- Have a mission. And we don’t just mean a mission statement. We mean: How are you going to change the world? Entrepreneurs that are on a mission to make the world a better place, have a better chance of surviving. Ask yourself: If my company would not exist how would that change the world?
- Ask Simple Questions To Innovate: The best innovations are done by asking simple questions. Like Therefore … what? For example: “Cell phones becomes cheaper therefore the adoption will sky rocket, then …” If you are not leaping into innovation, why not try it.
- Have A Short Mantra – Mission Statements are usually fluffy and say nothing. What could be your short mantra (not longer than 3-5 words) that you could be using to explain what your company does. Ask yourself why should my company exist. Once you can answer that question, you will have no problem explaining the essence of your company. And ask your family, friends and spouse why your company exists.
- Agile Development. Many start-ups worry too much and want to perfect everything before launching. Not a good idea. Launch and get your products into the hands of the early adoption customers. The you have real user feedback to go on to improve your product.
- Turn early adopters into evangalists. By valuing their feedback and involving them into the process, early adopters are often happy evangalists for your brand and products. Make them feel special, but dont hand over the reigns.
- Be prepared for survival. In the first 12-18 months you have to hit several milestones in order to survive: Validating your business model, raise the capital, hire talent to fill gaps in the team, figure how to scale for the future, etc. Be sure to know your milestones, when you have to hit them by and how to get there.
- Make Assumptions. You are charting unknown terretories and sometimes you have to make assumptions about product performance, sales metrics, shipping and fulfillment, competitors, and prospects. But the most important thing to remember is that these are assumptions and you need to test them to validate them.
- Be organized. You will be drinking from the fire hose – so make sure you are as organized as you can be: clearly assign tasks that have to be executed, such as renting an office, getting furniture, and paying taxes. You do not want to fail because you neglected to pay taxes.
- Tell Your Story. Everyone loves a good story. The reason why we love stories so much is because we can connect on an emotional level. By creating an emotional response in your investor, prospect or anyone else you tell your story to, you can create a sense of of awe and value for the world.
- Naming your business. There are a million things to consider when naming your start-up. Make sure you cover your basis.
Other Resources for Start-ups
OnStartUps.com – Advice and Insights for Entrepreneurs
Inbound.org – The world’s largest community of Inbound Marketing experts.
LegalZoom.com – Incorporate your business and other helpful legal resources
Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Tsieh, founder of Zappos.com
The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries
VentureHacks.com – Great website including many resources and answers to important questions like LLC or Corp.