The Learning Curves Of An Entrepreneur
Becoming an entrepreneur is the toughest decisions of professional life. Starting your business and letting go of all the luxury and security that you would have being an executive, it is not an easy task. Some financial aspects are painful and have never considered in my calculations. Startups are like newborn babies bombarded with lots of opportunities and face the challenges on their way to success. There are some instances in the entrepreneurial career where you should say NO and develop your own new adventurous path.
1. Say no to do everything by your own because a partner can provide you with a balanced perspective and just happen to be there when you come up with a brilliant idea. Look for someone who is different from you shares your goals and vision, hardworking, the voice of the company whenever required and maintain the pace when you are moving fast. Ask for the feedback from the partner and accept it. Simon Olson, a former VC and head of new business, Google Brazil advises stay intellectually honest.
2. Say no to working with clients for a ridiculously low fee. It is a misconception beginner tend to have that low fee will spread the word and bring in deep pockets whereas the, in reality, the news will spread that you work for nothing. So, stop working for crumbs because it will not open the right doors for the experience. The first impression is the last impression so make it a well-respected one. There is no harm in asking the right payment if you think that your product is that valuable.
3. Say no to people who are not able to relate your company’s core values and goals with them. Initially, the startup needs a team that is more committed and takes pride in their work. If you will go for great potential employees, it may be the possibility that a certain person won’t mesh well with the group and may harm the group dynamics. Put some extra efforts in the employees to build a winning team and you will see the result in long term.
4. Thumbs down to what makes you uncomfortable because there is some no-go zone in the business. Saying no may have instant repercussions but there is something more important to protect here. Today’s honest refusal could guide you later on.
5. Say no to every advice that comes to you. Things are much messier than they look from outside. Every advice is not at all the good advice, so it is better not to take every advice too seriously.
6. Say no to extra expenses because for startups cash is king and they have to take care of every penny. David S. Rose of Angel Investor says doesn’t spend cash recklessly in the beginning because to keep the doors open you have to have cash in your bank. Cash problems kill many companies. If you sacrifice it too early in the game, then how to you will run the company.
7. Say no to high expectations in the initial years because it will take some time to get off the ground. According to Aaron Franklin, co-founder of LazyMeter, everything takes more time than you expected, everything cost more than you planned, and everything yields one fourth than your result.
8. Say no to work from home at initial stages. You might think to skip the bills and expenses, but experienced and successful entrepreneurs warn to do that. Max Levchin co-founder of PayPal says work from home should be the last option you should try.
All these points sound good and you cannot skip any of these otherwise it is not going to work during initial years.
