New Year, New Decade, New Market:

Use These 5 Pro Tips from Poker for US Market Entry

Las Vegas is a city of stark contrasts. It is vibrant, and lively, springing up immediately from the vast miles of nothingness in the desert of Nevada. A town to strike it rich or hit rock bottom. In “Sin City”, vices which are censored at home can be openly flaunted in public, reassured by the mantra “what happens in Vegas, stays in Vegas”.

But every year, CES magically transforms “Sin City” into a tech oasis. This colossal conference, brimming with prosperity and the latest technologies is the perfect embodiment of Las Vegas’ “go big or go home” attitude. Tech companies from all over the world congregate to the city and walk away with the vision that anything is possible, imagining themselves already surrounded by mounds of cash won by tapping into this new market.

The fact of the matter is that for tech companies, having a hub in the US is essential to compete on a Global Scale. However, rushing into a new market based solely on your gut feeling is like showing up to the poker table with loads of cash and only beginners’ luck to get you by. Know that the odds are stacked in favor of the house, so why leave things up to chance?

To succeed, you need to equip yourself with these 5 poker pro tips.

1. Size Up the Competition: If you come in unprepared and not knowing the table, your poker face will only take your bluff so far. Know the size of the pot (in this case the market) and measure the viability of your product or service. If you cannot stay in the US and do it yourself, hire someone from that area who knows the market to do so before making the move and the investment. If you have sized up the competition and know you want to launch in the US market it is time to decide what your goals are.

2. “You Gotta Know When to Hold’em, Know When to Fold’em”: Launching a new business will require many pivots. To ensure that everyone is on the same page, you will need to sit down with your founders and investors to determine the reason for entering the US market and your risk aversion.

Do you believe this is a strategic decision to grow your business? Do you want to turn a profit quickly, or are you in it for the long game? For some, it may be for the publicity in their home country, showing that they can play with the high rollers and pushing that pile of chips to the center of the table. In any case, you will need to predetermine your risk aversion together to set expectations.

3. Size Your Bet: You have sized up the competition and pre-determined your appetite for risk, so it is time to place your bet! You are now in the best position to place an educated bet and avoid simple mistakes like showing up to a high rollers table with only $100 to your name. Setting realistic expectations for each bet and keeping the end goal in mind is key to staying on track.

4. Find a Mentor: If you have only played Omaha Hold’em and you sit down at a Texas Hold’em table, you are going to be in for a rough ride. You may be able to learn the game quickly, but how many opportunities and chips will you lose in the meantime? If you are playing to win in a new market it is essential to have a mentor, one who understand the local market and culture. This person will be able to open their network for you, accelerate your business, and give you advice that would have cost you years to learn.

5. Don’t Rely on Beginner’s Luck: Launching in a new market is like launching a new business, and success doesn’t happen overnight. Just like in poker, when you change tables there will be a time of adaption as you learn other players’ tell and they get to know you. Relationships and trust to do business takes time, but if you persevere you will bring home the jackpot.

Are you looking to play at the high rollers table this year? Equip yourself with these five tips and play to win!

How to Be “Amazing” and “Awesome” in the Silicon Valley When Everyone Else Already Is

Tips for business survival in the Bay Area

5 minutes back in California and I realized that everything here is either “amazing” or “awesome”. That morning cup of coffee, “amazing”! The pilot who flew us from Paris to San Francisco, “awesome”!

I was under the impression that I had been transported through time and space into the Lego Movie.

Daily affirmations

Talk about a brutal culture shock after living in France for five years where “C’est pas mal” (It’s not bad) is one of the highest compliments someone can give you!

Having now lived and worked in the Silicon Valley now for several years, I realize that it is home to a disproportionate number of “amazing” and “awesome” companies and entrepreneurs. After all, it did not gain its reputation as the epicenter of innovation for nothing. But why do we insist that everything is “amazing” and “awesome”, when by Silicon Valley standards many companies are just mediocre?

The Elf marketing strategy

This is because a core part of American culture revolves around storytelling and affirmation. As the US market grew and became more specialized, companies turned to marketing to help consumers cut through the static. Now that more than one company could offer them a solution, they needed to understand why they should go with yours rather than someone else’s.

Thus, these daily affirmations and positive vibes promoting the great things their company does has become the norm. However, many of the foreign entrepreneurs I meet with confess that this over exuberance is terribly confusing, and in many cases, it is perceived as being fake.

So, as someone who is new to the US market, how do you cut through the sea of storytelling and positivity to know what is truly “amazing” and “awesome”? And as an entrepreneur starting out in the Valley, how do you convince others that your company is “amazing” and “awesome”?

For that, we turn to a company’s track record. A company’s track record consists of key numbers and statistics by which customers and potential business partners can measure the success of your company. Data concerning customer / user statistics, revenue generation, and relevant metrics are all necessary records that provide your public with valuable insights and measurable proof of the credibility of your company.

– Customers / Users: Do you already have users and customers who have paid for your product or services? If they are using your product for free, how will you monetize it?

– Revenue Generation: Having revenue shows that these customers or users have believed in your business enough to give you their hard-earned cash.

– Metrics: How do you judge success for your product? What does the competition look like? It may seem obvious, but you should know your market looks like and how many customers you can potentially have. What are the results that your clients can hope for, and how does that play out in terms of revenue gains for them?

Starting out in the US market can be a challenge, but for companies looking to expand globally it is a key market to enter. If you are new to doing business in the Bay Area be sure to keep an open mind. Create an “amazing” story around your business to draw in clients and business partners but be sure to back that up with “awesome” metrics to seal the deal.

You are more than awesome, you’re amazing