1. Ask the right questions, listen carefully to advice, but form your own answers.
2. Don't run out of cash
Read as many books as possible on successful and failed ventures and related material! so much to learn and helps keep up the motivation.
This is a brief list of my favorites so far: (please share yours!)
The intelligent entrepreneur
The Lean Startup
Grit the passion for success
Don't be afraid to make mistakes.Think deep and give it a try. You either succeed or you learn.
Do it. Pull through. Don't give up. It ain't over til it's over.
This first time will set your rhythm and define your approach to entrepreneurship.
plan ahead first. Do not just leap into business hoping for the best. Have plan A, B, C and D
Build the right team. Building a great team Is the most Important part of starting a successful business.
A business is a system. The goal is to design a business that is flexible, but will produce predictable outcomes.
How to do it? That is the 64 Billion $ question!
Here are some tips:
1. Know your market - the customers and competitors. What problem is your product solving for your customers?Also, understand the PESTLE variables that will impact your business, but over which you will have almost 0 control.
2. Cash is king. Make smart decisions in this area. Aim to allocate cash to it's highest and best use, at a given time.
3. View employees as partners, but also understandthat at the end of the day you are the ultimate decision-maker. Build a team that is based on Support, Respect, and Accountability.
4. Leverage your investor network. They can help you not only with funding, but also industry savvy, and can connect you to experts in their network.
5. Understand the primary intangible assets you are leveraging to build your business: A. Network, B. Knowledge, C. Experience.
- Pick a big market. Seriously. No matter how good or lucky you are, a small market will stay small and limit your growth opportunity. Investors will shy away too.
- Do something you love. The amount of pain to go from idea to success is yet so incomprehensible to you that the only chance you have to make it is if you love what you do.
- Find a co-founder: If you are lucky enough to find a co-founder (implying someone you can reliably work with for the long term), go for it. I've done it solo and it is grueling. If you get sick the boat has no captain.
- Raise funds: better to own 10% of a 100MM company than 100% of a 5MM company.
- Hassle, hassle, hassle: shyness has no place in entrepreneurship (I mean the "real entrepreneurship" kind).