from Huff Post 01/15 enhanced by Peter/CXO Wiz4biz
1. Have “extreme” internal Motivation, and must be willing to face extreme hardship while they pursue their dream. They risk so much. They grow & evolve in ways that corporate employees wouldn’t understand unless they, too, have ventured out on their own. Most people focus on their hobbies when they have downtime. Entrepreneurs, meanwhile, maintain focus on their business.
2. Create a culture based on Passion & Authenticity. They are baseline ingredients for a shared relationship between a business and its customers. Encourage your most loyal customers, so that you can share your passion with others who feel that same way.
3. Maintain a Bias toward Action. There’s only about 1% of people who will realize their dream. A lot of people have big dreams, but not enough of those people take action to build those dreams. “You have to be a do-er.”
4. Have a willingness to Travel a non-conventional Path. It can be difficult to take the first step toward launching your own business. Even so, once people get a taste for working for themselves, many find it hard to turn back. “Once you understand what it’s like to build your own thing and feel the “passion” behind it, you know nothing else feels quite like it,”. Still, the leap comes with high risks. Income can vary dramatically from month to month, and business challenges – such as poorly performing employees, a rough economy, or a prototype that doesn’t get a good response. An entrepreneur has to be willing to accept those risks and hang in there for the long-term Vision.
5. Are of “value” by solving a Problem. If your potential Customers have a problem, pay attention & listen. Then make it your mission to help them solve it together. If you call in non-competitive Customers, host discussions to hear what issues you may be able to help solve tough problems.
6. Find the Market before Developing the Product. One of the biggest mistakes around people starting a new company is that they don’t “validate” their product with Customers to assure it’s needed. Many new entrepreneurs think they have the greatest idea, but they don’t take the time to “vet” [verify] their idea with potential Customers before starting to build. That can be a costly mistake, if you’re going down the wrong road.
7. Understand the Value of Time. Successful entrepreneurs know their time is worth more than money. Time is limited, but money is not. You can never get time back. At the same time, the amount of money you can make is infinite. You can always make more of it. Keep “time” in mind and prioritize what’s important in your life.
8. Prepare for Risk. If possible, built an emergency fund of 6 mo – 2 yrs of living expenses before you quit your day job. Running a business comes with ups & downs. They aren’t often controllable by the entrepreneur. If you have partner or family, in particular, the risk of losing the house or not having enough cash month-to-month can be devastating.
Comments: Any ideas you have to help a startup thrive?