Start Up Entrepreneurial Lessons

Have you missed me?

I know, I’ve been out of pocket for a few months and here’s why:

Have you Missed me?

I’ve been consulting with a new start up group and that pulled me away from you – my most valuable friends.  I do apologize for that and hope 2012 so far for you is moving along nicely.

Today I want to share myy experience and Entrepreneurial Lessons I’ve learned when forming a major start up venture.

1. Having an idea for a start up is great but it is only the first step.  You must clearly be able to articulate what it is you want to do, what you are striving to accomplish, why your niche needs you.
2. Then you need to be able to state this reasoning within 90 seconds!  And, this statement needs to be clear, concise and compelling. Visit the most recent Success Magazine for an article from the Shark Tank, my favorite show to learn how to, and how not to articulate your entrepreneurial vision.
3. The next major lesson is giving unclear expectations to your workforce, whether this is your family members volunteering for you or paid employees.  You can see how steps 1 and 2 lead to step 3.  If you get this right step 3 takes care of itself, get it wrong and you will be out of business before you start.
4. Be transparent!  People can smell when something just isn’t right.  Some will take longer than others, but they will all figure out if you are not being forthright with them.  From investors to employees it is very bad business to withhold information.  Withholding information is a form of lying!   Nobody wants to work with or be involved with someone who lies.  Trust is earned not given automatically for your title.
5. You can’t do it alone – you’ll need partners.  Make absolutely certain that those you partner with are on the same page as you.  There should be shared vision and this should lead back to number 1 and 2 above.  Partnerships are like marriages, some are good and some are not!  You have to work at making them good.  Picking the right partner in the first place, just like picking the right employees in the first place – makes a world of difference.
6. And, the number one lesson is to research your niche and idea.  Testing your idea out before you jump feet first!  You cannot research enough.  You must be the expert in your industry, your job, your niche.  You have to know your customers and competition better than they know themselves.  Otherwise you can’t create marketing that will be compelling enough for those individuals to even pay attention to you!  And, if you should capture a client – how are you going to keep them if you know nothing about what makes them tick?

I’m hoping you find these suggestions helpful.  Being an entrepreneur is the most rewarding “job” you can ever be blessed to have.  Making sure you do it right, reaching out for the help you need – that will be the difference between success and failure.

And, thank you for being a part of my vision.  I do appreciate you very much.