Monday, September 13, 2010 3:18 AM
Words of Wisdom from Successful Entrepreneurs
of the ?fastest growing? Serial Entrepreneurs in INC Magazine, Sep ?10
Completed by [address removed], CXO of 5 Star Startup Services
1. ?Get in over your Head? Set your goals beyond what you think you can do, then go for it and see what happens.
2. ?Before you build the Product, write the Ad? Define what you want to create. Target it to an audience. Show it to potential Customers; see if they ?buy? it.
3. ?Focus on Profitability & Execution?
4. ?Keep the main thing, the Main Thing? Focus on your main product and get it going well, before coming up with some significant variations or new products.
5. ?Failing & learning can be more important than Suceeding?, because you?ll probably learn more.
6. ?Surround yourself with great Partners & Staff?, then share the Bounty, to get them to be passionate followers of your Vision.
7. ?Hire slow & carefully?, someone who has at least a little experience, but more importantly, a lot of passion for your Vision.
8. ?Fire fast?, to cut out the virus that is not contributing to your goals, and may be demoralizing your other people.
9. ?It?s easier to steer something that?s moving?, so start rolling slowly and adjust as you go ? picking up speed, as you as you get your system running more smoothly.
10. Don?t forget that ?Systems run the Company; People run the Systems?, so you can be in control.
11. ?Starting a Business can take 2-4x as much work as you expect?, but can be 10x more rewarding than you expect.
12. ?There?s always a Solution to a Problem?. You just have to get more creative and try a new approach and/or ask others for advice.
13. ?You cant do it all yourself?, so get help ? Delegate, get a Consultant, Out-Source.
14. ?If you don?t monitor your Cash Flow?, it could dry up.
15. ?You don?t lose, till you give up?. So keep trying, till you make your breakthrough.
16. Killer stages of a Business
Founding: What you don?t know
Expansion: What you think you know.
Maturity: Not turning the Reins over to those more qualified - who ?really? know!