Volume 3: Starting a Company
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This is an AI-generated summary of the thirty articles in Chapter 3.01. This is an AI-generated summary of the thirty articles in Chapter 3.02 This is an AI-generated summary of the twenty-seven articles in Chapter 3.03 This is an AI-generated summary of the twenty-two articles in Chapter 3.04 From the idea stage to the on-going operations period, challenges are everywhere. Focus on what customers are likely to do, not what you want them to do. There are a handful of key issues an entrepreneur should keep in mind. Identify definitive six-month success goals to keep focused and avoid diversions. Carefully and regularly review errors and traps you and others have made to avoid them. Ask and answer a broad range of questions before committing to starting a business. Once aware, there are several pitfalls that an entrepreneur can easily avoid. There are a series of questions that need to be answered while on your journey. It is easy to make simple decisions today that can have long-term negative consequences. Ask a few basic questions before you start and answer them objectively. Sound business practices should be followed by both for-profit and non-profit organizations. Entrepreneurs who are artists or subject matter experts face unique challenges; get help! Turning your highly developed marketable skills into a business is harder than one would think. Do you want to run or sell your business in the long term? Many creative ideas should not be pursued. There are different skill sets required for an entrepreneur and a CEO. Doing more of the same is usually not an effective method to grow a business. Employees and investors need total confidence in you. There are many roles that an entrepreneur must fulfill before becoming a Chief Executive Officer. Before you start a business, ask yourself what is next? Truthful feedback may be appropriate in the long run, even if it hurts others’ feelings. Step back and take a practical look at your business’s potential from the customer’s perspective. Hire only people that you need and not friends and relatives that you may have to terminate. our perception of what the customer wants may differ greatly from the customer’s. Planning ahead to address all of the elements required for the company to be successful is crucial. Carefully build a business plan that can stand up to the evaluation of independent investors. It is easy to envision the future, but it is hard to reach. Divorce yourself from your new idea and ask some fundamental questions before you commit. The real issues only appear after you actually begin to develop a product or service offering. Focusing on raising money at the start is the wrong approach. “Don’t even try” is the best advice to those who want to raise money from financial investors. Entrepreneurs should first focus on investors that invest amounts similar to their request. Time is your most precious resource; spend it on building a business not investor slides. Demonstrable market acceptance is the key to raising money; not a good idea. Solicit candid opinions from seasoned startup veterans to avoid quick rejections from investors.