Data Driven Decisions for Startup Success


Instrument Everything

As a startup, you can use the model idea to every area in your business. You can simply build a formula for each and everything, which will help your team to know the critical parameters for success and then optimize for it.

Since you don’t have much data, you can use many online available resources in the beginning, but eventually you have to collect the entire data so that you can make better estimations and hence better decisions.

Jack Dorsey and Twitter- A Perfect Example

Hear this from one of the successful people in technology, Jack Dorsey, Co-founder of Twitter and now the founder of Quora: “For the first two years of Twitter’s life, we were flying blind… we’re basing everything on intuition instead of having a good balance between intuition and data… so the first thing I wrote for Square is an admin dashboard. We have a very strong discipline to log everything and measure everything.” His team now focuses on collecting and analyzing data to make better decisions.

Act Now

So it is better for you to start collecting and analyzing the data today for better decisions tomorrow rather than making poor decisions upon expert intuitions.