We all make mistakes especially when it comes to entrepreneurs including but not limited to technology mistakes, marketing mistakes, advertising mistakes, financial mistakes, human resource mistake, and more. Some mistakes will slow the business down, while some can be so disastrous and bring the business to a complete halt.
Here are a few insightful tips and advise from other successful entrepreneurs.
- Hide from problems
- Be all things to all potential customers
- Try to do too much at the start
- Ignore the answers you get to the questions you ask
- Slavishly copy a successful start-up
- Think that great products are enough to succeed
- Skip the proof of concept
- Rush to economies of scale
- Stay fixed on your vision
- Run out of cash
- Work out the details with co-founders later
- Hiring the easy gets
- Be satisfied with basic financial data
Anything we do in life has a level of risk, it is knowing when to take a risk and when not too. The challenge is to avoid the bad risks, while actively seeking and managing the smart risks.
Here is a collection of smart risks for start-up businesses:
- Focus on a tough customer problem rather than a fun technology.
- Schedule frequent updates to your solution to maintain growth
- Plan to deliver a family of products, rather than a one-trick pony.
- Implement a modern real business model. Providing everything free, and growing users to the max for years, like Twitter TWTR -0.23% and Facebook, is a high-risk approach requiring deep pockets.
- Find a strategic partner to accelerate growth.
- Use metrics to measure results of marketing initiatives.
- Recruit the best team members and provide incentives.
- Build your business with minimum outside funding. Strategically, you need a plan to survive through organic growth, with outside funding to effectively accelerate scaling.
- Don’t rely on conservative forecasts to reduce risk
- Be a leader rather than following in the footsteps of another.
An age-old measure of start-up health is how much time top executives spend on containing bad risks, versus proactively exploring new risk opportunities. If the majority of your time is in recovery mode, your whole start up is likely a bad risk.
We spend more than 80% of our time at work, and we are aware that communication is always a challenge, but is this a microcosm of the rest of our lives?
Do any of the following describe you?
- Whining and snippy comments
- Avoidance and the silent treatment
- Revenge and Disrespect
- Acting up
- Moaning and sulking
- Blaming and fear
- Mocking someone
- Emotional pain
- Mood swings
- False sincerely
- Making someone wrong
- Political games
- Overwhelming someone
- Anxiety and sarcasm
- Disagreeing without thinking
- Giving sympathy
- Demanding sympathy
- Being critical
- Acting stupid
- Regret and pity
- Feeling useless
- Being stressed out
- Cutting off open communication
Keep working to establish and maintain trusting, honest and open communication in all aspects of your lives.
When one starts a business it is important to have the right tools and know where to get the right support. Below is a list of books that are full of wise advice to help you on your new journey.
Business Model Generation by Alexander Osterwalder
This book will help you PLAN right.
How to Win Friends and Influence People by Dale Carnegie
People Skills are essential. This is all-important to the entrepreneur.
The Power of Habit: Why We Do What We Do in Life and Business by Charles Duhigg
By understanding the patterns of human behaviour – predictions can be made that an entrepreneur can take advantage of.
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
Technology has made it possible for companies to be started quickly and cheaply, with an internet market of billions. A lean model does away with wasteful operations and anything a customer is not willing to pay extra for.
The Intelligent Investor by Benjamin Graham
Warren Buffet regards this book as Brilliant. If you are wanting to upskill yourself in trading. This is necessary read.
Cold Calling Techniques (That Really Work) by Stephen Schiffman As an entrepreneur, you are going to have to pick up the phone and convince someone you do not know well to do something that benefits you greatly. Imagine the power of developing a skill like that—that is what this book is for.
The Founder’s Dilemma by Noam Wasserman
Wasserman’s work focuses on circumnavigating disaster through preparation.
Steve Jobs by Walter Isaacson
You are forced to ponder the question of what success actually means and whether the prices we pay to realize our visions are too high. A must read.
Books are important resources. One can never know too much. Knowledge is Power. You do not have to read every book out there, but choose the ones that are really going to affect your life and business.
Being an entrepreneur takes guts. Starting your own business is huge. After you have taken this jump, the learning curve to create a successful business is a scary but exhilarating journey. Remember, everyone’s experience is unique and takes a lot of hard work.
Here are some suggestions that could help you.
Be Confident Be Assertive – Instil confidence in your clients, even if you not quite there yet. Sometimes you need to fake it in order to really make it. Think big when growing your business.
Doubts – Doubts will always be there. Any new business requires resources and this might come from outside investment. Remember, any investor will need to see that you are confident and believe in your mission. Put on a game face, pull on your existing resources. Employees need to know you GOT THIS!
NO is a mandate for Success – People say NO. It is a fact of business. Know the science behind sales and be resilient. If you want to grow your business, you must understand that a NO is an opportunity to grow. Embrace it.
Business Bank Account – Do not see this as an extension of your personal account. Growth requires resources. Each time you take out funds, you rob your business of its resources. Pay yourself a salary. Leave the rest alone.
You Can’t Do Everything – When you start a business, you are everything- bookkeeper, marketing guru, sales agent, IT specialist . Over time, you have to know this is not sustainable. You will have to bring talents individuals into your business if you want to grow it.