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It’s sad when the startup is “successful,” but the founder still feels totally unsatisfied. Or the entrepreneur started down this path to be their own boss and change the world, but find they are now answering to many more people, with nothing really changed. Most of us have a fairly good idea of our weaknesses.
A common request I hear from aspiring entrepreneurs is for an assessment of their latest idea. I don’t even try to assess things at the idea level, since I can’t read minds. Don’t pick a technology idea that someone else believes will make you rich and famous, or a business area you are not intimately familiar with.
In my role as mentor to many of you aspiring entrepreneurs, I often find you convinced that all you need to start is a unique innovation or idea , and now you are ready to jump in with both feet and enjoy the ride. Remember that being an entrepreneur is all about starting and running a business, after the initial invention.
According to a classic Gallup survey , job satisfaction for employees has reached an all-time low. As a mentor to many aspiring entrepreneurs, I’m often asked what it takes to get satisfaction from this lifestyle. Learn new skills that will make you an expert in that domain, and both satisfaction and wealth will follow.
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. So don’t wait for that “idea of the century” that no one has ever thought of before.
Sometimes the hesitation I see is not just the qualms of starting and growing a business, but an actual inability to think big, chase dreams, or build a support community around you. No idea should go unspoken. A popular and effective way to generate a range of ideas is brainstorming.
My internal compass has always steered me strongly toward the belief that founders who can scale with their startup companies are better to back that founders who eventually need to hire a CEO. Very few founder CEOs go into the job ever expecting to give up their seat. So give up the CEO role? It’s your baby.
This is part of my ongoing posts on Startup Advice. The world has changed much since I started my first company in 1999. Tim started to change our processes. Tim encouraged us to set up a blog and start talking openly about what we were doing as a company and inviting comments. Back then it seemed foreign.
Most entrepreneurs I know are individually very innovative, but a successful startup can’t be a one-man show (for long). In fact, some very innovative individuals, known as ‘idea people’ or inventors, often end up creating the most dysfunctional teams. Innovation is not all about coming up with new ideas.
One of the great joys of doing the web series This Week in VC every week is that I get to spend time with great people debating the issues of our day including how our industry is evolving as well as insights into how companies got started, got their initial traction and dealt with adversities. We then spoke about startups.
One of the complaints I often hear from engaged business professionals is that their new ideas, innovations, and change recommendations are unfairly criticized or dismissed without analysis. This argument is actually not attacking the idea, but shows a generalized resistance to change. Your idea has unpredictable negative side effects.
You’ve probably already made your resolutions for 2023, but if not, I suggest a renewed commitment to finding happiness and satisfaction in your chosen business lifestyle. The right reason to start a business is not the money, challenge, or the prestige, but the chance to follow your dream. Stay rooted in the present.
There has long been a big debate about the best approach to starting a new business. Some argue the only way to start is to drop everything and jump in with both feet, while others recommend an overlapped approach to the lifestyle, including not quitting your day job until you have revenue and a proven business model.
A common request I hear from aspiring entrepreneurs is for an assessment of their latest idea. I don’t even try to assess things at the idea level, since I can’t read minds. Don’t pick a technology idea that someone else believes will make you rich and famous, or a business area you are not intimately familiar with.
Hopefully, between the two of us, more of you with big business dreams will follow the leads and generate more successful business results: Start by getting your hands dirty. Never give up in the face of adversity. One of the biggest causes of startup failure is simply giving up too early. The time to get started is now.
If you are seriously looking to start the next billion-dollar startup, you need to get beyond the realm of enhancing a current solution. Rather than starting from a mindset of pushing the limits of technology, be determined to first find a customer need that can only be solved by the technology you know.
Most aspiring entrepreneurs I know are just waiting for that unique idea to strike them that will kickstart their new venture, put them in control of their lifestyle, achieve financial independence, and maybe even change the world. Timing is critical for every startup. Of course, if you wait for the perfect time, you may never start.
I’ve always wondered who started the urban myth that the best way to start a company is to come up with a great idea, and then find some professional investors to give you a pot of money to build a company. Don’t give up a chunk of your company and control before you start.
Yet as I mentor entrepreneurs around the country, crowdfunding still seems to be one of the least understood approaches to startup funding, with more myths than accredited angels and professional venture capital investors combined. The crowd gets the satisfaction of helping, with minimal risk, and no expectation of any high return.
They keep asking people like me whether the time is right, and the truth is that there’s never an ideal time to start your own business. It’s like starting a personal relationship, if you wait for exactly the right time, you’ll never do it. This is a necessary, but not sufficient reason to start a business now.
Everyone seems to espouse extrinsic motivations, such as getting rich, having power, and fulfilling parent dreams, when in fact a focus on satisfying internal interests and desires will likely lead to more success, as well as satisfaction. Satisfaction of doing something great. Find personal meaning from building a business.
As an advisor to many startups today, I still see that most of you entrepreneurs see yourselves as the sole driver of your new solution, and the key driver of your new business. Satisfaction and commitment come from choosing a path to move forward, evaluation results and customer feedback, and learning from all their best efforts.
I’ve always wondered who started the urban myth that the best way to start a company is to come up with a great idea, and then find some professional investors to give you a pot of money to build a company. Don’t give up a chunk of your company and control before you start.
I continue to collect great content that is the intersection of startups, products, online and technology. Equity-Only CTO and Equity-Only Developers - SoCal CTO , November 1, 2010 I had a recent email dialog with the founder of a company looking for a CTO for their startup. Was it a Startup Founder Developer Gap ?
It may not be as sexy, but starting a new business which builds on an existing technology or business model is usually less risky than introducing that ultimate new disruptive technology. There are many levels of innovation that go beyond copying someone else’s idea, but stop short of pushing the leading edge (bleeding edge).
A common request I hear from aspiring entrepreneurs is for an assessment of their latest idea. I don’t even try to assess things at the idea level, since I can’t read minds. Don’t pick a technology idea that someone else believes will make you rich and famous, or a business area you are not intimately familiar with.
Everyone knows that startups are risky, but they also expect that the job will be exciting and potentially very lucrative (think early employees at Facebook and Google). The truly indispensable person in a startup is a problem solver, because every startup has plenty of problems. Educate yourself one notch up.
Many entrepreneurs have a passion and an idea, or even invent a new product, but are never able to execute to the point of creating a startup. Even fewer are able to grow the startup into a viable business. Here is a summary of the key stages along the way: Idea and seed stage. Startup and development stage.
That’s why all those so-called million dollar ideas I hear about as an investor don’t get me excited, and entrepreneurs find that working twenty hours a day often generates nothing more than sweat, instead of the desired sweat equity. In my experience, both are always required in heavy doses.
As a mentor to aspiring entrepreneurs, I’m always surprised by the fact that some never seem to be able to that first startup going, while many others never seem to stop, starting their second or third initiative before the first one is fully hatched. You can’t win a race that you never start.
That’s why all those so-called million dollar ideas I hear about as an investor don’t get me excited, and entrepreneurs find that working twenty hours a day often generates nothing more than sweat, instead of the desired sweat equity. In my experience, both are always required in heavy doses.
They keep asking people like me whether the time is right, and the truth is that there’s never an ideal time to start your own business. It’s like starting a personal relationship, if you wait for exactly the right time, you’ll never do it. This is a necessary, but not sufficient reason to start a business now.
Entrepreneurs need to be effective team leaders, since no one can transform an idea into a product and a business without some help. Otherwise, in my experience, the startup will fail. If you are not, your team will see right through it and you will be worse off than if you stayed locked up in your office.
For the elite startups and entrepreneurs who manage to attract the investor they dream of, and survive the term sheet negotiation, there is still one more hurdle before the money is in the bank. That might start with the CEO giving the investor pitch to the whole organization, and distributing the current business plan document to everyone.
Most of you aspiring entrepreneurs probably have long searched for that special idea that will catapult you and your startup to success. Yet, my experience as a business advisor and investor has convinced me that the magic is not the idea, but you and the execution. With innovative startups, every new one is a new challenge.
They know there is nothing wrong with having passion for a new idea, but they don’t let it influence business decisions. Don’t look to customers for breakthrough ideas. At some stage of your education, you realize that you can learn faster, and get more satisfaction, in the real world than in a academic environment.
Many experts have tried to clearly lay out the criteria for survival in a way that allows you to judge your own situation and your own temperament, and make a rational decision before starting down this path. Rather than finding a new idea first, try finding a problem first. In other words, make sure your solution will scale up.
As I work with aspiring you new venture leaders, I always wish I had a definitive checklist of all the right attributes that I could share with you, encourage you to develop and highlight in your efforts with potential investors, and guide your own actions in starting the next billion dollar company.
Most aspiring entrepreneurs are convinced that the strength of their initial idea somehow defines them as a leader, as well as the success potential of their derivative business. It takes leadership ability, as well as a good idea, to make a successful entrepreneur, and great leaders evolve from key leadership decisions along the way.
For the elite startups and entrepreneurs who manage to attract the investor they dream of, and survive the term sheet negotiation, there is still one more hurdle before the money is in the bank. That might start with the CEO giving the investor pitch to the whole organization, and distributing the current business plan document to everyone.
Moore titled “ Crossing the Chasm ,” but most entrepreneurs have no idea how it relates to them. Most investors and startup professionals expand this concept of focus to apply to key issues of every aspect of strategic and tactical planning in a startup. Startups need to show real traction before attempting to cross the chasm.
Ironically, as a startup investor and mentor, I have seen too many failures caused by just the opposite – too much money spent too soon, taking time to get product perfection, and assuming customers will wait. How many times have you actually made up work to keep an idle person busy? Build entirely new business models and systems.
You don’t like it, millennials won’t put up with it, and current productivity levels at work continue to decline. She has lived and worked in five countries, and consulted with major corporations, as well as startups, in transforming their workplaces to be more productive as well as more satisfying. Sophie Wade.
According to Reitzin, Customer Satisfaction Rep Brett Hopkins has taken advantage of the $1,000 bonus the company pays for any logo, tattooing a logo on his leg. The whole idea for the tattoo bounty at the Los Angeles firm came in March, when Reitzin got his own tattoo on his ankle of the firm's logo. READ MORE>>.
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