http://www.inc.com/marla-tabaka/5-things-every-startup-should-do-and-5-to-avoid.html?cid=em01012week39a
5 Things Every Startup Should
Do--and 5 to Avoid
The Executive Director of The Nasdaq Entrepreneurial
Center in San Francisco shares the dos and don'ts that every entrepreneur needs
to know.
This week marks the launch of the Nasdaq Entrepreneurial Center in San Francisco, a new
state-of-the-art mentorship resource for entrepreneurs. The center utilizes a
pay-it-forward application promise and looks to give entrepreneurs ongoing
educational programming, workshops, and hands-on guidance from leaders across
the Nasdaq ecosystem.
Nicola Corzine serves as the Executive Director of the
Center and shared with me her top 5 do’s and don’ts for entrepreneurs. Wise
words indeed!
5 Things to Do
1. Optionality is key, build in options from the start.
To ensure that you're protected from market conditions
and not dependent on a single strategy, build various paths to profitability
for your company. One of the key things we focus on at the Center is helping
entrepreneurs evaluate all paths of funding so you have a deep understanding of
alternatives when positive or challenging developments occur.
2. Know more segments of people.
Don't only network with prospective clients. We teach aspirational entrepreneurs to surround themselves with people from
various types of businesses. You never who will become a great mentor or help
refer future resources for your business.
3. Work backward to identify your message and strategy.
From investor pitches, board meetings, key hires, and
first sales pitches, it's important that you work on your brand and
communications strategy. At the Center we're focused on helping founders understand how to identify what's core to
their values while understanding how to work backward from the needs and
perceptions of their industry, stakeholders, and the media.
4. Have a sustained thirst for information.
Insights are only as good as one's understanding of how
to bridge your experience with the real-time current landscape. Whether you're
looking for partnership, funding, or referral, new contacts will have trouble
believing you are set-up for the future if you aren't synced with the current
landscape.
5. Understand that meetings are for connecting as people, digital
is for being empirical.
You've heard it at least one-hundred times, but the
greatest business leaders see meetings as a chance to really get a feel for the
values and insights of the person. Save your persuasive, linear case for
whatever you're proposing for emails or digital communications. Pitch yourself
at a dinner, pitch your ideas later.
5 Things to Avoid
1. Don't opt out of entrepreneurship because you don't fit a
"typical” build.
More and more entrepreneurs are leading great companies
and solving real problems from various backgrounds, industries, and regions.
There is no "one size fits all" approach to entrepreneurship and
fewer people from your background in the industry actually means fewer folks
who've tried your unique approach.
2. Constantly feed yourself and others as founders.
This is not a path best traveled alone; pursue
organizations and situations where you can learn and grow with peers. Also
commit to paying it forward to others who have not yet begun the
entrepreneurial journey. Founders need a safe haven to learn from other
founders, if for no other reason than to understand the perspective of those
with more experience.
3. Keep the user alongside for your entire journey.
We believe that it's critical to engage users, early,
often, and at all stages of development. This is why we've created
opportunities for entrepreneurs to have access to storefronts and concept
pop-ups to ensure they are designing with the end-user in mind.
4. Create something positive out of the rainy days.
Challenges are the greatest opportunity to make alliances
stronger and lead critics to reconsider. If you approach these situations
knowing that some ground will be lost but that you can use the opportunity to
show grace and balance, you'll quickly find peace in not trying to control the
uncontrollable variables.
5. Don't forget that leadership is about evolving and improving.
Smarts alone don't create great leaders; commitment to improvement does. Look to improve your product, reflexes,
morale, and team. In turn you will grow into a savvy and powerful leader.
The opinions expressed here by Inc.com columnists are
their own, not those of Inc.com.
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