I am often asked by aspiring entrepreneurs for tips that are essential to being successful in launching a new commercial venture.
Below I have assembled the big 10, something like the 10 Commandments, only for entrepreneurial success.
The areas covered below are not negotiable in the process of taking projects.
Trying to short-circuit the list is a death knell for any start-up.
The Ten Commandments for Entrepreneurs #1 Never Take Shortcuts! The market is unforgiving.
You only get one shot at making a GREATFirst Impression! Do everything in a first class way.
#2 Never Offer an Opportunity for Consideration Without All of the Facts! Until you have fully researched the market, pricing, demographics, etc.
never attempt to take your project to decision-makers.
#3 Bootstrapping is always a Great Option! The ability to pre-sell, minimize cash needs and prove the viability of your project can be handled by bootstrapping yourself.
You keep the equity! #4 Know Your Cost of Goods to the Penny! The lowest possible cost of goods, with the highest possible quality features, is essential in creating realistic sales models.
#5 Your Opportunity Must have a Definable Unique Selling Proposition! The Unique Selling Proposition defines your products niche in the marketplace.
This establishes the level of risk you face.
#6 Innovate, Innovate, Innovate! The market rewards products with creative, innovative new features and benefits.
Think weird and outside the box.
#7 Address Opportunities From Your Life's Experience! Most successful ideas germinate from your job, hobby, lifestyle or educational experience.
Keep looking around yourself! # 8 Help Is Available for the Inexperienced! There are many places an inexperienced inventor or entrepreneur can get guidance.
Do not let fear of sales or marketing kill your great idea.
# 9 Customize Exciting Business Plans Do not waste your time mailing poorly written fill in the blank, inter-net business plan templates.
They will not be read.
#10 Never, Never Give Up! The ability to understand, not like, but understand, the word no is crucial to becoming a successful entrepreneur.
You will hear a lot more NO than Yes.
Below I have assembled the big 10, something like the 10 Commandments, only for entrepreneurial success.
The areas covered below are not negotiable in the process of taking projects.
Trying to short-circuit the list is a death knell for any start-up.
The Ten Commandments for Entrepreneurs #1 Never Take Shortcuts! The market is unforgiving.
You only get one shot at making a GREATFirst Impression! Do everything in a first class way.
#2 Never Offer an Opportunity for Consideration Without All of the Facts! Until you have fully researched the market, pricing, demographics, etc.
never attempt to take your project to decision-makers.
#3 Bootstrapping is always a Great Option! The ability to pre-sell, minimize cash needs and prove the viability of your project can be handled by bootstrapping yourself.
You keep the equity! #4 Know Your Cost of Goods to the Penny! The lowest possible cost of goods, with the highest possible quality features, is essential in creating realistic sales models.
#5 Your Opportunity Must have a Definable Unique Selling Proposition! The Unique Selling Proposition defines your products niche in the marketplace.
This establishes the level of risk you face.
#6 Innovate, Innovate, Innovate! The market rewards products with creative, innovative new features and benefits.
Think weird and outside the box.
#7 Address Opportunities From Your Life's Experience! Most successful ideas germinate from your job, hobby, lifestyle or educational experience.
Keep looking around yourself! # 8 Help Is Available for the Inexperienced! There are many places an inexperienced inventor or entrepreneur can get guidance.
Do not let fear of sales or marketing kill your great idea.
# 9 Customize Exciting Business Plans Do not waste your time mailing poorly written fill in the blank, inter-net business plan templates.
They will not be read.
#10 Never, Never Give Up! The ability to understand, not like, but understand, the word no is crucial to becoming a successful entrepreneur.
You will hear a lot more NO than Yes.
SHARE
