Ann Gabriel | ExecutiveChronicles
When starting up a new business, we may be tempted to start one by just having a great idea and cash to make it happen. Oftentimes, entrepreneurs tend to overlook when they’re caught up in excitement for a launch. Aspiring entrepreneurs must know these tips before they start one.
Here are 10 tips for startup founders
A startup founder must have a firm commitment to mastery. Multiple tools and skills are needed to build a house. Although, we don’t need to be the best in all of these skills, we must have a firm understanding on how these work well for you.
You are at risk when you use up all your own money and get loans for a new startup venture. Never put all of your eggs in one basket. You need to have great sales skills, without these, your venture will not go anywhere.
Even if you start that small business venture, all functions are the same even if it is a huge company. It is wise to outsource skills that you don’t know or have. Find someone who can do it for you well, rather than just finding someone who can just do it for you. Outsourcing gives entrepreneurs more time to focus on things that matter to them, and is within their core competencies.
Ignorance of the law excuses no one.
Know the regulations and the laws of the industry that you are in. It pays to understand everything well before you commit that legal mistake that might damage your company and your reputation as well.
Be confident enough to take action.
Be confident in what you are selling. Believe in it. You must be the product of your product. Take action when it is most needed. You must be focused. You must be persistent.
Be ready to sell after you build.
Build to sell. Don’t be caught running out of cash. Build something that someone wants, and sees as something profitable.
Know your customers.
Identify your market and lay down the plans on how to reach them. One common mistake us building companies without realizing who their customers are. Create a demand. Be prepared for the challenges.
Deliver value. Create returns.
Make sure that revenues are up, by delivering customer value, which in turn creates return for shareholder investments. It is wise to plan your path, measure your actions, and ensure that all your plans are carried out.
Be prepared for long term.
It is a rarity for jackpots to happen. Be prepared for long term. Be open minded to face challenges that you didn’t foresee.
Identify an opportunity.
Identify an opportunity. Be a visionary. Have passion and determination. Be commited and consistent in reaching your goals.