Top 10 things for startup Entrepreneurs to think about
July 8, 2009 10:02 PM
Building a startup into a successful company is hard, and there are no cookie cutter rules of how to succeed, but here's a top 10 things to think about.
- Keep an eye on the cash; your cash position is like your heartbeat, if it's gone; you are dead.
- Be very careful about what you do not do! Keep focused!
- Don't work on your startup all the time, but always have your startup in mind. You never know who or when you will connect with people that can help you succeed (even when you are not working).
- Work with the right people, treat them with respect, and be likable. Most of the things in this world is built on relationships, don't burn them before you even had them.
- No amount of schooling will teach how to build a successful company, it might help you prepare you to work hard, but you will still have to figure out as you go.
- Follow your passion.
- There are an infinite number of ways to spend money on marketing. You have no idea what marketing will actually work for your company, the only real strategy is to measure everything and test broadly with low cost to see what works.
- Recruit the people that love what you do, passion is everything. With-out passion no amount of skill will muster the focus and energy required.
- Don't think your goal is to find a VC, that is when the bumpy road begins, but now you are driving a Ferrari with little or no suspension.
- Entrepreneurship is not accounting, things like psychology, socioeconomic behavior, game theory is what matters to figure out what your customers want. Your customers are people... Figure out how you can make something that makes their lives better, more fun, exciting and valuable.