There are many challenges that you’ll face when beginning your new startup venture. Below is a list of the 10 commandments you should follow that will increase your startup’s chances of success.
The 10 Commandments of Starting Your New Venture
1) Thou shalt create a viable business plan before attempting to raise any funding.
2) Thou shalt know your Unique Selling Proposition (USP) and be able to clearly articulate it in 30 seconds or less.
3) Thou shalt have a sustainable (and realistic) revenue model from day 1. No longer are the days where investors will fund you for just an idea and some users.
4) Thou shalt not give up equity solely in exchange for money. Equity should be exchanged for expertise, mentorship, and industry connections.
5) Thou shalt validate your product or service with real customers before spending lots of time and money building it.
6) Thou shalt protect your intellectual property because at the start of your business it is all you have.
7) Thou shalt ‘Always Be Connecting’, whether by phone, email, networking events, conferences, etc.
8) Thou shalt have a system to keep track of contacts, leads, and potential customers. Trying to remember them doesn’t work. A CRM does (see here for some options).
9) Thou shalt spend a lot of time hiring the best people you can find. A single A-player will provide much more value to your business growth than several B and C-players will.
10) Thou shalt come up with creative marketing campaigns. Nobody will be buzzing about the 100th pair of cheap sunglasses they were handed during South by Southwest.
Is there anything that you would add to the list? Let us know in the comments below.
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