Critical Cues of Starting a Business
fm Biz News Daily 10 Apr 14 enhanced by Peter/CXO Wiz4biz
1. You’ll be handling things you’ve never faced in the Corp world. “There are a lot more complex challenges that arise when you are running your own business, than when working for another company. I’ve always enjoyed wearing many hats & juggling multiple responsibilities. However, many of the functions I am now managing were owned by corporate, all functions in the financial discipline – especially the money that pays for the programs to grow my business – would have been handled by another department. I knew that I was going to be taking on these responsibilities, but I didn’t really grasp or think about what it involved. It is definitely very eye-opening and has forced me to become much more disciplined.” – Rachel Katz Galatt, Founder, Maternal Science Inc.
2. Perfectionism slows you down. “When I started my first business, I had a hard time keeping things moving – due to a desire for perfection in every little detail. I was delaying making important decisions, because I often felt the circumstances weren’t optimal, and this ultimately stunted the growth of the company for some time. I learned that it is often more important to make a decision promptly, than it is to get it perfectly right. Stagnancy is poisonous for a small company, and decisions are what will keep everything moving toward your goals.”– Brij Patel, co-founder of Fetch Storage
3. The ability to Adapt is critical !!! “While it is important to have a carefully worked-out business plan, it is equally important to keep the pulse of the marketplace. One must be able to shift and adapt constantly in reaction to feedback from the market. In other words, one needs to be both goal-oriented, and have the agility to adapt & change constantly on the path towards that goal.” – Sabine Schoenberg, Founder, Sabine’s Home
4. Don’t micro-Manage. “In the past, I was a notorious micro-manager. I had my hand in everything from graphic design to full production. Being this deep in the details gave me little time to get that high altitude perspective. Some of my greatest contributions and creative pivots came when I allowed myself to pull back. But more than that, delegating responsibility empowered my team. By giving & expecting accountability, we’re creating a team that rises to the occasion and, often, thinks of solutions I never would have considered – had my hand been stirring the pot.” – Adam Adelman, founder of Mighty Cast
5. Make employees “feel” like part of a Winning Team. “It is very important to provide opportunities where employees can grow in their position, while making sure they understand how their job contributes to the mission & goals of the organization. Once employees realize how important each position is to the overall makeup & success of the company, they will be more motivated and driven to succeed. While leading the Splice team for the past 8 years, I realized that hiring the best employees is crucial to the success of an organization. But making sure they are also surrounded by other great employees is equally important.” – Tara Kelly, CEO of Splice SW
6. You need to say ‘No’ sometimes. “I wish I had learned how to say ‘no’ earlier. Chose to commit selectively, so you can focus on your core business instead of getting distracted at every opportunity that comes by. The most successful entrepreneurs I know, are Laser-focused.” – TJ Scimone, founder of Slice Products
7. You’ll always need more $$ than you think. “Too often entrepreneurs are overly optimistic in their sales projections. They don’t accurately know their customer acquisition costs, and they usually under-estimate the capital they need. My rule of thumb is that whatever amount of money you think you need, double it.” – Wayne Connors, CEO/Partner of 401K Investor
8. Learning to Balance takes time. “We hear a lot about founders who invested too aggressively too early & failed. But the alternative, not investing aggressively enough, can also limit business growth over the long term. The ability to tell the difference between investing too aggressively and not aggressively enough, often comes down to gut instinct – and that comes with experience. I wish I had that when I was starting out. But really, it’s years’ worth of learning that allows an entrepreneur to hear his own instincts and use them to focus on what’s important.” – John Joseph, co-founder of Data Gravity
9. Separate your Business from your Personal Life. “The one thing I wish I knew was to never take anything personally – any losses, business turndowns, failures, etc. Similarly, I learned that I should separate my business & my personal life. Both of those things that seem crystal clear to me now, were hard lessons to learn when I started my limo business at 16 years old. Now I know the importance of family & friends” – Shlomo Ckkifati, co-founder/CEO of Luxor Limo
Comments: Are there any significant topics you could add to starting?