Silicon Valley Entrepreneurs - East Message Board › Speaker’s advice to a new Entrepreneur

Speaker’s advice to a new Entrepreneur

Group Organizer
San Jose, CA
Speaker’s advice to a new Entrepreneur

Our Speaker for Thurs 17 June was Tom Mitchell – who has been working with Startups for > 20 years. He’s been the CEO of RadioLAN & Domondi, and is currently President at Thales. This is a team of longtime friends to produce & market an innovative solution in the electronics industry.
Tom is “Sales, Marketing, & Business Development” focused and has the philosophy that everything in business happens because of the Customer. Tom has led cross-functional operational teams, developing & launching new products. Tom holds a BS degree in Computer Science from the University of Rochester (’81), NY.

Tom’s advice to a new Entrepreneur:

- Learn everything you can about the technology of your product, including what your Competitors are offering.

- Be strongly Customer-focused. Even before you develop your product, talk to as many potential customers about your concept as possible – to find out if they would want it. Maybe one will be so impressed, that they’ll pay for the development.

- If possible, have some significant variations of your product or other product available, in case they don’t like one.

- Look for as narrow a Niche’ market as possible, to minimize competition.

- Optimize & publicize your advantages over your Competition to your Prospects & the Media.

- Finding Funding can be tough during lean times (like now). Is it worth the time? Are you willing to give up a big share of your company? Consider Boot-strapping to get some Revenue flowing and pour back as much as you can, to grow the business.

- Select & nurture a Team that is “passionate” about your product; willing to put in that extra effort and hang in there thru tough times.

- Watch your Sales, so you know what’s working & where it’s working. Look for variations on what’s working – modifications to product, new markets. Phase down or out what’s not working.

- Watch your Expenses, so you’re running “lean” as possible – to be able to put back as much as possible into growth. Have the Team check each other, so when you need something, it is significant.

- The leader is a Cheerleader. He/she lavishes praise when things are done right, going well, to keep up the spirit of the Team.

- Success is 90% perspiration. Be ready and you’ll be able to seize that “lucky” opportunity when it comes along.

- Work your Network. Develop an Elevator Speech and tell everyone you know, everyone you meet, about your Business. You never know where you’ll find your next Customer.

Peter, Organizer,

If you ever need any help with your business, contact me. I’ll be happy to give you some advice for “free”. When you start your business, I can help you write you Exec Summary for free. My 5 Star Team can also help you with your Pitch & finding your Funding.
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