’re an eternal optimist. The next big growth curve is always around the next corner.Just build that feature. Close that next customer.&nbsp;It turns out, that entire market that we were in wasn’t really a category.Billions of dollars of funding for the "virtual office" category was burned. Slack and Teams won.&nbsp;<h3>Lighting strikes again, in a bigger bottle&nbsp;</h3>After selling, I started another <a data-mce-href="durable.co" href="durable.co">new thing</a>.&nbsp; It felt like even more of a grind. But this time, I approached it differently. My goal wasn’t to build any business - it was to build a venture-backed business that grew fast. To systematically look for pull.&nbsp; In order for that to happen, the strategy needed to change. You can’t brute force a billion dollar business in the same way you can a million dollar one. You need to work hard to find the product and market that can scale fast.We grinded for over a year. Same story - hard to fundraise, no real customer traction, and a tough market. But we kept building and learning. Looking for that glimmer of market pull. That moment when a customer's eyes lit up.&nbsp;Then GPT 3.5 happened. We took one of our products and made it 10x faster with AI.Instead of a DIY website builder, we launched a product that &nbsp;“Built a website in 30 seconds with AI.”We showed it to people at coffee shops, and they lost their minds. I knew it would be a hit.We launched it, and got 100 users the first day. 1000s the first week. Within months, we hit millions of users and millions in revenue.Why did it work? Luck = preparation x opportunity.We had done the work to understand our customers, our market, and their needs. To understand that they wanted the solution, not something that gave them more work to do. We built a novel product with new technology. We were early enough. &nbsp;&nbsp;Then the market kicked in.ChatGPT launched, and anything AI started growing insanely fast. Being first to market with a novel product that people love in a fast-growing category is a good recipe.This doesn’t mean our work is done. Far from it. We are working harder than ever, the market has evolved, and there are many more opportunities we need to unlock to grow from our current scale to our ambition level.&nbsp;<h3>Why you need to constantly look for pull&nbsp;&nbsp;</h3>Market pull isn’t constant. It doesn’t make things easy. It makes things possible. Those two instances of finding market pull will create more value and &nbsp;more revenue than 100x everything else I built combined. The second business that worked is already much larger than the first one. Both of them are successes on the scale of businesses but rounding errors on the scale of venture (for now...)&nbsp; <span style="font-family: inherit; font-size: calc(16px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;" data-mce-style="font-family: inherit; font-size: calc(16px * var(--body-fontSize, 1)); font-style: var(--body-fontStyle, normal); -webkit-text-size-adjust: 100%;"> Some advice for founders deep in the grind of looking for pull:&nbsp; Work hard for things to feel easy - don’t work hard for things to continue to be hard.You can spend years of your career on stuff that just will not work. That is both emotionally and economically painful. Take as many swings as you have the energy for to find something that really works.&nbsp;I typically dislike sports metaphors, but here’s a simple one to explain the journey towards non-linear business success.&nbsp;Imagine pushing to exhaustion on a stationary bike vs a fine-tuned race machine. No matter how hard you push on a stationary bike, you’ll never get anywhere. You’ll just be tired. Bored. Depressed. Alone. And no one will care. &nbsp;You need to be in an environment where eventually your effort is compounded. Get on the road and start exploring. Start building your personal map to success. There will be a variety of terrain. Some flat. Some cobblestones. Some grades that seem impossible.&nbsp;Some downhills that seem easy.You will get more fit as you keep riding. Your navigation skills will improve. You will start to see around some corners. You’ll learn how to tune your bike.That doesn’t mean it isn’t hard - it’s always hard. But it’s the right kind of hard. One day you’ll know the route. One day you’ll put the hammer down on the pedals and think to yourself “damn, I’m really good at this.” The next day you’ll hit a patch of gravel and wipe out.Just get up, and keep riding.One day you’ll find that magical market pull.&nbsp;You’ll know when you do.&nbsp;

Look for pull

Bird's-eye-view of ruins of San Francisco from captive airship, 600 feet above Folsom between Fifth and Sixth Sts.

<h2>The Allure of San Francisco for Canadian Entrepreneurs</h2>San Francisco, often dubbed the heart of the global tech ecosystem, is a city that pulsates with innovation and opportunity. For Canadian founders, the prospect of moving to San Francisco can be incredibly appealing. The city offers a unique environment that fosters growth, creativity, and success in the tech industry. But what exactly makes this city so attractive to entrepreneurs from the north?<figure id="figure-39h1qocqgm244s886"><img id="39h1qocqgm244s886" src="https://images.unsplash.com/photo-1470204901966-f23336e57278?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyOHx8Z29sZGVuJTIwZ2F0ZXxlbnwwfHx8fDE3Mjg2MTUwNzR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="golden gate" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1470204901966-f23336e57278?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyOHx8Z29sZGVuJTIwZ2F0ZXxlbnwwfHx8fDE3Mjg2MTUwNzR8MA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Access to Venture Capital</h3>One of the most compelling reasons for Canadian founders to consider relocating to San Francisco is the unparalleled access to venture capital. The city is home to a plethora of venture capital firms that are actively seeking to invest in promising startups. This concentration of financial resources provides entrepreneurs with the opportunity to secure the funding necessary to scale their businesses rapidly. In fact, San Francisco boasts some of the highest venture capital investments per capita in the world.For startups in the early stages, this access to capital can be a game-changer. It allows founders to focus on innovation and growth without the constant worry of financial constraints. Moreover, the networking opportunities in San Francisco are second to none, with numerous events and meetups that connect founders with potential investors.<h3>A Thriving Ecosystem of Innovation</h3>San Francisco's ecosystem is renowned for its culture of innovation. The city is a melting pot of ideas, where diverse talents from around the globe converge to create groundbreaking technologies. For Canadian founders, being part of this dynamic environment can provide invaluable insights and inspiration.<figure id="figure-jnsumjke1m244s9hj" class=""><img id="jnsumjke1m244s9hj" src="https://images.unsplash.com/photo-1532043772213-09a6cec77cfa?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxzaWxpY29uJTIwdmFsbGV5fGVufDB8fHx8MTcyODYxNTA3Nnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="silicon valley" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1532043772213-09a6cec77cfa?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxfHxzaWxpY29uJTIwdmFsbGV5fGVufDB8fHx8MTcyODYxNTA3Nnww&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure>The collaborative spirit in San Francisco encourages knowledge sharing and mentorship, enabling startups to learn from the successes and failures of others. This environment not only accelerates the growth of individual companies but also contributes to the overall advancement of the tech industry.<h3>Access to Top Talent</h3>Another significant advantage of moving to San Francisco is the access to top-tier talent. The city attracts some of the brightest minds in technology, making it easier for startups to build strong, skilled teams. From software engineers to marketing experts, the talent pool in San Francisco is both deep and diverse.For Canadian founders, this means the ability to recruit individuals who can drive innovation and growth within their companies. Additionally, the presence of prestigious universities and research institutions in the area ensures a steady pipeline of fresh talent entering the workforce.<figure id="figure-3bbu4rat5m244sahs"><img id="3bbu4rat5m244sahs" src="https://images.unsplash.com/photo-1582192730841-2a682d7375f9?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxM3x8dGVjaCUyMGNvbmZlcmVuY2V8ZW58MHx8fHwxNzI4NjE1MDc3fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="tech conference" class="object-cover bg-gray-100 rounded-2xl md:rounded-3xl lg:rounded-4xl" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1582192730841-2a682d7375f9?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwxM3x8dGVjaCUyMGNvbmZlcmVuY2V8ZW58MHx8fHwxNzI4NjE1MDc3fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Strategic Location and Global Reach</h3>San Francisco's strategic location on the West Coast of the United States offers Canadian founders a gateway to both national and international markets. The city's proximity to major tech hubs like Silicon Valley, as well as its accessibility to Asia and other parts of the world, makes it an ideal base for expanding operations globally.Furthermore, being in San Francisco allows startups to establish connections with industry leaders and potential partners, facilitating business development and expansion efforts. This global reach is a crucial factor for startups aiming to compete on an international scale.<h3>Cultural and Lifestyle Benefits</h3>Beyond the professional advantages, San Francisco offers a vibrant cultural scene and a high quality of life. The city's diverse neighborhoods, rich history, and stunning natural surroundings provide a balanced lifestyle for founders and their teams. From world-class dining to outdoor adventures, San Francisco has something for everyone.For Canadian founders seeking a change of scenery, San Francisco's mild climate and cosmopolitan atmosphere can be a refreshing change from the often harsh Canadian winters. This combination of professional opportunity and personal fulfillment makes the move to San Francisco an attractive proposition for many entrepreneurs.

Why Canadian Founders Should Consider Moving to San Francisco

Business man's feet and route with start and goal word

There are many resources around how to start a startup.Sam Altman writes wonderfully. Same with Paul Graham.Tactically, there is a lot of great knowledge out there encouraging people to start a startup. There's not that explores whether you should start one.I believe everyone should start a business.And I think most people should try to start a startup.However, startups have their own unique set of rules that people should know going in. Here are the 4 questions I’d deeply consider before starting a startup.<h3>Are you ok with taking a massive pay cut, and having complete economic uncertainty for the next 5-10 years of your career?</h3>When fired up to start a company, most people answer "hell yeah" when asked this. They’ve saved up some cash, their personal burn rate isn’t that high, and they’re just fed up with the rat race.Fast forward a month without a salary, and they panic.I felt this after selling my first business.Despite almost unlimited personal runway, I felt a lot of anxiety around not having a salary. My burn rate was reasonable, but I had set the goal posts higher.Coupled with stock market losses and macro-economic uncertainty, I needed to hard reset on what was important to me.For people without the buffer - it’s 10x harder.As Nassim Taleb says "the three most harmful addictions are heroin, carbohydrates, and a monthly salary."Going cold turkey on your monthly paycheck fucks with your head.Even if you’re ok with it, is your partner? Family pressure can be real. You need to make sure you’re fully aligned on the costs of burning through your savings, and the stress that it causes. That additional fear kills more startups than most.Not having a steady salary until 5 years into my career was one of the main reasons I stuck it out so long - I didn't know what I was missing.The best antidote is to start a startup earlier in your career. When I was 20 I didn't have anything to lose, and just needed to make cheap rent.Set your expectations accordingly.<h3>Can you (sometimes) enjoy the process?</h3>I originally wrote “can you have fun with it?” here.I don’t think that’s the right expectation.Startups are really hard. They’re full of unique highs - getting your first customer, making your first 100/1000/1m dollars in revenue, getting featured in some exciting publication, building something new, making customers happy, meeting amazing people, etc.For those highs, you’re trading off the fact that EVERY GODDAMN SECOND of your spare time will be spent worrying about something. From a massive existential risk to your business, to some annoying employee issue, to a line of copy on your marketing site that is still bugging you. This underlying anxiety is manageable, but it never fully goes away.The first vacation I tried to take in years ended up with us getting DDOS'd while my dev-ops engineer was on a 6 hour plane ride. Seeing your net worth evaporate (not really, but it feels like it) every second your site is down is a unique startup experience.My biggest regret of my last decade of work is not enjoying the ride enough.Get your mindset right going into it, and you will enjoy it more.I aspire to Tobi Lutke's view on startups as an infinite game.The other things to optimize for in terms of enjoying your startup journey are1) what are you working on?2) who are you working with?I messed up both of these, many times over.Success can't be one of the criteria for enjoyment, because you will NEVER FEEL SUCCESSFUL ENOUGH.<h3>Do you have a group of people that can help you do it?</h3> Starting a startup alone is impossible. Do not attempt.You can be a solo founder, sure.But if you think you can sit behind your computer for 12 hours a day and pull a successful startup out of the universe - you are wrong.Start with a coworking space.Join one of 1000 accelerators. Get into YC, South Park Commons, Launch Academy.Find your tribe of people that you can share the real shit with - the actual numbers. The stuff you don’t tell anyone else.This is the only way to maintain your sanity.<h3>Even if you fail, will you be glad you tried?</h3> All this to say, you should still try it. Give it your best effort.Understand that failure is likely.Work on something that is so important to you (and hopefully the world) that even if you fail, it was worth the shot on goal.If the above is true, you're more likely to succeed.I'm rooting for you.

Blog

Strategic Planning for Startups: Lessons from a Vancouver...

Look for pull

Why Canadian Founders Should Consider Moving to San Franc...

Should you start a startup?