| |
| |
|
Entrepreneurialism Information |
|
|
|
A Startup Never Closes
When it comes to a startup, the luxuries shared with established companies are few and far between. Chief among them is the luxury to close at the end of the day. Big companies have the benefits of capital, customers and receivables. Startups, on the other hand, have jack squat. They need to work twice as hard to make half as much, and even then they're not working nearly enough. If you had any delusions going into this new venture that things were going to be easy and you were going to be on your own schedule then let me serve as your wake-up call. A startup runs like a casino - it's all about making money, it's a huge gamble, and no matter what, a startup never closes! Your new business hours: every waking moment Working like a slave is the norm in a startup company, not the exception. When I started my first company, Blue Diesel, I didn't see my family, celebrate Christmas, or take a weekend day off for three years. After a while I forgot that people go home on the weekends and sick days shouldn't be considered a vacation. Sure, I was demented, but I wasn't alone. Startups realize that in order to get ahead they need to trade their time (and their lives) for the good of the company. You can only accomplish so much by working smart - the rest just comes down to lots and lots of hours. Even if you've go the stamina to put this kind of time in, it doesn't necessarily mean the rest of your team does. Make sure that everyone is well aware of what is expected of them and what they're signing up for. Set Clear Expectations, And Live by Them It's always helpful to let people know what they are getting into before they get started. Inform potential employees during the interview that the demands of a startup are far and beyond anything of a regular 9-to-5 job. Let them know that you don't think twice about working weekends or into the evening and that you expect the same of them. You'll find that the clock-punchers won't return your phone calls and the truly insane will show up on Monday with a case of Red Bull. It's a twisted form of "natural selection". And remember, the pace of a startup starts with you, so it's important that you set a tone by consistent example. Don't expect your team to show up before you and leave after you. You need to demonstrate that if sacrifices are going to be made, that you are as willing to make them as anyone. Action speaks a whole lot louder than words. How to know you're working for a startup Let me give you some indicators to let you know when you're truly working for a startup. I'll give these to you Jeff Foxworthy style. If you really don't know what day it is, you're probably working for a startup. If you know the number for pizza delivery to your office by heart, you're probably working for a startup. If you look forward to holidays because you'll miss traffic and get to work ten minutes sooner, you're probably working for a startup. Welcome to your new life. Send 5:01 home Not everyone will be on board with this "every waking hour" schedule. In fact, you'll inevitably hire the guy who will quickly become known as "5:01". We call him 5:01 because when the clock strikes 5:01, his stuff is already packed up and he's heading out the door. This is a problem because startups don't close at 5:00 - they leave when the job is done. When the rest of the team is working around the clock and forgoing all sleep, 5:01 is going to be about as popular as cancer. This isn't to say that 5:01 isn't a good guy who can do good work. There's plenty of room for him - just not in a startup. The Star that Burns Brightest Burns Fastest There's a real downside to this schedule and that's burnout. You can only run the engine at red line for so long - eventually it's going to explode. Knowing this, you need to give you and your team a well-deserved break from time to time. When your performance slows down all the extra hours in the world won't make up for it. Don't be afraid to take a pit stop from time to time and refresh. Get as far away from work as possible and just unwind. It better be worth it Needless to say, if you are going to make a sacrifice this great, you had better feel extremely passionately about what you are doing. In the end, when you make your dream a reality, the payoff will be worth it. Until then, put this column down, chug another Mountain Dew, and get back to work! - Wil Wil Schroter is a serial entrepreneur, author, and public speaker. Wil has been recognized as U.S. Small Business Person of the Year, twice as the Ernst and Young Entrepreneur of the Year (1999 & 2004), and is a member of the Business First Top 40 under forty. Connect directly with Wil at wschroter@yahoo.com. Visit http://www.goBIGnetwork.com.
MORE RESOURCES:
Entrepreneurialism - Google News |
|
|
|
RELATED ARTICLES
Be Where the Pucks Going To Be The "Great One" said it bestHockey legend Wayne Gretzky, when asked how he was always on the puck before anyone else, pointed out that he was by no means the fastest skater on the ice. Instead he explained that he always just focused on skating toward where the puck was going to be. Raising Entrepreneurs: What to Do When Your Kid is Born to Think Differently Adolescence brings with it many challenges - for both parents and kids. Young people, still new to the world, are embarking on a journey to discover their passions, joys, and authentic self-images. Entrepreneurial Traits that Drive Sales Frequently overlooked and hidden deep within our marketing tool box is the ultimate marketing vehicle for your business - you! Many small business owners are so busy figuring out how to increase sales and revenue they forget to grow themselves as business owners. If you aren't evolving yourself, aren't you being counterproductive to your business development? Marketing our businesses isn't just about what ads to buy or what networking event to go to next; it's about us as people, as entrepreneurs. Franchises - Emotional Fulfillment - The Challenge Does A Franchise Meet Your Needs?Do you look forward to Friday afternoon or Monday morning? Perhaps that's the true litmus test of happiness. If you're thinking about the fact that there's only one day to go before the weekend, when you just got back from lunch on Wednesday, it may be time for a change. Franchises - Emotional Fulfillment - Control Your Destiny Does A Franchise Meet Your Needs?When you think of becoming a businessperson by making the transition from employee to Franchisee, you don't generally think in terms of emotional fulfillment. However, in reality, the evaluation of emotional factors should play a significant role in making that final decision to join the world of the capitalist, or remain in the realm of employee. Protect Your ASSets in Business Many people are starting an online business without a thought about the danger this may pose to their personal assets. The type of protection you need depends upon the nature of your business and the amount of your personal assets. 7 Small Business and Self Employed Law of Attraction Principles For Success It is widely held that one of the most important ingredients in small business success is perseverance. Deciding on a strategy and sticking with it. The Power Of Personal Environments I've got to admit, I'm a big fan of comfort. I like it when things in my world are stable and reliable. Do You Have What It Takes? I think it's fair to say that not everyone is cut out to be a successful business owner, now some of you maybe disputing this statement but hear me out.I'm not saying that if you put a person in the perfect business environment that they won't succeed but how often does the perfect business environment appear?Based on my own study and observations, as well as, the common themes that come through articles on my Minds Alike Blog Site (www. From Employee to Entrepreneur: Taking the Plunge Before you decide whether or not running your own business is right for you, start by pinpointing your area of expertise and assessing your aptitude for business.Starter Questions Ask yourself the following questions:- In what areas do people approach me for advice and assistance? From what parts of my job do I get the most satisfaction?- What do I like doing so much that I would do it even with no pay?- What hobbies or interests could I "spin off"into a small business?- Do I enjoy budgeting and financial planning?- Do I enjoy making cold calls, tele-marketing and selling?- Do I have enough self-discipline to work on my own?- How easy is it for me to bounce back from rejection & setbacks?Proceed with CautionBefore you take the plunge, it's important to "wade in gradually" or you may just find yourself swamped. 10 Tips for Would-be Entrepreneurs Every evening as the sun sets beyond the mangroves that line the shore along the western bank of Lake Myakka, Florida, herds of wild deer and wild black pigs come down to the water's edge to drink and slake their thirst.I have seen them up close and it is a beautiful, peaceful and inspiring sight!Every evening as the sun sets beyond the mangroves that line the shore a horde of hungry alligators wait just below the surface and watch for their prey. Business Startup Checklist Use this comprehensive checklist to plan each step of your new business and transform your dream of entrepreneurship into reality. These steps may not necessarily be completed in the order listed, however, you can use them as a guideline for completing all of the necessary business startup tasks. Dream It, Create It, Become It! Design a Dream Board Have you ever heard of "Dream Boards" or "Treasure Maps"? A Dream Board is a visual picture of the dreams you have for your life. Some of my clients also use this concept to visualize their businesses! It's their first business plan. Documenting Partnerships in Your Business Plan Forging partnerships to improve market penetration has become commonplace, particularly for "new economy" businesses. And, most companies proudly mention their many partnerships in their business plans. What Online Millionaires Tell Me They Are Worried About I just arrived back from the best seminar I have ever attended in the last 10-years.There were more "Underground" millionaires at Yanik Silver's "Underground" seminar than I've ever had access to at one time ever!Upon arrival, we had to sign Non Disclosure Agreements, and for very good reason. The Dirty Dozen 1) No Umbrella Business Plan or Strategy -- Without a plan, there's no serious way to gauge the growth and progress of your business. You need a realistic map for where the customers will come from and where your business is going. The Entrepreneurs Dilemma In business, you plan to protect your inventory, your unique ideas and approach, and your money. It's easy to replenish inventory, come up with new ideas and make more money. Before Getting A Franchise Buying into a franchise is a great way to be part of a recognized brand with the benefit of lower advertising outlay. With many franchises to choose, here are some tips before you get involved with franchise:Get The Support of Your Family:The success of your franchise is also the acceptance of your immediate family in supporting your effort. Venture Capital Negotiating Issues When companies enter into negotiations with venture capital firms, there are several issues which need to be defined and agreed upon. This article describes the key issues. Outcomes - Thats What You Need to Focus On Successful business owners and managers need to be very clear about what outcomes they want. Whether you call them goals, objectives or targets, these are the factors that you're ultimately judged on.
|
| home | site map |
| © 2006 |
