There’s no such thing as good advice. Well, in some cases. But all too often when you’re listening to senior management—or many other variations of business leaders—you may be getting an earful … of bad information. Kent Healy’s post on Earn, Earn and Don’t Get Burned deals with The 3 Reasons Why Most Advice is Bad Advice. They are: The advice seeker’s methods are flawed Tacit knowledge is not easily defined We simply don’t have the full story to share The most interesting and complex reason was #2. Tacit knowledge is hard…
Breeding success at a startup begins in the planning stages and requires careful maintenance throughout the process.
Before you even interact with your first customer, you should have put in your due diligence and prepared for nearly every possibly situation. Of course, no amount of theorizing will truly prepare you. You must have your company’s mettle tested in the market by real customers that have strange demands and peculiar customer support needs. Only then will you know if your company strategy will be able to stand the test of time. In…
In the rush to collect startup funding, businesses often don’t spend enough time considering the impacts certain fundraising sources can have on the business model. So if you’re considering going the venture capital route, there are 3 questions you should ask yourself first: Is there potential to build a substantial company? Will an appropriate amount of cash make a genuine difference to the chances of success? Will the founders want to build towards a big exit over 3-5 years? When it comes to money, Nic Brisbourne and Nicholas Lovell advise caution. Using…
When planning and building strategies with your company’s administration, scheduling large face-to-face meetings can be a logistical nightmare. Meeting rooms can also be a total bore. Instead, consider the hassle-free time- and money-saving benefits of virtual meetings. Saeed Khan has 7 Suggestions for Holding a “Kick-Ass” Virtual Meeting. Two of the finer points: Guide the discussion with a simple slide deck As in most business matters, simplicity is key. Don’t go crazy with too many details. Khan suggests: “This deck should NOT be a marketing or detailed technical slide deck. That’s…
Implemented from the top-down, aspirations need your careful consideration, execution, continuous reinforcement, and ongoing support if you are going to meet your goal of having everyone in the organization live out the aspirations.
When it comes to finding and attracting the top talent, do you know what you should be doing? There isn’t a single, limitless source for the top recruits. And getting them once you’ve pinpointed their location is yet another step in the process. More than anything else, it always helps to be open during the candidate interviews so everything comes to the forefront. It’s much better to have said everything and then some, than not have said enough. If you leave out an important detail during the recruitment period, your employee may hold onto this and it could negatively impact…
Launching a startup is a dream shared by all budding entrepreneurs.
But the move isn’t without its fair share of challenges. There are factors that will determine your success. What are these factors? Good people, a budget without any inefficiencies and a desirable product. This is pivotal when launching a startup. Being able to harness these traits and emulate them in your startup will nearly assure success. Here’s how you do it: Strive to assemble a talented and productive staff. Your startup recruitment will set the foundation for your growth.…
Building a high-performing board requires you to invest in development. For a cohesive board, you have a range of options at your disposal. As an example, if you’re looking to build a balanced board, you should attempt to source an audit firm. If you don’t already have access to an audit firm, you should consider procuring one for this purpose. Thereafter, you will have the luxury of having added business development consulting services at your disposal. And you can now invite the audit team to your board meetings (especially the formal ones) for experienced and knowledgeable input. Another benefit of…
The tides have shifted, and angel investors—once a great source of financing for entrepreneurs at the seed and startup stages—have now become the primary source. There are several reasons for this permutation, as William H. Payne writes, including: Venture Capitalists Invest at Later Stages, and Angel Investors Solidify Their Hold on Seed and Start-up Stage Investments. Group dynamics have also become more prominent in angel investors’ financing strategies: “Some angel investors have created a new model, banding together in groups, or networks, in an effort to seek out and adopt best…
Mistakes happen—but they can be avoided. David V. Cappillo has a list of the 8 Great Mistakes that Entrepreneurs Make; a list that should provide entrepreneurs of all ilks the cautionary tales needed to avoid serious pratfalls and improve leadership skills. Two favorite leadership skills: Failing to appropriately address founder equity. You need to have meticulously detailed discussions with co-founders about how founder equity will be divvied up. Cappillo also recommends “subjecting founder equity to a vesting schedule so that if a co-founder leaves, the company can repurchase the equity.” Spending money…
