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#1 02-02-2020 00:35:16

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Date d'inscription: 10-10-2019
Messages: 8


Not preparing your life

Nobody will participate in the Boston Marathon without training first ... It should be the case for startups.

You need to warm up with some training, from getting proper rest and nutrition to strengthening relationships.

"You must make sure that you are ready and that all aspects of your life are under control," Kamel says. "And your startup will have a major impact on your life."

If your friends and family do not understand what is about to happen and they do not support your vision, they will cause you to be unhappy and distract you from your business.

Have candid conversations with those around you, tell them the following: "I will devote my attention to this matter, and this does not mean that you are not important to me, it may seem like this."

"As an entrepreneur, you need to make sure that these aspects are secured, because entrepreneurship will highlight the flimsy parts of your personal life," said Kamel.

2 Confused product and business

"The product is satiated with an individual need, but the real business has something that customers will return to over and over again," says multi-business entrepreneur Erik Holtzklew, who lives in Atlanta.

One of the important questions that must be asked is, what are the expected returns from the basic purchase orders for the product .. This is a key component for potential investors who, according to Holzklo "want to know the next step and want to make sure that there is some continuity and permanence in what it offers today" .
"Are you going to license the technology to someone else? What does the project look like in three or five years? That is a major concern from an investor perspective, and it will help you determine if you have a business venture from the ground up."

3 not to pay for the experience

Respectfully: You are not good at everything .. and you cannot be.

Therefore, the various parts of the job should be performed with expertise and skill, especially difficult matters such as taxes and legal issues.

"In addition to structuring the company in the wrong way, structuring potential investments in the wrong way is a threat to the success of your startup," says Greg Rao, multi-business entrepreneur and operations manager for Ridago, a computer engineering company in Oregon.

So, if it really matters, do not download a free guide from the internet or think you can manage it yourself, and find an expert whose job it is to know exactly what to do.

"One of the tasks that entrepreneurs need is a specialist to formulate the terms they agree to invest in," says Rao.

"If you do not care about things within the tables of conditions, such as liquidation preferences, this may harm you in relation to the future sale of the company to the extent that the founders may end up losing."

4 Discard data

"Magic thinking can kill any business," says Lisa Stone, founder of BlogHer Online Community in San Francisco.

To succeed you need more than just believing that you will succeed, you must review some accounts and see whether you will achieve your goals.

There must be data confirming that your great idea is real, or at least provide a key indication that it might be.

Once you've collected that data, use it to create development indicators or KPIs to show your idea or progress of your business.

Stone talks about experience, when she started BlogHer, she and her partners were told that women wouldn't be blogging in numbers large enough to support an annual conference.

But the data we gathered after the first small pilot conference confirmed their conviction that it would work.

The tickets for the event, which was organized in four months, were completely sold out in the presence of more than 300 women and the team made a profit of $ 60,000, and was again pumped to the company.

5 rapid growth

Here's a scary number: 74% of high-growth startups on the Internet fail because they have grown too quickly, according to a Startup Genom report.

"It happens a lot," says Eric Ranala, founder and managing partner of Mucker Capital in Los Angeles.

"People make money, then spend it on the wrong things, but by the time they realize that spending does not achieve anything for them, it is often too late," he added.

What do they spend? From marketing to hiring a lot of employees very quickly.

But the underlying problem is the same: they are running out of budget on things that are not necessary to expand or determine if their business is sustainable.

"When you start spending money, you need to get more or have a way to earn more, because if you run out of money before you actually get into any real business achievements, it will be difficult to earn," says Ranala.

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