from the “fastest growing” Serial Entrepreneurs in INC Magazine, Sep ‘10
Compiled by Peter/CXO Wiz4biz 9/10
1. “Get in over your Head” Set your goals beyond what you think you can do, then go for it and see what happens. Even if you fail, you can begin more wisely. Keep repeating this cycle ‘till you succeed.
2. “Before you build the Product, write the Ad”, Do the Briefing. Define what you want to create. Target it to a specific audience. Show it to a few potential Customers; see if they “buy” it. If they don’t as-is, what do they want changed. If enough are saying the same thing – listen – then give them what they want.
3. “Focus on Profitability & Execution” Once you get the product developed, it’s all about bringing it to market. How can you do that within the Budget you allocated? What are the low or no cost way you can do? Meet at least monthly, to review your Sales & Expenses. What can you do to increase Sales and keep Costs down? Do it, then see how it works. Modify as needed.
4. “Keep the main thing, the Main Thing” Focus on your main product and get it going well, before coming up with some significant variations or new products. That way you’ll also work out your development, production & delivery systems so the 2nd & 3rd products (etc) go smoother – and at much less cost.
5. “Failing & Learning can be more important than Succeeding initially”, because you’ll probably learn more. Put it into practice. See how it works. Modify as needed. You’re perfecting a production & delivery system for this product.
6. “Surround yourself with great Partners & Staff”. Pick people who have expertise in areas you are weak or un-knowledgeable, so you have all the functions you need for your company covered. Since they’re making a contribution, share the Bounty of the company’s success with them – to get them to be even more “passionate’ followers of your Vision and deep pride & satisfaction of working with you.
[ 10 more continued in Premium Content ]