10 survival tips for Entrepreneurs

I wrote this post completely out-of-the-blue this morning, it came like an inspiration.

These 10 tips reflect my gut-feeling about the success factors for any entrepreneurial venture.

- INTUITION: Follow your instinct. That means your instinct, not that of your friends or your father. Believe in yourself.

- DEDICATION: Be 200% dedicated to your project. Do not accept part-time dedication.

- JOINING FORCES: Don’t be scared to join forces with a partner if you feel you cannot handle everything, or you do not have all the required skills.

- HAVE A GOOD PRODUCT TO SELL: would you buy it? Test your product. If it’s good, ultimately it will sell.

- WATCH YOUR DEBT: invest but do not overspend. Make sure you can always pay your debt if you were to stop the business at any time.

- TRANSMIT SUCCESS: treat your company like if it were already a success. Transmit that to your peers. Show great respect and admiration.

- ACT HUNGRY: Profit any opportunity to communicate, to sell, to promote. Look for free ways for doing that. Do self-financing promotional activities.

- ATTRACT AND RETAIN TALENT: Applicable to any business but of special important for a small company with 2 or 3 employees. Bet on people, involve them as shareholders if necessary.

- LIMIT DECISION TAKING: Do not let decision taking stand on your way, you need to act fast. Stick to 1 vision and follow through. Be consistent but also smart enough to recognize mistakes.

- REEVALUATE SUCCESS: Think of what made you successful in the past, but do not be scared of doing things differently.

Posted by Ignacio Molins