Keys to Launching Your Startup

startup

In a post for her C Level Strategies, Lisa Petrelli examines why some visionaries fail to execute and offers some tips to overcoming that challenge.

Not Enough Funding

Petrelli says planning for this stage is critical.

“Especially during start-up mode I’ve watched visionaries fall short because there is not enough funding to support the execution of key strategies,” she writes.

Misaligned Strategy

Petrelli says since strategies must be aligned with the vision in order to prevent the business from heading off-track, visionaries may find themselves seemingly moving in circles, resulting in a lot of activity with little return.

Lack of Confidence, Lack of Empowerment, and Teams Hiding the Truth

To counter these pitfalls, Petrelli advises:

– Make sure you hire a team that complements you, balances you, and makes up for your areas of weakness

– Create relationships with individuals based on the essential need for openness and trust

– Accept that to bring your vision to life you need to empower others to do their jobs, and provide the resources needed for them to do their jobs well

– Make sure you’re planning up front for the full cost of executing the vision

– Know your vision. Remember, you should be able to see, smell, taste, and feel what the world will look like when you bring your vision to life.

For more on startups and entrepreneurs, read Petrelli’s full post here.

Related Content from OpenView:

Head over to the OpenView blog for more on launching your startup including Are You a Startup Candidate?Legal Checklist for Startup Founders and CEOs, and 6 Tips for Hiring at Startups.

Full StoryFrom Lisa Petrelli

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