6 Pieces of Advice for Startup Businesses
These six great pieces of advice are taken from Mark Cuban’s book, How to Win at the Sport of Business. There is a lot of advice out there for launching a startup business, but this is some of the best.
1. Don’t start a company unless it’s an obsession and something you love.
Starting a business is one of the hardest things you will ever do, so you have to love it in order to stick out the rough times. Too many people give up when things get hard, but so often that is right before the big breakthrough. Stay focused on your goals and be obsessed about your idea.
2. Hire people who you think will love working there.
Cuban says to hire people you trust, and let them take the ball and run with it. If you do this, you can be confident that your people are doing their best and representing your brand in the best possible way.
3. Sales cure all.
Cuban says you have to know how your company will make money and how you will actually make sales. We live in the information age, a time when people are free to buy products and services from almost any source on the planet. If people don’t trust you and don’t see value in what you’re offering, they’re going to go elsewhere. If you want repeat customers, you have to deliver value.
4. Know your core competencies and focus on being great at them.
Focus on the primary goals for your startup business. Know your greatest strengths, and work at them until you’ve achieved all you can. Don’t venture into new areas until you’ve accomplished all you can in your core competency areas.
5. Coffee is for closers, lunch is a chance to get out of the office and talk.
Entrepreneurs should never pass up an opportunity to network, make connections, and build relationships. This is how you create break into new industries and create sales. Everything you do should be a way to do this, including lunch and coffee breaks. You should enjoy doing this, and so should your employees. Your free time should never be free.
6. Make the job fun for employees.
Having a work environment that allows employees to have fun and work at their maximum productivity is absolutely critical to the success of a startup business. Set goals that encourage productivity. Reward people for their accomplishments. Try to keep stress levels to a minimum. Happy employees equal high productivity.
Creating a successful startup business takes time and planning. Create implementation plans for what you want to do, stay focused, and don’t get discouraged. And remember that if you focus on creating value, the sales will follow.