Entrepreneur tips

Stanford GSB Lecturer and former founding Chairman and CEO of VERITAS Software Mark Leslie has spent four decades as a tech founder, advisor, board member and investor. What’s the most common company-ending mistake he sees startups make? They fail to determine whether their go-to-market strategy should be led by marketing or sales. He created a simple set of questions to help startups deploy their limited resources in the right direction and give them the best shot at a successful launch: Price: Is this a large or small economic decision for the buyer? Market Size: Is it easier for them to find you or for you to find them? Level of Complexity: Can a customer self-serve to use or is education required? Fit and Finish: After all is designed, done and shipped, is there still much more for the consumer to do? Customer: Am I predominately selling directly to people or companies? Relationship: Do I measure successful customer relationships by transactions or longevity? Touch: How much agency do you have in developing your relationship with your customer? Can your efforts compound or are the mostly one-off?

No matter what is the situation, starting with a new plan that completely requires an upfront financial investment and not just your time, drains money. It is very important to understand that you should be financially strong this much in order to pay for necessities like rent, supplies, and inventory (and that doesn’t even include your personal expenses). A high level of practicality is very important for the success. The first thing that budding entrepreneur should keep in mind is that by starting a business of your own, you are allowing yourself to put as many efforts as you can to build your business. This means that you should not waste your time and efforts in any wrong activity and put all your creativity and newness to build your brand further. It will not allow you to watch Game of Thrones, no late night parties, not hanging much with friends for activities. You should be in a code red world where everything works around the growth of your business. It’s a big sacrifice for sure but you have to realize the level related to your commitment. More info can be seen at Online business tips.

Before you launch your business make sure you have some money: make savings, borrow from family and friends or approach potential investors. Make a financial back-up plan. Learn how to make a budget for your business. Do not expect that once you start your business to receive financing from a bank, because generally they are reluctant to finance start-ups. Consider using a financing program for new businesses such as the START Program. You, as an entrepreneur, are the best marketing agent for your business, so everything you do and communicate must inspire professionalism. This means that everything from clothing and attitude to business cards and behavior must be impeccable and give potential customers and collaborators confidence.

Truly listen and empathize with your clients. Everyone is so interested in getting their own personal message across, that no one pauses for a moment to actually listen and hear the root of the problem or pain. Believe in listening 80% of the time, clarifying 10% of the time, and responding wholeheartedly and intentionally, is the remaining 10% of the time. – Stephynie Malik, ChiqueSpeak Source: https://theentrepreneurresearch.com/.