Explore what you want to do before committing. It is difficult to imagine why anyone would start a company before deciding what they want to do. It is a common psychology that people want to do things their own way and live the dream hoping somehow a company will evolve.. Finding your strength and getting an idea straight are the oxygen of your start-up.
Listen to your customers, listen to your employees, listen to your investors. Amazing things can happen when you listen to what your closest communities have to say about you. You make your start-up one step closer to the possibility of a success and you make yourself selfless- that brings trust!
Figure out how to do one thing extremely well before you divert your attention to the many other directions your business might take. Lots of people share this advice but not so many put it into use. It’s very hard to actually stop on one thing and focus, especially in today’s economy where businesses try to differentiate to keep flowing. However, you should not understand this as to keep it narrow – it is more about the value you put behind a single product or services that could be a killer and win over your customers.
Take care of your existing customers and grow the business by making them happy. Growing revenue through sales means to a great extent try to keep your existing customers inside your organization instead of spending more on getting new ones. In addition, you can get referrals and build a reputation.
For every decision in life, move one degree closer to where you ultimately want to be. Sometimes success comes with making these small steps that will bring you a mile closer to where you want to be.
Be prepared to wait! It can take a really, really long time to build things that are worthwhile. Overnight success also comes rare as few people actually know how to create things people would want. Remembering that will keep entrepreneurs grounded and more focused.
Getting your business launched and your first product onto the market will take you twice as long, and cost you twice as much, as you thought it will. Wearing an ignorance sleeve is sometimes a matter of choice, however, when reality kicks in, an entrepreneur should face what actually stays behind starting a new business.
EVERYONE is replaceable. You are NOT special and there is guaranteed someone better than you on this planet. Sometimes when someone leaves a company they think that it is going to miss them but in reality, it can grow even more and better. Even if you think you are the best of the best, in most cases you are wrong. Isn’t it nice though to try to build something that people would think is irreplaceable?
It’s easy to get excited and arrogant when things are going well but it is important to remember that success is very fragile. Let’s not forget that not long ago RIM, the maker of the Blackberry lost 95% of their value and Digg was sold for $500K after being worth $200 million only a few years ago. The success is a constant struggle and cannot be guaranteed for life, at least not without the necessary amount of sweat and tears.
The number one job as a startup founder is to get as much advice as possible and only execute on the 10 percent of what makes sense for your business. Everyone has opinions and advice; it’s the founder’s responsibility to filter and focus.