Tips for new entrepreneurs.
Having been part of one failed start-up and having seen many start-ups fail around me, I’ve compiled a decent list of “what not to do” items. The following are those I think most important.
Don’t spend frivolously.
You’d be surprised what “crucial” resources you convince yourself you need. It takes more scrutiny than you think to keep expenditures to a minimum. Be serious about your process of categorizing needs versus wants. Additionally, when it comes time for outside funding, demonstrated responsible resource management will have a positive impact on the people you're hoping to influence.
Don’t ignore strategy.
The worst thing a company can do is to start making ad hoc decisions that aren't consciously aligned with company strategy. This is how companies get siloed when they grow. Develop a strategy from the beginning, and come back to it each time a large decision needs to be made. Sit down and talk about strategy on a more regular basis than you think you need to.Don’t be hasty.
Impatience encourages quick changes of tactics and lack of focus. Patience encourages concentration and logical actions. With patience comes the ability to more clearly define where problems may be and what possible solutions there are for the short-term and the long-term.
Don't be stubborn.
Allow room for changes to your idea and realize there are other people that may have helpful input into your company strategy, goals, ideas and tactics. Listen and be ready to let go.
Don’t compete.
I don't mean competing in your industry, but as a start-up. When you're in a start-up, you're generally in contact with other start-ups in the community. There are many business synergies that happen in these communities that can be enormously beneficial. These seem like obvious words of advice. I got them all before starting, but they leave your mind quickly once in the thick of things. So consider these five items old or new, but important.
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Kate Brodock is Founder & Principal of the Other Side Group (http://www.othersidegroup.com), a marketing strategy and new media consulting firm based in Boston MA. She can be contacted at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
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