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4 Mistakes Hindering Startups

The startup idea is an entrepreneur’s baby, and it should be. It is your dream you’ve nurtured, worked on, talked about, and thought about. Instead of crying to wake you for the 2 AM feeding, it wakes you to make notes, do research, and the various tasks to feed your baby. It is the time to set blind enthusiasm aside and begin to move forward strategically and realistically to avoid the mistakes that can euthanize your project. In nearly forty years of working with startups I’ve seen great ideas become multi-million, even billion, dollar businesses and great ideas slaughtered, most before they launched. For various reasons, as an independent consultant I don’t work with every potential client that contacts me. In fact, I turn down more than I agree to work with. My mantra to startups is first be sure you want to, can, be an entrepreneur it can be the hardest, most thankless job you will ever have. “Work for myself” is a myth. Everyone works for someone, the higher you go up the c
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What Leasing vs Buying may say about you - An Investor's Perspective

While the article is about IT, it applies to a wide range of capital acquisitions. By Vikal Kapoor of EquityNet When a fellow investor was apparently unhappy with the answer of the entrepreneur pitching his company’s funding need, I found myself asking my compadre for clarification to his previous question (something the small business owner probably should have done, when all is said and done). “We have been fortunate enough to be able to purchase all of our technology; and therefore, have not needed to lease any of our hardware or software...” was the response from the CEO of a small manufacturing firm seeking $1.5M to expand his clientbase in the defense industry. What I too thought was a decent and standard answer from the business owner to the question from the investor - a former Private Equity executive who invests in US small businesses seeking between $500,000 and $2Million, according to his EquityNet Investor profile, clarified that his original question: “How long h
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3 Crucial Steps to Fail Proof Your New Business Idea

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How to fail proof your idea with three question validation Starting a successful business is hard. But let’s not presume that entrepreneurship itself is intrinsically riskier than other things that popular culture deems as “acceptable.”  You’ll never be able to completely avoid risk, either in your personal or professional life. However, you can mitigate it significantly by having a solid game plan in place. You need a proven system that will help you determine which ideas are worth pursuing so that you don’t become a statistic of America, Inc. You want to be as certain as possible that your business will succeed before you launch. In other words, you need to fail proof it. Click here to read more
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Babson College Professor Shares the Number One Characteristic of Successful Entrepreneurs

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Here’s a question most of my students get wrong, and you likely will too. (Don’t feel bad; just about everyone answers it incorrectly). Ready? What is the number one characteristic of an entrepreneur? The vast majority of my students—and everyone else I ask—-usually say, “They’re risk-takers.” If I’m feeling generous, I’ll reward my students with partial credit for this answer, but I probably shouldn’t. Click here to read more
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Good Read

Want to be extraordinarily persuasive start by banning these 3 weak words
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Being a Startup CEO is about solving problems Not Chasing the ‘Dream’ or Ideas

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Being a Startup CEO is about solving problems Not Chasing the ‘Dream’ or Ideas   Too often I am approached by potential clients who want to start a business. After a couple of conversations it becomes clear they do not understand what it takes to start a business or simply are not suited to be an entrepreneur. They do not understand the commitment of time and accepting responsibility for the business, especially when raising money to fund their startup. Too often they are under the delusion they can be their own boss and set their own hours. Starting a business is not an 8 to 5 job. It requires total focus and a lot of hours and problem solving. Being a startup CEO is not about being an “executive” it is about solving problems. First, you must solve a problem or fill an unmet need in the market to be successful. After that the business itself will constantly present problems which must be solved promptly in such a way that it does not reappear. A really good CEO will be p
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Interim Executives: A Key Role in Modern Management

While there has been a lot of press about interim executives appointed to head large or public corporations, interim executives play a major role for small businesses. Interims often do a better job than the formerly appointed executive. There are many types of interim executive roles ·        To do a very specific job, perhaps a  startup, turnaround or sale, ·        Provisional appointments that may lead to a full-time position, ·        Developing and implementing a business succession plan, and ·        others are simply filling a hole. What sort of person do you want as an interim executive? Good interims are flexible and responsive; they are fast-learners with a broad range of skills; and they are high-energy people, able to put in long hours when needed. Some of the softer features of what makes a successful interim executive often get overlooked when drawing up the profile for the type of person you want. What makes interim executives successful? Thr
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