Many founders don’t consider this one until it’s too late. The excitement and adrenaline of getting started leads to a “kumbaya atmosphere” where all things are equal. This spills over into salaries. Sooner or later, the amount of time, effort and energy expended by the partners is no longer equal, but their salaries are. Tensions begin to rise.
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A Simple Business Plan Template: Develop a “Sniff Test”
A simple business plan template to follow is to develop a “sniff test.” Hold up the fish (project) – if it doesn’t smell right, throw it away. This is simply a short-hand way to tell if a project is worth a more detailed look.
12 Reasons Entrepreneurs Avoid Establishing Advisory Boards
Some entrepreneurs fail to leverage the knowledge and experiences of others by failing to create advisory boards. These boards are a critical component required to scale strong entrepreneurial opportunities.
5 Steps to Creating a Company Mission Statement
There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.
3 Ways to Kill your Company
There are many ways for a startup to fail. Some factors, like regulatory changes or input cost increases, are beyond the founder’s control. However, there are three significant actions that entrepreneurs are often guilty of that can kill your company as fast as anything.
“All-in” – Prudent Risk vs. Gambling
Greek historian Herodotus once said, “Great deeds are usually wrought at great risk.” The great company you are building will not come easy. It may require you to go “all in” (and take a prudent risk) to make it work. But what does that mean and when do you undertake such a risky action?
Are You an Entrepreneur or Wantrepreneur?
If _______, you might be an entrepreneur:
The Only 3 Things that Can Lead to Startup Success
There are dozens of factors that influence the trajectory of a startup company. Many things that can kill your operation; for example, high cost of goods, the inability to find qualified employees or simply poor management. However, there are only 3 things that can make your company a success.
Eight things Startup Business Owners Need to Know about Millennials
The increasing importance of the Millennial or Gen-Y Generation, those born between early 1980s and the early 2000s, presents the most significant shift in focus for businesses. This up and coming group may present some unique challenges to new business owners, particularly those from an older generation.
How to Kill a Mockingbird!
How to kill a mockingbird? The best way to kill a mockingbird is to keep your sights set on the goals and dreams that drove you to create your startup. The fact that your company’s mockingbird exists at all is proof that you are onto something.