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Posts from the ‘Startups’ Category

Entrepreneurship is coded on the DNA

Essential Trait of Every Great Entrepreneur

Jeff Haden explains the most important characteristic of a successful entrepreneur: to be irrationally optimistic!

What makes for a successful entrepreneur

Want Venture Capital Funding? Here’s How

Dorie Clark get great insights on how to get Venture Capital funding from Jeffrey Bussgang new book “Mastering the VC Game: A Venture Capital Insider Reveals How to Get From Start-up to IPO on Your Terms“.

Equity crowdfunding

4 Signs A Company Is NOT A Good Candidate For Equity Crowdfunding

Simple reference article to help identify good crowdfunding candidates.

Keeping entrepreneurs motivated

For Entrepreneurs, Three Ways to Control Your Destiny and Rekindle Joy

Some tips on how to prepare yourself and the market for the next big idea.

10 Reasons Why a Startup Fails

Why Failure Is So Important To Success

Great list on the most common mistakes when starting a new business. A must read!

Corporate Venture Capital

Corporate Venture Capital: Avoid the Risk, Miss the Rewards

A very nice report from McKinsey on Corporate Venture Capital, an option to consider for new startups.

Xerox PARC Learnings on Open Innovation

What Xerox PARC Learned About Executing on Open Innovation

List of relevant issues to consider when developing a new business or a startup.

Steps to take before going on an entrepreneurial venture

1. Scope

  • Write down a very good definition of your product/service (in a way that you can compare with data available)
  • Define your target customers (and get data about their purchases in the past)
  • Define very well what you will make, what you will buy, the competences you want inside, the competences you can outsource, …

2. Market

  • Does it really exist for the product/service you will be selling?
  • Can you offer a lower price or higher value than your competition?
  • Is your market located close to you?

3. Globalization

  • Are there other global players than can easily compete with you?

4. Business Plan

  • Come up with a strong business plan (remember: the business plan is your guide to operate the business, not just a tool for the investors)
  • Make (financial) room for unexpected issues
  • Invest heavily on Marketing and Sales resources. People won’t buy what they don’t know.
  • Keep your fixed cost lower as possible. Invest in infrastructure and people only when that’s strategic to your business.
  • Plan to hire the best, only those will outperform.

If after these steps, you still feel you will “conquer the world”, go and find professional help for the resources you don’t have:

  • Financial support – Angels Investors, VCs, Banks, …
  • Business Development experts
  • Production experts

If you engage someone to invest in your venture, make sure they add something to your project besides funding. This can be access to key persons in the market, knowledge about the industry, and others.
If at all possible, start your business when customers are ready to pay for your product in a way that you provide some income and the machine (the whole company) must focus on deliver the product or service.

Adapted from LinkedIn Q&A in Feb, 21 2008

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