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In my previous post of the series, I talked about questioning the status quo of your industry. In this installment, I’m discussing the virtue of starting slow.
Many entrepreneurs are looking to hit the ground running when they start their business. They’re filled with enthusiasm about their ideas and plans and are looking to make the most of their opportunity while they can, especially if they think they’ve hit upon a new product or a new segment of the market that their competitors haven’t yet. But that excitement and energy are best harnessed to a more cautious and calculated approach to the very early stages of the business, particularly with what seems like administrative issues. For all the opportunity that exists, there are also dangers and potential mistakes that lie in wait for those that proceed by skipping over fundamentals.
One of the earliest mistakes you can make in starting your business is trying to build something upon things you don’t own. You might have a great idea for a product that someone else has already dreamt up and created. Or you might have landed upon the perfect name for our business that is already in use by another company that you weren’t aware of at the time. Doing some initial research of the U.S. Patent & Trademark Office or the U.S. Copyright Office before you start putting work into a startup can save you time and heartache of having to redo or scrap your work, or the more costly legal headache of potential infringement and legal action.
Once you’ve ensured that your ideas are free and clear of infringement upon others’ intellectual property, you’ll want to make sure that everything you’re putting out for the public is creating the best impression possible for your company. In the current landscape, your website is the face of your company to those who are looking to learn more about what you’re doing. Some small companies or solo entrepreneurs take the approach of getting up a website quickly and worrying about revamping it going forward. But even in those early days, your website can create a negative impression if it is filled with typos and broken links or missing functionality. Your first website doesn’t have to be a masterpiece, but it should be professional, showing that you are serious about your business and pay attention to detail.
When you’re working on your product, careful testing is perhaps the most important measure you can employ to avoid any big mistakes. More than just a cursory walkthrough, you want to try and find any potential errors before launch by running through countless iterations to find points of fault before you run the risk of customers catching them. Bringing in outside help for testing is tremendously helpful and serves a dual purpose: it allows for a fresh set of eyes to try to find problems that you might be too close to see, and it can allow you to get positive and negative feedback from people that you trust. That negative feedback is a tremendously important part of the process you and your team can be too mentally and emotionally invested in what you’ve created to see any flaws or shortcomings. I also recommend finding some actual customers to test your product before launch because involving users early helps with product development.
The first impulse for some entrepreneurs after having put together is to jump straight into meeting with investors to get funding to continue their work. But as with your website or your product, you only get one chance to make a first impression. It would behoove you to make sure that you are prepared for meeting with investors to discuss your product, and that you have an idea about what you’re looking for as far as funding is going. Take the time to make sure that your pitch deck is where you want it to be, and that your presentation is down pat. You should know by heart what your business model is, how you plan to grow your company, and what you’re looking for from investors, rather than trying to figure it out through the process. You may need the money to grow the business, but you and your company are better served by taking the time to develop a plan in full.
Patience may not be the easiest virtue to abide, especially for the often impatient entrepreneur, but it can serve an important purpose in developing your business. Sometimes the slow and steady path is the prudent one, especially if it helps you avoid costly mistakes.
Be sure to read my next post where I expand on having patience, this time when fundraising.
In my previous put up of the collection, I talked about questioning the position quo of your field. In this installment, I’m discussing the virtue of starting up sluggish.
Quite a few business people are seeking to strike the ground functioning when they begin their small business. They are filled with enthusiasm about their thoughts and designs and are hunting to make the most of their prospect even though they can, especially if they feel they’ve hit upon a new item or a new segment of the industry that their opponents have not nevertheless. But that exhilaration and electricity are very best harnessed to a more careful and calculated tactic to the extremely early levels of the business enterprise, especially with what appears to be like administrative difficulties. For all the chance that exists, there are also hazards and potential blunders that lie in wait around for all those that proceed by skipping around fundamentals.
Just one of the earliest issues you can make in starting your company is trying to develop anything on issues you really don’t very own. You may have a good plan for a merchandise that somebody else has now dreamt up and made. Or you may have landed on the fantastic identify for our organization that is presently in use by another corporation that you weren’t informed of at the time. Doing some preliminary analysis of the U.S. Patent & Trademark Business office or the U.S. Copyright Place of work before you get started putting function into a startup can save you time and heartache of having to redo or scrap your perform, or the more expensive legal headache of prospective infringement and authorized action.
When you’ve ensured that your thoughts are cost-free and obvious of infringement upon others’ intellectual property, you’ll want to make sure that anything you’re placing out for the public is making the greatest perception feasible for your enterprise. In the present landscape, your web site is the deal with of your firm to people who are hunting to master much more about what you are executing. Some smaller businesses or solo entrepreneurs just take the technique of obtaining up a internet site rapidly and stressing about revamping it likely forward. But even in those early times, your internet site can produce a detrimental effect if it is filled with typos and damaged links or lacking operation. Your to start with site doesn’t have to be a masterpiece, but it should really be skilled, exhibiting that you are critical about your enterprise and shell out awareness to element.
When you’re functioning on your item, careful screening is most likely the most significant evaluate you can hire to steer clear of any huge errors. Far more than just a cursory walkthrough, you want to try out and obtain any potential problems prior to start by operating by innumerable iterations to come across details of fault prior to you run the hazard of buyers catching them. Bringing in outside the house aid for screening is greatly helpful and serves a twin objective: it allows for a contemporary set of eyes to try out to uncover issues that you could possibly be much too close to see, and it can permit you to get constructive and negative feedback from men and women that you rely on. That damaging comments is a tremendously vital part of the course of action you and your crew can be much too mentally and emotionally invested in what you’ve produced to see any flaws or shortcomings. I also recommend obtaining some precise clients to take a look at your solution prior to launch due to the fact involving buyers early allows with product or service development.
The to start with impulse for some business owners right after getting set with each other is to jump straight into assembly with traders to get funding to keep on their function. But as with your site or your products, you only get a person prospect to make a to start with perception. It would behoove you to make guaranteed that you are ready for meeting with traders to discuss your products, and that you have an idea about what you’re wanting for as far as funding is heading. Just take the time to make sure that your pitch deck is where you want it to be, and that your presentation is down pat. You really should know by coronary heart what your small business design is, how you system to mature your organization, and what you’re wanting for from buyers, relatively than attempting to figure it out through the method. You might need the money to expand the business, but you and your enterprise are superior served by getting the time to acquire a prepare in complete.
Persistence may well not be the least complicated virtue to abide, primarily for the typically impatient entrepreneur, but it can provide an essential function in creating your enterprise. From time to time the sluggish and steady route is the prudent one particular, particularly if it can help you keep away from high-priced issues.
Be absolutely sure to read through my next submit where I develop on obtaining endurance, this time when fundraising.