1. Spend like a start up. Start ups close when they run out of cash or run out of investors who are willing to fund bloated operations. When start ups spend money on nice-to-haves before attaining key milestones of financial sustainability, they needlessly increase operating losses, business uncertainty and employee finger-pointing.
2. Make it great. An entrepreneur has to inspire her team to be even better than their best. You have to be innovative, imaginative and completely original in order to capture lasting audience attention. Copying what works at other businesses or revisiting the ghosts of other entrepreneurs won’t be enough for you to achieve entrepreneurial greatness. Delivering something that is really new and noteworthy is the only way any entrepreneurial initiative. With this, a start up network or a corner bakery can win lasting market share against competitors.
3. Moonlighting creates madness. It’s OK to plan a start up while employed by another company. However, it’s not ever wise to initiate customer facing operations without 100 percent leadership attention and focus. Little problems easily morph into big, costly ones when the top decision maker isn’t on hand to make timely adjustments.
4. Adversity is not failure. It’s normal for nimble start-ups to test and adapt first ideas based on audience feedback. Some concepts work; others don’t. The point is to learn from first missteps and continue to search for the sweet spot where a new business can operate in a sustainable way. It’s also completely expected that all start ups will face their share of unexpected problems. Customers don’t commit as quickly as planned, investors and partners back out of funding deals, websites crash, and employees quit, and, of course, nervous competitors float negative rumors about the new market entrant. All of this is part of the early life of a start up.