5 Definitive Laws First-Time Entrepreneurs Must Adopt
I love giving back and helping others. I recently created a Facebook group that now has more than 4,000 entrepreneurs. We discuss startups and share information. It gives me good insight into some of the different obstacles entrepreneurs face all over the world.
I've been able to drill down this list to five specific areas I see entrepreneurs fumbling. This is my advice:
1. Stop talking, start doing.
The wantrepreneur disease runs rampant in different circles. I hear and see it frequently. There’s a reason why the "Just Do It" slogan became so popular. If you want to be an entrepreneur, be one. There are thousands of people who are less talented, less intelligent and less driven living the lives that they’ve envisioned because they figured out how to start. That’s obviously step one.
2. Stop building, start testing.
This is my favorite approach to business. I love testing ideas and figuring out if my assumptions are correct. Even better is when they’re incorrect because I get to learn why. There’s a reason why the lean startup methodology has been so popular and why agile development continues to be the best approach.
It makes no sense wasting time, energy, effort and resources before you’ve determined if there’s even a demand for whatever it is you are building or offering. Testing your ideas saves you time and helps you build or offer something people actually want.
3. Stop looking for funding, start providing value.
I was guilty of this early on in my startup career. I thought that investor funding was the solution to everything, and if I just was able to find the right investor I would be able to build my dream company. That’s hardly the case. In fact, funding is a result of business value (especially now, with traditional seed rounds non-existent), not a means to it.
4. Stop selling, start sharing.
Nobody wants to be sold these days. People want to be engaged with your story, vision and/or value of your product or service. Case studies and testimonials are a great way to share the benefits of your product or service. Learn the art of storytelling and share your excitement about your business, the opportunity and the benefits your company provides, and share that.
5. Stop being busy, start being productive.
There’s a difference between being busy and being productive. I used to catch myself being and feeling “busy” all of the time. Busy is a mental state. Productive is actually accomplishing tasks and objectives that help move your business forward.
We all have a million things that need to be done at any point in time. Figure out how to prioritize, set aside specific time for specific tasks and the times of day when you’re most effective. Use this information to be productive, and lose the mindset of “busy.”