Christa Dhimo, Impono LLC
The Start-Up Corner: Three Fab Rules
The more we talk to start-ups, especially those thinking about the start-up step, the more we realize how much bad advice is out there.
Here are Three Fabulous Rules to live by for Entrepreneurs so you can put the rest away for another day.
Rule #1: Have Clarity of Mission
How much do you talk about your plan? Does it feel to others as though it's a secret? Can you talk about it as though it is real?
You can't fly by the seat of your pants forever, and while it might seem exciting wallowing in the world of concepts-- startups require more dignity and respect than "winging it" and "fuzzy ideas."
You have no business taking care of the livelihood of a biz if you cannot attend to a plan too. That goes double if you cannot talk about why it exists in the first place.
Find your mission, talk about your mission, make sure your mission makes sense.
Rule #2: Get the Right First-Round Leadership Team to Determine and Deliver on Strategy
We all know there are lot of variables that impact a startup's success:
* The Idea and Team,
* The Timing and Pacing,
* The Demand and Customer Base,
* The Funding and Structure,
* Effective Startup Leadership.
Startups are different from existing companies, and 'Person + N' requires effective leadership to thrive, achieve, and live to talk about it, especially in Startupland.
Get the right people for your first-round team. Stay away from super starts unless you need them. Stay away from best friends who will nurture and help you for free unless you need them. There are pros and cons to both, and they are people requiring and deserving of everything you have to offer them. If you have more or less to offer than they are willing to risk, you must know that and adjust.
(oh, and it must be legal and compliant-- be wary of the friend or relative who thinks they can work for free in "perpetuam." That's a not a great country to live in forever.)
Rule #3: Put the Right Startup Model in Place with Appropriate Startup Expectations
Many of us working in StartUpLand-- particularly those of us who love building companies-- see the obvious deficit in how StartUp Leadership is viewed. In reality, Founders and Investors feel more comfortable, safer, more at ease when they see someone who has been a leader in a large company take on the mission of building and leading a start-up.
OR, they think only they will know how to build and grow a company.
In reality, nothing could be worse for a startup.
Each start-up needs a model that works best for its consumer and user, and the business model should reflect that. So too should the startup expectations.
We know that launching a new or transforming an existing organization isn't simple, but it can be easier with the right advisors and doers. If you have additional questions about this topic or how it can impact your business, contact us. Let's see what we can do for you.
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