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(In case it’s not obvious it’s a play on the Nike slogan, “Just Do It.&# ) I believe that being successful as an entrepreneur requires you to get lots of things done. Entrepreneurs make fast decisions and move forward knowing that at best 70% of their decisions are going to be right. This paralyzes most people.
I have long advised startup companies that if you don’t control your messaging somebody else will and your potential customers will form impressions of you shaped by somebody else or by nobody at all. If you’re not in the mood for a personal essay as an example of personal brand management you might want to wait for my next post.
I often talk with entrepreneurs who are kicking around their next idea. In some countries outside the US (the UK for example) employers can specify in an employment contract that ANY IP you develop while you’re employed by that company is owned by them. But for the sake of my example – say 20%. Register a company.
Many believe that entrepreneurs are born, not made. While I agree that successful company builders usually have a natural inclination to be entrepreneurs, a good education helps polish that apple. We can all point to examples of successful entrepreneurs who dropped out of college, but still went on to make a big impact.
Over my many years of mentoring aspiring entrepreneurs and business professionals, I often hear a desire to start a new business, with a big hesitation while waiting for that perfect idea and perfect alignment of the stars. I advise that you block out time at least weekly for nurturing new and existing relationships.
Most people totally advise against stealth. I actually like finding entrepreneurs who are more circumspect, less braggadocios and generally more planned about their actions. Where Stealth is Bad – I do meet entrepreneurs who clearly fall on the other side of spectrum and are totally closed. Be careful about this advice.
One of the biggest complaints you hear from both entrepreneurs and investors in Los Angeles, is the lack of a credible, visible startup accelerator in the Los Angeles area. However, we think there are probably enough great companies and entrepreneurs in Southern California to full up the classes.
Getting customer attention often takes more innovation today than solving the tough technical problems. As a business adviser, I still see too many new venture founders who skimp on their marketing focus, or start too late. For example, Warby Parker boosted selling glasses online a while back with “Try five frames at home for free.”
Many of the entrepreneurs I advise or invest with spend considerable time on the Internet, keeping up with technology, customers, and competitors, but very few feel the need for an early personal presence. Every future entrepreneur should start by networking. Make your lifestyle a model of the online reputation you want.
Based on my experience advising new entrepreneurs as well as more mature businesses, I recommend the following strategies for building business momentum, while still optimizing the limited resources of every small business: Find more customers that like what you do best. Focus first on finding more of the right customers.
In my business of mentoring new entrepreneurs and advising small company owners, I recognize that most don’t start as experienced leaders, and most don’t realize that people leadership is a primary key to their future success. Building a business is not a one-person job, and leading by edict rarely works today.
If you are one of the thousands of entrepreneurs who need equity funding to get your startup going (no loans to repay), you are probably overwhelmed at the prospect of finding, contacting and pitching to the huge number of qualified angels and investment groups around the country. Recruit a team with complementary skills.
Here are a few examples from my personal experience: You need to translate/localize your products. Our own subsidiary, of a major technology company, started to repair and service competitive products in order to maintain our own technical staff and service capabilities. Respect local customs and practices.
As a self-made entrepreneur and former chairman of Diamond Resorts International, he asserts that the five biggest companies by market value today, Google, Facebook, Microsoft, Amazon, and Apple, aren’t really tech, but hospitality companies. I just finished a new book by Stephen J. Marty Zwilling First published on Inc.com on 10/22/2018.
Most of the entrepreneurs I advise today are ready to declare success when they get that first surge of traction with a real customer. BMW, for example, now has around 12,000 suppliers worldwide, for their many models, and each car now consists of over 30,000 parts.
It is surprising how often entrepreneurs forget this simple fact. Your lawyer is a trusted advisor, but in the end, you run your business, your lawyer does not. As noted in Frugal is as Frugal Does , entrepreneurs on The Fringe only spend their cash on items that add value to their adVentures. but They Make Great Guard Dogs.
For some aspiring to be tech entrepreneurs, I often suggest a two-step process, as I argued in this post that “ The First Startup Founder You Need to Invest in Is You.” ” My friend Ian Sigelow wrote about this last week and advised people not to take on this kind of job.
As a follow-on to that article, here are a few examples from my personal experience: You need to translate/localize your products. Our own subsidiary, of a major technology company, started to repair and service competitive products in order to maintain our own technical staff and service capabilities.
I decided that I was going to consult/advise a few companies and relax for a bit. He went from recruiter to IT manager to technical sales… Then, he did such a great job in sales that we had to build up more infrastructure for our ad-serving and email delivery platform to support the increased demand.
I would argue that this mostly consists of consumer Internet companies (although not exclusively) and it is predominantly early-stage people who are product gurus and have a mildly technical bend to them. Obvious examples include Chris Dixon, Keith Rabois, Aydin Senkut, Dave McClure, Chris Sacca, XG Ventures, Reid Hoffman and so on.
For example, Howard Schultz was not the founder of Starbucks, but started his career in one of their first 60 shops. Steve Jobs started his technical career creating circuit boards at Atari, before joining Steve Wozniak to build personal computers in his garage. Recognize career growth requires changing with the business.
I often advise these CEOs to make the tough choices early in the company’s history – either move up North or build your tech team in LA. I believe that startup tech companies need to develop a technical DNA and this doesn’t happen when you outsource. Tags: Entrepreneur Advice Start-up Advice Startup Advice.
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