Entrepreneurship: Get it Right from the Start

Entrepreneurship: Get it Right from the Start

March 7th, 2010 | Author: Guest Blogger

If you are thinking of starting a business this year, you will soon find that everyone around you has sage advice to offer. Here’s a laundry list of practical advice I have collected working with budding entrepreneurs to help you along the way.

1. Get excited. If you are not energized by your idea, why should anyone else? Show enthusiasm for your idea.

2. Raise more than you need. Regardless of how much capital you think you require, getting a business off the ground always cost more than you anticipate. Aim to raise more than you think you need. This applies to your non-for-profit too.

3. Develop a team of advisors, mentors and coaches. No one person will have all the answers for you. Think about the kind of guidance you need to develop your business and connect with a variety of experts you can tap into as sounding boards.

4. Don’t try to be all things to all people. Find your niche and go deep, becoming an expert in what you do.

5. Pay yourself first. When putting your business’s financial strategy together, don’t forget to add a line item for your salary. You have to eat!

6. You don’t have to do it all yourself. If you want to do something right, you have to do it yourself. Wrong! Think about where your weaknesses lie, and hire people to fill in those gaps.

7. Set your sights high and dare to be different. Certainly common sense matters, but don’t be afraid to go against the mainstream and innovate. Dare to be the next Apple, EBay or Google.

8. Faster is not always better. Be mindful of growing your business at a pace that is sustainable. Growing as fast as possible is good – but not so fast your company can’t handle the demand!

9. Finding the right business partner matters. Carefully selecting your business partner is important. The partner you choose will be a long-term relationship, and life is short. Choose a partner who is intelligent, highly knowledgeable of your company and industry, is passionate about your business and complements your style.
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About the Blogger:

Professor Murray Low is the Director of the Eugene Lang Entrepreneurship Center at Columbia Business School. He is an experienced entrepreneur and a leading authority on entrepreneurship in independent, corporate and not-for-profit settings. Starting businesses in several industries led him to study how the entrepreneurial process differs by context. His current research examines the dynamics of entrepreneurial careers. As the founder of the Columbia Entrepreneurship Program, he has worked to make entrepreneurship a viable career option for MBA graduates. Low consults to both small and large companies, family businesses and not-for-profits. He teaches executive seminars in the areas of entrepreneurship and strategic management and makes frequent presentations to academic and industry groups. He has published widely in academic and practitioner journals and is a regular commentator in the media.