Find out what startups learned they really needed, but never though of when they started
1. Implementation, 2. Who you Hire, 3. Sales is Job #1, 4. Logistics, 5. Time Mgt, 6. Avoiding Growth ??? 7. saying “No”.
It takes more than a great idea and a thorough Business Plan to starting a new business. Most entrepreneurs aren’t quite sure what else it takes until they’re well underway. Many are shocked to discover important elements of startup success that they simply hadn’t considered at all. To find out what these startups learned, we asked 7 successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their input. The results may surprise you as much as it did these Founders when they were starting their business:
There’s no shortage of great ideas & vision in the excitement of starting, but without implementation, it falls flat! Having a Team in place (see #2) who excel at follow-thru & implementation is key to taking the Vision and putting it into action. Most entrepreneurs are quick starters & big dreamers, so details become tedious & bothersome. If you’re not strong at follow-thru, find a Partner that does or set up a system to ensure things get done on timely basis. — Kelly Azeved, She’s got Systems
2. Who you Hire.
We soon realized that a better fit for us was to hire employees who were highly adaptable and open to + able to – constantly change their roles & responsibilities – depending on the needs of the business. The people who thrived and really made a significant impact to the success of our startup, were those who could evolve and were flexible to respond to changing situations. They were comfortable with the relative lack of stability that you typically experience at a startup as it begins to ramp up. – Ben Rubenstein, Yodel
3. Sales is Job #1 for Everyone.
When starting a business, it is quite easy to put different hats on your Team.“The reality of startup life is that everyone needs to build skills in selling the benefits of your product. This does not mean that each employee should treat every person they meet as an opportunity for a Sale. However, when you are involved in a startup, every person you meet might be of value, whether as a customer, adviser, partner or simply a brand advocate. Knowing your product and being able to discuss it clearly & passionately will help the business uncover critical resources from everywhere. Every team member’s trianing should include a goal of improving communication & sales. — Aarons Schwartz, Modify Watches
After raising our Angel round of funding, my company decided to greatly increase our Marketing & Advertising spending. We sponsored 11 Conferences throughout the year in major cities across the US. I tried to organize everything myself, but scheduling flights, hotels, car rentals & sponsorship passes was an absolute nightmare for me. Luckily, the Account Manager on my team was very organized & loved logistics. He took the lead and turned my nightmare into a happy dream. I focused on “closing Client deals”, while our new Logistics & Operations Manager took care of all of the logistics. — Jun Laoayza, Tour Woo
5. Time Management.
As an entrepreneur, you are naturally dealing with limited resources, so you need to maximize your productivity. Specifically, you need to prioritize your activities, so you are focusing your time, money & energy on activities that will move you closer to your goals. If you don’t have a system for managing your time effectively, you’re squandering your most precious resource. — Pete Kennedy, Main Street ROI
6. Avoiding Growth for Growth’s Sake.
When my partner Lev & I grew InsuranceAgents.com to #24 on the Inc. 500, we did it by growing for growth’s sake, not smart growth. Any revenue-generating opportunity we came across, we automatically said, “Yes!” The end result was a massive collapse of the company in 2009. However, through sheer effort & tons of luck, we managed to save it at the last second. Lesson learned: “Never grow for Growth’s sake” It’s critical to slow down, take a deep” breath, & ask yourself if your company can honestly support the strain that comes along with that new revenue stream. – Seth Kravitz, Tehnori
7. The Ability to Say “No”.
Many startups focus intensely on growth—sometimes to a fault. I found myself exploring & experimenting with every possible revenue-generating activity. At the time I thought I was being thorough & productive, but I was really straining our company’s resources and physically draining myself. While it’s extremely important to experiment, every company should have a clearly identified core Mission & long-term Vision. This helps you analyze opportunities that arise along the way and decline those that aren’t well aligned with your Vision. It took me a while to realize it, but saying “no” is equally as important as saying “go”. The most productive- & ironically – sustainably innovative businesses I know are also very good at saying “no.” — Kent Healy, the Uncommon Life
Comments: Do have some Lessons you’ve learned from Starting a business.
from Read Write.com 9/12/15 enhanced by Peter/CXO Wiz4biz