Wise Advice for Startups

From Bridge Bank 11/13 enhanced by Peter/CXO Wiz4.biz

There is plenty of advice for Entrepreneurs on every imaginable subject, from what to “prioritize” in business planning to what to eat, to stay productive on a busy day. However, sometimes the most useful tips are the most practical. It’s easy to lose focus of the basics in what has rapidly become an all-encompassing entrepreneur lifestyle. Here are some “back-to-basics” tips for Entrepreneurs to keep in mind throughout the lives of their Startups:

Keep a “balanced” view of Competitors
Many Entrepreneurs concentrate during Market Research on “startup advice”, according to Mashable.com While it’s important to make sure not to exactly duplicate a product or service, it’s unhealthy for a business to concentrate so much on differentiating from or beating the competition, to the point of letting these concerns influence every decision. Instead, Entrepreneurs should be fully aware of their competition to know their weaknesses. Then put effort into their own businesses & their advantages, is what will make these Entrepreneurs stand out, and what will ultimately enable them to coexist with or beat the competition.

Assemble a “well-rounded” Team
Having talented people to work with, is really only half the hiring battle for Entrepreneurs. Having people who are not only talented, but also fit the needs of the startup at its particular stage of development is crucial. Entrepreneurs may often find they do not have the resources necessary to hire more personnel, but this is where options like Startup Financing & Startup Funding come in handy. (check with us at Bridge Bank) They can provide the growth capital necessary to acquire great talent that can help take a Startup to the next level. If a full-time hire is still out of an entrepreneur’s financial reach, a part-time or freelance employee who can fill a necessary role is always an option.

Be careful about Advice
Mashable advised Entrepreneurs to be selective about what advice they take to heart. Not all counsel applies to all situations, and sometimes Entrepreneurs should go with their intuition and innovate a new solution to a common problem, rather than abide by tested advice. After all, without a willingness to take risks, Entrepreneurs would likely be at a corporation or in another line of work. The same questioning, ambitious spirit Entrepreneurs bring to the business world should be applied to advice they receive as well – to determine if it feels right – per your intuition.

Comments: What Advice can you give Startups?
We’ll consider it carefully, then make up our own mind !!!