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Entrepreneurship

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Building and Scaling Data Science Teams For Your Startup

Today, data is an important competitive advantage for companies. Companies use it to understand their customers, decide on a business strategy, and optimize their business.

As an operating advisor at Monk’s Hill Ventures, I talk to startup founders on how they can do that. These startups range from early-stage companies, to more mature companies in the pre- or post-IPO stage. Some companies already have established data science teams and are keen to scale that out, while others are figuring out how to hire their first data scientists or even decide what kind of data they should be collecting. Nevertheless, there are a few common themes that keep coming up, and I hope to address some of them here.

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Vietnam: A tech hub ready to boom

Everywhere I look these days I see cranes. Not the kind that fly, but construction cranes. While some look at them and see ugliness, I see something else: the towers reaching skyward symbolize Vietnam’s striving ambition, Vietnam’s promise.

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The Sales Engine

Why do big corporations find it so hard to innovate? Why is it difficult to create products that are somewhat different from what they have already produced or using different distribution channels? In short, what is the nature of innovation that makes it so difficult to process-ize? One of the reasons is the same reason why many startups do not get past the seed stage.

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CEO Lessons

Yishan Wong announced his resignation as CEO from Reddit today and shared very personal reasons as to why.

From his Quora post:

 

The job as CEO of reddit is incredibly stressful and draining.  After two and a half years, I'm basically completely worn out, and it was having significantly detrimental effects on my personal life.  If anything, I probably pushed myself way too far - as a first-time CEO, all I knew was that such jobs are supposed to be stressful, so I never really had a good baseline, i.e. how stressful is too stressful, until multiple outside people and coaches I was working with remarked to me that I looked incredibly worn down for months on end and it wasn't supposed to be this hard.

Entrepreneurship is hard. Starting and building a company is hard -- even with established companies such as Reddit. Which is why first time founders should ask themselves: "Am I ready for the challenge?", then, be prepared to be honest with yourselves, to know when to ask for help. 

From a VC standpoint, an investor's job isn't just providing money to get entrepreneur's visions started. Investors are also there to help coach and mentor. 

Having a solid support network can make a world of difference. Things to in mind as you begin your entrepreneurial journey.

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