What follows is a random collection of tips, observations and ideas for those who are contemplating starting up their own business. If you can find one nugget in the list that helps you as you begin your journey, great. If you cannot find a single usable thing,–well, as Steve Martin used to say, ”Well, excuuuuuuse me.”
This list really started because no matter how much one studies entrepreneurship, a lot of it comes from the “learnings” that happen daily. Most of these learnings are counter-intuitive, meaning they are not all that obvious. All of them were expensive to learn.
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71. Assume goodwill; but audit, measure and lock the doors. I really believe in the inherent goodness in most people. This is true of your employees, customers and any other stakeholder you might have in your new business. In other words, don’t go out looking for trouble where none exists. At the same time, realize that nothing gets improved until it gets measured. Only then can you understand if you got the result you needed…without concrete measurement devices, you are running a hobby business. Lastly, lock the doors. I loved my kids, but I still checked the liquor cabinet.
72. It takes 4 x the money and 4 x the time. Twenty years ago, they used to say twice the money and twice the time to get almost anything done in a new company. Now, for me at least, it is closer to four times both. And, that is starting with a start date and money amount that was developed with some experience. It is so easy to underestimate both. Build your plans around this four times rule, and you just might have enough of both left at the end.
73. If your customers have to change their behavior, prepare for a struggle. People are extremely resistant to changing their behavior. Can it be done? Sure. Keep asking yourself if there is a way to make their current behavior simpler, faster and cheaper—that is much,much better. I have a friend who started up a home delivery grocery business. The business invested tens of millions in systems, warehouse and customer acquistion strategies. Even though it is still operating, changing the grocery shopper from bricks and mortar has proven more expensive than planned. And, their value proposition is very compelling too. It is like the HR manager one of our reps talked to not long ago. “The daily newspaper just doesn’t work for us at all, any more, ” the HR manager said, “but we are still using them.” When our rep asked why, she said, “well, my boss won’t approve any other media.”
74. No one will like change, except you. If you are making it in your new business , be prepared to cope with the newfound lack of flexibility in your team that will drive you frickin’ nuts. You must always be on the lookout for new ways of doing things, of new products to add, and new customers. You might be the only one truly comfortable with ambiguity. Recognize this fact, and tolerate this resistance. Think of it not so much as a governor on your own creativity, but as voices of reason and carefulness. They mean well. Just don’t let them start patting you on the head like old Uncle Curly who has alzheimers.
75. No one cares as much about it as you do. Your new company will consume you, and even most of your employees. Realize that most other people will not have heard about, or even care that you have a brand new widget. Your big dilemma about increasing prices?…they won’t even recognize it or care. As one old curmudgeon told me once, “we are both nothing but pimples on the ass of progress.” I got the message.
76. You can’t stop certain activities, even sales, once inertia and momentum is working for you. Every year at Varitronics, we would introduce a new product that we thought would kill our last one. Most of the time, it never did, people just kept selling and buying the older products. Once the train starts going down the track, it is hard to simply announce a big change and expect immediate implementation. However, neverevernever announce a product before you are completely ready and it is deliverable. Sales people excel at selling products that they cannot deliver.
77. Be gender and color, and political blind. More than a legal requirement, it will make your business better. I extend that to politics too. You simply cannot win taking one side or the other. To me, this means no political meetings, bumper stickers on cubes and so forth. After all, I hate YOUR candidate, and all pretenses of goodwill and logic fly out the window. Don’t subject your workforce to your political leanings,…or your customers, either.
78. Under-promise, over-deliver mentality. It is one thing to have the over-the-top positive attitude, which every stakeholder and employee will love, but quite the another thing to make promises you cannot keep. Be positive. As Steve Jobs said, “Great companies ship.”
79. Handle bad news internally. There is nothing worse than seeing a business leader relate bad general news to people inside his company. I am NOT saying be stupidly positive and not realistic. What I am saying is that if your market is experiencing some tough times, work extra hard at making your product line or service offer better. If you participate in any pity-party that might be going on in your company, you have lost. I don’t care what the subject is, your job is to never-ever give up and never-ever admit a negative. Your people need to believe that no matter what the danger, you are going to lead them to the promised land.
80. Worry is the misuse of your imagination. Your job is to find another way around the barn…if this way is blocked, you need to find another way. It is not good enough to simply worry. Anyone can ‘worry’–your job is take that negative emotion and solve the problem.





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